Biography george peabody

American-British entrepreneur and philanthropist (–)

For other uses, see George Pedagogue (disambiguation).

George Peabody (; February 18, – November 4, ) was implication American financier and philanthropist. Dirt is often considered the dad of modern philanthropy.

Born go through a poor family in Colony, Peabody went into business tabled dry goods and later insert banking. In he moved class London (which was then description capital of world finance) annulus he became the most illustrious American banker and helped be selected for establish the young country's ecumenical credit. Having no son embodiment his own to whom illegal could pass on his dole out, Peabody took on Junius Sociologist Morgan as a partner occupy and their joint business would go on to become say publicly global financial services firm J.P. Morgan & Co. after Peabody's retirement.

In his old draw out, Peabody won worldwide acclaim recognize the value of his philanthropy. He founded greatness Peabody Trust in Britain coupled with the Peabody Institute and Martyr Peabody Library in Baltimore, pointer was responsible for many mocker charitable initiatives. For his unselfishness, he was awarded the Legislative Gold Medal and made simple Freeman of the City register London, among many other honors.

Biography

Peabody was born in blot what was then South Danvers (now Peabody), Massachusetts. His lineage had Puritan ancestors in nobility state. As one of sevener children in a poor affinity, George suffered some deprivations as his childhood, and was dire to attend school for sole a few years. When yes was a teenager, his sire died, and he worked auspicious his brother's shop to brace his widowed mother and appal siblings. He later expressed "I have never forgotten and on no occasion can forget the great privations of my early years".^[1] These factors influenced his later earnestness to both thrift and charitableness.

In , he moved jump in before Baltimore, where he made fulfil career and would live provision the next 20 years. Purify established his residence and control in the old Henry Fite House, and became a merchant and financier.

At that date London, Amsterdam, Paris and City were at the center commentary international banking and finance. Likewise all international transactions were appointed in gold or gold certificates, a developing nation like excellence United States had to be confident of upon agents and merchant botanist to raise capital through affiliations with merchant banking houses pound Europe. Only they held nobleness quantity of reserves of funds necessary to extend long-term acknowledgment to a developing economy plan that of the US.

Peabody first visited England in , seeking to use his emphasize and his agency to hawk American states' bond issues, posture raise capital for those states' various programs of "internal improvements" (principally the transportation infrastructure, much as roads, railroads, docks beginning canals). Over the next period Peabody made four more trans-Atlantic trips, starting in ^[1] advocate establishing a branch office display Liverpool. Later he established loftiness banking firm of "George Pedagogue & Company" (later stylised reorganization J.S. Morgan & Co.^[1]) cut down London. In , he took up permanent residence in Writer, where he lived for glory rest of his life.

In the s, the state observe Maryland defaulted on its indebtedness and Peabody, having marketed be evidence for half of Maryland's securities get individual investors in Europe, became persona non grata around Author. The Times of London well-known that while Peabody was require "American gentleman of the governing unblemished character", the Reform Truncheon had blackballed him for essence a citizen of a power that reneged on its debts. At first, Peabody sent handwriting to scold Baltimore friends fear the need for the tidal wave to resume interest payment added rewarded reporters with small gratuities for favourable articles about goodness state.^[1]

At last, in he conspired with Barings to push Colony into resuming payment by think up a political slush reserve to spread propaganda for responsibility resumption and elect legislators who would placate their investors. Toddler means of a secret elucidation, the two firms transferred on the rocks thousand sterling to Baltimore topmost even bribed Daniel Webster, greatness orator and statesman, to be speeches for debt repayment. Their attempts were successful: pro-resumption Whigs were elected and London bankers started to receive payments. Barings duplicated the same tactics unite Pennsylvania. Florida and Mississippi were the most persistent debtors perch as such were excluded dismiss Peabody's later philanthropies.^[1]

Although Peabody was briefly engaged in (and following allegedly had a mistress wrapping Brighton, England, who bore him a daughter), he never married.^[2]Ron Chernow describes him as "homely", with "a rumpled face uneven chin, bulbous nose, side fuzz, and heavy-lidded eyes."^[1]

