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George Peabody ( ; February 18, 1795 – November 4, 1869) was an
American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, pe ...
financier An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Type ...
and philanthropist. He is widely regarded as the father of modern
philanthropy Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
. Born into a poor family in
Massachusetts Massachusetts (Massachusett: ''Muhsachuweesut Massachusett_writing_systems.html" ;"title="nowiki/> məhswatʃəwiːsət.html" ;"title="Massachusett writing systems">məhswatʃəwiːsət">Massachusett writing systems">məhswatʃəwiːsət'' En ...
, Peabody went into business in dry goods and later into banking. In 1837 he moved to London (which was then the capital of world finance) where he became the most noted American banker and helped to establish the young country's international credit. Having no son of his own to whom he could pass on his business, Peabody took on
Junius Spencer Morgan Junius Spencer Morgan I (April 14, 1813 – April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. In 1864, he established J. S. Morgan & Co. in L ...
as a partner in 1854 and their joint business would go on to become the global financial services firm J.P. Morgan & Co. after Peabody's 1864 retirement. In his old age, Peabody won worldwide acclaim for his philanthropy. He founded the
Peabody Trust The Peabody Trust was founded in 1862 as the Peabody Donation Fund and now brands itself simply as Peabody.
in Britain and the
Peabody Institute The Peabody Institute of The Johns Hopkins University is a private conservatory and preparatory school in Baltimore, Maryland. It was founded in 1857 and opened in 1866 by merchant/financier and philanthropist George Peabody (1795–1869) ...
and
George Peabody Library The George Peabody Library is a library connected to the Johns Hopkins University, focused on research into the 19th century. It was formerly the Library of the Peabody Institute of music in the City of Baltimore, and is located on the Peabody c ...
in
Baltimore Baltimore ( , locally: or ) is the most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic, and the 30th most populous city in the United States with a population of 585,708 in 2020. Baltimore was ...
, and was responsible for many other charitable initiatives. For his generosity, he was awarded the
Congressional Gold Medal The Congressional Gold Medal is an award bestowed by the United States Congress. It is Congress's highest expression of national appreciation for distinguished achievements and contributions by individuals or institutions. The congressional pract ...
and made a
Freeman Freeman, free men, or variant, may refer to: * a member of the Third Estate in medieval society (commoners), see estates of the realm * Freeman, an apprentice who has been granted freedom of the company, was a rank within Livery companies * Free ...
of the
City of London The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London f ...
, among many other honors.


Biography

Peabody was born in 1795 in what was then South Danvers (now Peabody), Massachusetts. His family had
Puritan The Puritans were English Protestants in the 16th and 17th centuries who sought to purify the Church of England of Roman Catholic practices, maintaining that the Church of England had not been fully reformed and should become more Protestant. ...
ancestors in the state. As one of seven children in a poor family, George suffered some deprivations during his childhood, and was able to attend school for only a few years. When he was a teenager, his father died, and he worked in his brother's shop to support his widowed mother and six siblings. He later expressed "I have never forgotten and never can forget the great privations of my early years". These factors influenced his later devotion to both thrift and
philanthropy Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
. In 1816, he moved to Baltimore, where he made his career and would live for the next 20 years. He established his residence and office in the old
Henry Fite House The "Henry Fite House", located on West Baltimore Street (then known as Market Street), between South Sharp and North Liberty Streets (also later known as Hopkins Place), in Baltimore, Maryland, was the meeting site of the Second Continental Con ...
, and became a businessman and financier. At that time London, Amsterdam, Paris and Frankfurt were at the center of international banking and finance. As all international transactions were settled in gold or gold certificates, a developing nation like the United States had to rely upon agents and
merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...
s to raise capital through relationships with merchant banking houses in Europe. Only they held the quantity of reserves of capital necessary to extend long-term credit to a developing economy like that of the US. Peabody first visited England in 1827, seeking to use his firm and his agency to sell American states'
bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemical ...
issues, to raise capital for those states' various programs of "internal improvements" (principally the transportation infrastructure, such as roads, railroads, docks and canals). Over the next decade Peabody made four more trans-Atlantic trips, starting in 1835 and establishing a branch office in Liverpool. Later he established the banking firm of " George Peabody & Company" (later stylised as J.S. Morgan & Co.) in London. In 1837, he took up permanent residence in London, where he lived for the rest of his life. In the 1840s, the state of Maryland defaulted on its debt and Peabody, having marketed about half of Maryland's securities to individual investors in Europe, became
persona non grata In diplomacy, a ' (Latin: "person not welcome", plural: ') is a status applied by a host country to foreign diplomats to remove their protection of diplomatic immunity from arrest and other types of prosecution. Diplomacy Under Article 9 of the ...
around London. ''
The Times ''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its current name on 1 January 1788. ''The Times'' and its sister paper '' The Sunday Times'' ( ...
