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if you’re juggling ever increasing debt, unwilling to sell off all or part of your huge estates? Where could you get money? Lots of it?

T HE B IG T RADE-OFF: C LASS FOR C ASH
    Snobbery reigns supreme among the elite. By tradition, they only really want to stick to each other, and merge their aristocratic, high-born families through marriage to the offspring of other high-born toffs.
    But money is money and while the aristocracy traditionally rely on primogeniture (the passing on of inheritance, land and title from father to eldest son) for hundreds of years, when pushed they have occasionally married for money outside the elite circle – provided the bride’s dowry is tempting enough. When you’ve got a lot of money and can have whatever you want, why not aim higher?
    But with the wind of change blowing through their lives and, in some cases, their fortunes dwindling through higher taxation or poor management, by the late nineteenth century many discover the need to find money to hang on to their estates is becoming quite urgent.
    Borrowing more cash is no longer a good option. Until the late 1800s the aristocrats have always been able to borrow huge sums of money quite easily – at extremely favourable rates of interest. Those who chose this route and used the cash to improve their estates are now in trouble: their equity or land values have crashed with the big agricultural slump when food prices plummeted. Then, just like today, the days of cheap, easy borrowing dried up. Even for them. So the temptation to hold their noses and marry into the ‘new’ money families making vast fortunes in trade or industry is overwhelming. And this idea becomes even more compelling when they consider the incredible fortunes that have been made in recent years across the Atlantic Ocean.
    Enter the super-wealthy American heiress. The cash-strapped British aristocratic snobs take one look at the enormous dowries of the daughters of families whose millions have been made in the railroads, shipping, land speculation, stock market and banking in America – and buy into the idea of a marriage with an American heiress.
    In turn, the wealthy American mothers of beautiful young daughters are desperately keen to buy into the aristocracy – for them, a title and a grand country house in England is the stuff of dreams, the pinnacle of social achievement.
    And the snobbish tendency of the ‘old’, inherited money looking down at ‘new’ money from trade or business has not been restricted to these shores. Through the second half of the nineteenth century, a handful of grand, wealthy New York families who live in snooty splendour on inherited money form a tight little ‘upper’ American clique, the country’s social elite.
    They’re known as ‘Mrs Astor’s 400’ – the number of wealthy people who can fit into the grand ballroom of the home of New York’s most powerful socialite family, the Astors. The 400 have always been acutely disdainful of outsiders. They hate the idea of their children marrying those who made their fortunes from what they see as the ‘vulgar’ pursuits of trade or moneymaking . But that kind of snobbery is on the wane in America, too. Eventually they too give into the reality – there is far too much new money sloshing around to ignore it – and their children start to marry into it.
    So by the late nineteenth and early twentieth century wealthy new-money Americans have become equally serious power players in this ‘age of bling’, spending millions on vast mansions, jewels and lavish entertaining – tens of thousands of dollars are blown on one outfit for a big New York costume party – in many ways aping the style and fashions of wealthy English aristocracy. But with one beady, lingering eye on the one status symbol their money cannot buy: class.
    In the years between 1870 and 1914, hundreds of rich American girls are put on display before the English and European aristocrats by their pushy,