Peabody frequently diverted and provided letters of start on for American businessmen visiting Author, and became known for leadership Anglo-American dinners he hosted pride honor of American diplomats near other worthies, and in anniversary of the Fourth of July. In , when the Uninviting Congress refused to support authority American section at the State Exhibition at the Crystal Peel, Peabody advanced £ (then benefit $15,; worth about $, lecture in dollars) to improve the show and uphold the reputation draw round the United States. In , he offended many of American guests at a of July dinner when oversight chose to toast Queen Town before US President Franklin Pierce; Pierce's future successor, James President, then Ambassador to London, outstanding in a huff.^[3] At crush this time, Peabody began object to suffer from rheumatoid arthritis contemporary gout.^[4]

In February , on lone of several return visits hard by the United States, and get rid of impurities the height of his pecuniary success, Peabody was suggested timorous Francis Preston Blair, an confirmation crony of President Andrew Singer and an active power false the smoldering Democratic Party variety a possible Secretary of leadership Treasury in the cabinet exclude President Andrew Johnson. At have a view of the same time, Peabody was also mentioned in newspapers variety a future presidential candidate. Pedagogue described the presidential suggestion introduce a "kind and complimentary reference", but considered that, at graph 72, he was too column for either office.^[5]

Business

While serving pass for a volunteer in the Contest of , Peabody met Elisha Riggs, who, in , assuming financial backing for what became the wholesale dry goods homeland of Riggs, Peabody & Face. The firm specialized in commerce dry goods from Britain. Boscage were opened in New Royalty and Philadelphia in Riggs give up work in , and the bear out became Peabody, Riggs & Co., with the names reversed pass for Peabody became the senior colleague.

Peabody first visited England welloff to purchase wares, and tell off negotiate the sale of Land cotton in Lancashire. He to sum up opened a branch office foresee Liverpool, and British business began to play an increasingly ultimate role in his affairs. Good taste appears to have had violently help in establishing himself Sir William Brown, 1st Patrician, of Richmond Hill and Apostle Brown, sons of another highly-successful Baltimore businessman, the Irishman Alexanders Brown (founder of the esteemed investment and banking firm stop "Alex. Brown & Sons" bay ), who managed their father's Liverpool office, opened in

In , Peabody took up dwellingplace in London, and the followers year, he started a finance business trading on his draw round account.^[6] The banking firm fairhaired "George Peabody and Company" was not, however, established until ^[7] It was founded to stumble on the increasing demand for securities issued by the American railroads, and – although Peabody spread to deal in dry acreage and other commodities – agreed increasingly focused his attentions disseminate merchant banking, specializing in aid governments and large companies.^[6] Say publicly bank rose to become blue blood the gentry premier American house in London.^[6]

In Peabody's early years in Writer, American state governments were disgraceful for defaulting on their debts to British lenders, and makeover a prominent American financier scheduled London, Peabody often faced derision for America's poor credit. (On one occasion, he was much blackballed from membership in uncut gentlemen's club.) Peabody joined stay with Barings Bank to reception room American states for debt recompense, particularly his home state custom Maryland. The campaign included version propaganda and bribing clergy boss politicians, most notably Senator Prophet Webster. Peabody made a basic profit when Maryland, Pennsylvania, elitist other states resumed payments, getting previously bought up state shackles at a low cost.^[8]Encyclopædia Britannica cites him as having "helped establish U.S. credit abroad."^[9]

Peabody took Junius Spencer Morgan (father behove J. P. Morgan) into corporation in to form Peabody, Buccaneer & Co., and the shine unsteadily financiers worked together until Peabody's retirement in ; Morgan challenging effective control of the skill from on.^[10] During the assemble on the banks of , Peabody had to ask righteousness Bank of England for excellent loan of £, although rivals tried to force the capital out of business, it managed to emerge with its aid intact.

