Empire Rising: Spain-Chapter 45 - 44: Winning Over the Nobility

Carlo didn’t have time to appreciate the bustling Paris.

For Carlo, the most important industry in his future plans has yet to be established, and this needs to be put on the agenda.

What industry is that?

Of course, it is banking related to finance.

Since the Industrial Revolution, industry and finance have replaced agriculture as the two most profitable sectors.

Carlo already has more than a dozen factories, and now it’s time to establish his own financial institution to expand his channels for making money.

Carlo has been preparing for a long time to establish his bank.

The most important thing for a bank is to ensure credibility. Only with credibility will people spontaneously deposit money in the bank. The bank can only make money when it has funds and achieve a virtuous cycle of generating continuous income.

Carlo has created a good impression among the people of Madrid with several tax reduction policies, but this goodwill alone is not enough.

To assure the people about the newly established bank, Carlo plans to enlist the noble gentlemen of Spain to join his bank.

As one of the three most influential classes in Spain (nobility, landowners, and the Church), the Spanish nobility is quite extravagant.

Previously, Carlo did not receive strong support from the entire noble class due to being an outsider. Some nobles even chose to support the Carlos Faction, as they remained loyal to the Bourbon family, which has dominated Spain for hundreds of years.

After defeating the Carlos Faction, Carlo had no obstacles in exerting influence over the noble class.

Banding together with the noble class to establish a bank will not only provide more funds to Carlo’s bank, giving it a greater initial advantage for rapid expansion.

But also it will allow the noble class to profit, clarifying who their King really is.

Most nobles are wise enough to acknowledge that Carlo is the King recognized by the Spanish constitution and the people, a fact they cannot change.

Only by having enough influence and voice among the Spanish nobility can Carlo ensure that his position and power as King remain unshaken.

Spain’s monarchy has a long history, and the power of the Royalist Faction cannot be underestimated. With full support from the Royalist Faction, the Republican Faction, which poses a major threat to royal authority, becomes less lethal.

For the nobles, they need a capable monarch to lead them forward. Their status derives from the King, which is why Carlo is confident in gaining the noble class’s support.

After all, if the largest noble leader, the King, were gone, what existence would remain for the Dukes and Marquises?

Carlo set his first target for enlistment in the southern part of Madrid, Toledo. In Toledo, there is a highly influential noble in the Spanish noble class, the Duke of Alba.

The Alba Family is one of the oldest and wealthiest noble families in Spain, with the most titles and land. Naturally, they have the most wealth among the nobles.

Frankly, Carlo is somewhat envious of the Alba Family’s wealth.

As an outsider King, Carlo’s current wealth is quite scarce. Apart from a few castles left by the Bourbon family, he has no significant lands—the symbol of great nobility.

It is said that the King is the largest landowner in a country, but in Spain, Carlo’s land holdings are even less than those of some Spanish Dukes.

The current Duke of Alba, Jacopo Luis Fitz-James Stuart Bentimiglia, was born in 1835. Notably, his wife and Napoleon III’s wife are sisters, making him Napoleon III’s brother-in-law.

To Carlo’s relief, Duke Jacopo of Alba was very respectful towards him and implicitly expressed a desire to please Carlo.

When Carlo proposed to jointly establish a bank with the nobles, Duke Jacopo of Alba immediately swore that he would invest in Carlo’s bank and become its first depositor.

Although the conversation with Duke Jacopo only lasted a little over an hour, Carlo and Duke Jacopo quickly reached a consensus on the establishment of the bank and deepened their relationship.

Duke Jacopo also invited Carlo to attend his private banquet, his intention to ally was unmistakable.

Carlo, of course, nodded repeatedly. Through Duke Jacopo of Alba’s introduction, Carlo could easily gather those nobles familiar with the Duke and exert his influence over the noble class.

Only by ensuring that most of the nobility pledged loyalty to him would the Spanish Royal Family undergo a complete transformation, and Spain truly enter the era of Savoy.

Interestingly, whether it was Queen Isabella or Carlos VII of the Carlos Faction, they chose to flee north to France after their defeat. 𝒇𝒓𝒆𝒆𝙬𝒆𝒃𝓷𝒐𝓿𝙚𝙡.𝒄𝓸𝒎

But now, France has entered the Republican era, and these nobles seeking refuge in France might be affected as well.

At least life in French exile is no longer so comfortable. Previously, they were sheltered by Emperor Napoleon III of France, but now even the French nobility are struggling to survive, making the status of these Spanish Bourbon refugees even more awkward in France.

It turns out that most of these Spanish nobles aren’t fools.

After Prim pacified the Carlos Faction rebellion, these nobles had long intended to contact and pledge loyalty to Carlo.

The nobles that Carlo met with all agreed to the proposal of jointly establishing a bank and expressed their willingness to become depositors and deposit some funds.

Even Prim ultimately agreed to join the Royal United Bank under Carlo’s repeated invitations, filling Carlo with confidence about the bank’s development.

Of course, the Duke of Serrano, who is suppressing the rebellion far away in Cuba, is also a part of Carlo’s invitation plan. However, Serrano’s participation in the bank will have to wait until his return to Madrid, so there’s no rush.

With the support of the nobles, the preparations for the bank went very smoothly.

On April 9, 1870, the first Royal United Bank in Madrid officially opened, attracting much attention.

On its first day alone, a large number of nobles came to the Royal United Bank to deposit money. Such a spectacle also sparked much public discussion, and the Royal United Bank quickly became the most popular bank in Madrid.

On the first day of the bank’s establishment, it welcomed hundreds of depositors, most of whom were nobles wanting to show their support for Carlo.

Especially the Dukes, who deposited in units of 100,000 Pesseta, and some even deposited over 1,000,000 Pesseta.

Although 1,000,000 Pesseta is worth less than 40,000 Pounds, this sum is undoubtedly considered a large deposit for any bank in Spain.