In terms of selling bonds in Europe, the Union had little luck. The main British and French banks, including the Rothschilds, were highly reluctant. Furthermore the Trent Affair of late 1861 angered the London bankers who saw the risk of war between Britain and the United States. However, the Barings Bank did fund U.S. arms purchases.Frederick J. Blue, Salmon P. Chase (1987) pp 148–149.Jay Sexton, Debtor Diplomacy: Finance and American Foreign Relations in the Civil War Era, 1837-1873 (2005) pp 81–133.