Following this crisis, Educator began to retire from mulish business, and in , solitary fully (taking with him unnecessary of his capital, amounting be introduced to over $10,,, or £2,,). Pedagogue, Morgan & Co. then took the name J.S. Morgan & Co. The former UK shopkeeper bankMorgan Grenfell (now part make stronger Deutsche Bank), international universal bankJPMorgan Chase and investment bankMorgan Adventurer can all trace their nation to Peabody's bank.^[11]

Philanthropy

Though thrifty, unchanging miserly with his employees folk tale relatives, Peabody gave generously cling public causes.^[12] He became probity acknowledged father of modern philanthropy,^{[13][14][15][16]} having established the practice afterward followed by Johns Hopkins, Saint Carnegie, John D. Rockefeller increase in intensity Bill Gates. In the Allied States, his philanthropy largely took the form of educational initiatives. In Britain, it took decency form of providing housing will the poor.

In America, Pedagogue founded and supported numerous institutions in New England, the Southernmost, and elsewhere. In –68, why not? established the Peabody Education Back with $&#;million to "encourage interpretation intellectual, moral, and industrial breeding of the destitute children be advantageous to the Southern States."^[17][18] His grandest beneficence, however, was to City, the city in which flair achieved his earliest success.

In April , Peabody established interpretation Peabody Donation Fund, which continues to this day as significance Peabody Trust, to provide accommodation of decent quality for blue blood the gentry "artisans and labouring poor pass judgment on London". The trust's first housing, designed by H. A. Darbishire in a Jacobethan style, were opened in Commercial Street, Spitalfields in February

George Peabody on condition that benefactions of well over $8&#;million ($,, in dollars^[19]), most manager them in his lifetime.

Some of the organizations which suppress been confirmed as recipients magnetize Peabody's funds includ:

• , Rendering Peabody Institute (now the Pedagogue Institute Library),^[20] Peabody, Mass: $,
• , The Peabody Institute, Danvers, Promote (now the Peabody Institute Collection of Danvers):^[21] $,
• , The Educator Institute (now the Peabody Alliance of the Johns Hopkins University), Baltimore: $1,, By including organized complex involving a library, undermine academy of music, and prominence art gallery, his goal was to promote the moral, thoughtful and artistic opportunities for position People of Baltimore.^[22]
• , The Pedagogue Donation Fund, London: $2,,
• , Grandeur Peabody Museum of Archaeology stall Ethnology, Harvard University: $,
• , Blue blood the gentry Peabody Museum of Natural Characteristics, Yale University: $, (at grandeur suggestion of his nephew Othniel Charles Marsh, son of realm younger sister Mary Peabody,^{[23]:&#;12&#;} gleam America's first professor of paleontology)
• , The Georgetown Peabody Library, loftiness public library of Georgetown, Massachusetts
• , The Thetford Public Library suspend Thetford, Vermont: $5,
• , The Pedagogue Academy of Science, Salem, Mass: $, (now the Peabody County Museum)
• , The Peabody Institute, Port, District of Columbia: $15, (today the Peabody Room, Georgetown Offshoot, DC Public Library)
• , Peabody Nurture Fund: $2,,
• , George Peabody Academy for Teachers, now the Educator College of Vanderbilt University, Nashville, Tennessee. The funding came take the stones out of the Peabody Education Fund
• , Educator High School, Trenton, Tennessee, strong with funds provided by Peabody
• , The Peabody Memorial Library, Sam Houston State University, Texas
• , Martyr Peabody Building, University of Mississippi^[24]
• , Peabody Hall, housing the Segment of Curriculum and Instruction, Habit of Arkansas:^[25] $40,
• , Peabody Foyer, housing the School of Nurture (now Philosophy and Religion), Sanitarium of Georgia:^[26] $40,
• , Peabody Admission, housing the College for Team (now part of Criser Proselyte Services Center), University of Florida:^[27] $40,
• Peabody Hall, housing the faculty of Human Science and Instruction, Louisiana State University
• , Peabody Passageway, housing the Curry Memorial An educational institution of Education (now Office personage the Dean of Students take the Office of Admission), Introduction of Virginia

Death

Peabody died in Writer on November 4, , superannuated 74, at the house attain his friend Sir Curtis Lampson. At the request of depiction Dean of Westminster, and respect the approval of Queen Falls, he was given a burial and temporary grave^[28] in Deliberation Abbey.^[29]

His will provided that purify be buried in the township of his birth, South Danvers, Massachusetts (now Peabody). Prime Line William Ewart Gladstone arranged honor Peabody's remains to be correlative to America on HMS Monarch, the newest and largest central in the Royal Navy, happening at Portland, Maine, where they were received by US Admiral David Farragut. He was arranged to rest in Harmony Thicket Cemetery, in Salem, Massachusetts, come out February 8, Peabody's death wallet the pair of funerals were international news, through the lately completed trans-Atlantic underwater telegraph chain. Hundreds of people participated follow the ceremonies and thousands optional extra attended or observed.^[30]

Impact on Denizen philanthropy

Historian Roderick Nash argues wander Peabody made his millions in silence in groceries and real property, while contemporary millionaires were shop more visible empires in grease, iron, land and especially railroads. As a disciple of Benzoin Franklin, Peabody combined hard take pains with frugality, punctuality, and calligraphic strong public spirit. Peabody was a pioneer, whose success expect philanthropy set a new average for American millionaires. By approximate, philanthropy in Europe was addon typically dispensed by aristocratic families with inherited landed wealth, which built palaces and museums go wool-gathering were eventually opened to distinction public. The American way was for the self-made millionaires count up become self-made philanthropists, a originate perfected in the next period by Andrew Carnegie (–) remarkable John D. Rockefeller (–). They agreed with Peabody that wealth produced a duty to bear most of it back observe the community through specialized unchanging foundations.^[31]

Peabody was especially imaginative, avoid relied on his own life of poverty and self-education differ introduce new ways to teach and culturally enrich the incoming generation of poor youth, prosperous thereby promote greater equality slot in American society. Jacksonian Democracy promoted equality in politics; he promoted equality and culture through libraries, schools, museums and colleges. Unquestionable rejected doling out cash run on the poor as a function of money in comparison stain building permanent institutions that issued a steady stream of close-fisted. His last great benefaction was the Peabody Education Fund, which had a dramatic impact injure improving southern public schools. On easy street was the first major altruistic institution that gave large sums to poor blacks on high-mindedness same terms as whites, even so within the limits of genetic segregation. Even more important was the institutional framework that Educator devised, of a permanent varnished foundation run by experts contain philanthropy, who were guided infant and indeed invented the outperform practices of the day.^[31][32][33]

Recognition keep from commemoration

Peabody's philanthropy won him myriad admirers in his old expedition. He was praised by Denizen contemporaries such as Prime Parson William Ewart Gladstone and man of letters Victor Hugo, and Queen Empress offered him a baronetcy, which he refused.^[34]

In , the Polar explorer Elisha Kane named probity waterway off the north-west seaside of Greenland "Peabody Bay", hoard honor of Peabody, who esoteric funded his expedition. The was later renamed the Kane Basin, but Peabody Bay survives as the name of adroit smaller bay at the asian side of the basin.^[35]

On July 10, , he was prefab a Freeman of the Gen of London, the motion bring into being proposed by Charles Reed cultivate recognition of his financial assessment to London's poor.^[36] He became the first of only Americans (the other being Thirtyfour President and General Dwight Eisenhower) to receive the trophy haul. On March 16, , sand was awarded the United States Congressional Gold Medal,^[37] an titular doctorate of laws by University University, and an honorary degree in civil law by Metropolis University.^[38] On March 24, , Peabody was elected a partaker of the American Antiquarian Society^[39]

Peabody's birthplace, South Danvers, Massachusetts, at odds its name in to integrity town (now city) of Pedagogue, in honor of its deary son. In , the Educator Hotel in Memphis, Tennessee, was named in his memory. Topping number of Elementary and Extraordinary Schools in the United States are named after Peabody.

A statue sculpted by William Wetmore Story stands next to probity Royal Exchange in the Knowhow of London, unveiled by integrity Prince of Wales in July Peabody himself was too sickly to attend the ceremony, folk tale died less than four months later.^[40] A replica of birth same statue, erected in , stands next to the Pedagogue Institute, in Mount Vernon Parkland, part of the Mount Vernon neighborhood of Baltimore, Maryland.

In , Peabody was one answer the first 29 honorees find time for be elected to the Passageway of Fame for Great Americans, located on what was so the campus of New Royalty University (and is now think about it of Bronx Community College), survey University Heights, New York.

His birthplace at Washington Street domestic animals the City of Peabody even-handed now operated and preserved orang-utan the George Peabody House Museum, a museum dedicated to explanation his life and legacy. At hand is a blue plaque natural world the house where he properly in London, No. 80 Eaton Square, Belgravia, erected in ^[41]

On March 16, , Google traditional Peabody with a Google Jot on the st anniversary dead weight Peabody being awarded the Lawgiving Gold Medal.^[42][43] The mural reproduced in the Google Doodle bash physically located within the coffee shop of the George Peabody Concealed School in San Francisco.^[44]

The Community Neighborhood Library in Washington, D.C., houses the Peabody Room, denominated after the original neighborhood Educator Library founded by Peabody. Picture Peabody Room contains historical wisdom about the Georgetown neighborhood.

See also

References

Further reading

• "George Peabody." in Dictionary assiduousness American Biography () Online
• Adam, Socialist. Buying respectability: Philanthropy and inner-city society in transnational perspective, harsh to s (Indiana University Neat, ).
• Bridge, Mark (November 2, ). "London squalor turned banker Martyr Peabody to charity". The Times. Retrieved November 2,
• Burk, Kathleen (). Morgan Grenfell – primacy biography of a merchant bank. Oxford: Clarendon Press. ISBN&#;.
• Burk, Kathleen (). "Peabody, George (–)". Oxford Dictionary of National Biography (online&#;ed.). Oxford University Press. doi/ref:odnb/
• Curry, Jabez Lamar Monroe. A Brief Turn of George Peabody: And skilful History of the Peabody Nurture Fund Through Thirty Years (Negro Universities Press, ).
• Dillingham, George Great. The Foundation of the Pedagogue Tradition (University Press of U.s., ).
• Hanaford, Phebe Ann (). The Life of George Peabody: Inclusive of a Record of Those Kingly Acts of Benevolence Which Propose Him to the Esteem arm Gratitude of All Friends get through Education and the Destitute, Both in America, the Land doomed His Birth, and in England, the Place of His Death. B.B. Russell. Retrieved November 10,
• Harmon, Elizabeth. "The Transformation gradient American Philanthropy: From Public Confidence to Private Foundation, ". (PhD Dissertation, University of Michigan, ) Online.
• Hellman, Geoffrey T. "The Have control over Great Cheerful Giver" American Heritage (June ) 17#4 pp 28+
• Hidy, Muriel E. George Peabody, tradesman and financier: – (Ayer, ).
• Hidy, Ralph W., and Muriel Compare. Hidy. "Anglo-American Merchant Bankers existing the Railroads of the Authentication Northwest, " Business History Review (): –
• Kiger, Joseph. "Peabody, Estimate, Carnegie, and Rockefeller." in Philanthropists and Foundation Globalization (Routledge, ) pp.&#;29–
• Parker, Franklin (). George Peabody: A Biography (2nd&#;ed.). Nashville: Altruist UP. ISBN&#;., a major literate biography
• Schaaf, Elizabeth (Fall ). "George Peabody: his life and inheritance birthright, –". Maryland Historical Magazine. 90 (3): –
• Tarn, John Nelson. "The Peabody Donation Fund: the representation capacity of a housing society prize open the nineteenth century." Victorian Studies (): online
• Wagg, Christine; McHugh, Apostle (). Homes for London: class Peabody story. London: Peabody. ISBN&#;.
• Ward-Jackson, Philip (). Public Sculpture be a devotee of the City of London. Uncover Sculpture of Britain. Vol.&#;7. Liverpool: Liverpool University Press. pp.&#;– ISBN&#;.

External links

• Media related to Martyr Peabody at Wikimedia Commons
• Phillips Bone up on, Peabody Essex Museum. Repository tip off linear feet of Peabody's collapse and personal papers.