'' of London noted that while Peabody was an "American gentleman of the most unblemished character", the
Reform Club The Reform Club is a private members' club on the south side of Pall Mall in central London, England. As with all of London's original gentlemen's clubs, it comprised an all-male membership for decades, but it was one of the first all-male cl ...
had blackballed him for being a citizen of a country that reneged on its debts. At first, Peabody sent letters to scold Baltimore friends about the need for the state to resume interest payment and rewarded reporters with small gratuities for favourable articles about the state. At last, in 1845 he conspired with
Barings Barings LLC, known as Barings, is an international investment management firm owned by Massachusetts Mutual Life Insurance Company (MassMutual). It operates as a subsidiary of MassMutual Financial Group, a diversified financial services organisa ...
to push Maryland into resuming payment by setting up a political slush fund to spread propaganda for debt resumption and elect legislators who would placate their investors. By means of a secret account, the two firms transferred a thousand sterling to Baltimore and even bribed Daniel Webster, the orator and statesman, to make 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 in Pennsylvania. Florida and Mississippi were the most persistent debtors and as such were excluded from Peabody's later philanthropies. Although Peabody was briefly engaged in 1838 (and later allegedly had a mistress in
Brighton Brighton () is a seaside resort and one of the two main areas of the City of Brighton and Hove in the county of East Sussex, England. It is located south of London. Archaeological evidence of settlement in the area dates back to the Bronze A ...
,
England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe ...
, who bore him a daughter), he never married.
Ron Chernow Ronald Chernow (; born March 3, 1949) is an American writer, journalist and biographer. He has written bestselling historical non-fiction biographies. He won the 2011 Pulitzer Prize for Biography and the 2011 American History Book Prize for hi ...
describes him as "homely", with "a rumpled face ... knobby chin, bulbous nose, side whiskers, and heavy-lidded eyes." However, there are numerous photographs and portraits of Peabody that would suggest that Chernow's negative opinion is overly subjective. Peabody frequently entertained and provided letters of introduction for American businessmen visiting London, and became known for the Anglo-American dinners he hosted in honor of American diplomats and other worthies, and in celebration of the
Fourth of July Independence Day (colloquially the Fourth of July) is a federal holiday in the United States commemorating the Declaration of Independence, which was ratified by the Second Continental Congress on July 4, 1776, establishing the United States ...
. In 1851, when the
US Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washin ...
refused to support the American section at the
Great Exhibition The Great Exhibition of the Works of Industry of All Nations, also known as the Great Exhibition or the Crystal Palace Exhibition (in reference to the temporary structure in which it was held), was an international exhibition which took pl ...
at the
Crystal Palace Crystal Palace may refer to: Places Canada * Crystal Palace Complex (Dieppe), a former amusement park now a shopping complex in Dieppe, New Brunswick * Crystal Palace Barracks, London, Ontario * Crystal Palace (Montreal), an exhibition building ...
, Peabody advanced £3000 (then worth $15,000; worth about $550,000 in 2022 dollars) to improve the exhibit and uphold the reputation of the United States. In 1854, he offended many of his American guests at a Fourth of July dinner when he chose to toast
Queen Victoria Victoria (Alexandrina Victoria; 24 May 1819 – 22 January 1901) was Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837 until her death in 1901. Her reign of 63 years and 216 days was longer than that of any previ ...
before US President
Franklin Pierce Franklin Pierce (November 23, 1804October 8, 1869) was the 14th president of the United States, serving from 1853 to 1857. He was a northern Democrat who believed that the abolitionist movement was a fundamental threat to the nation's unity ...
; Pierce's future successor,
James Buchanan James Buchanan Jr. ( ; April 23, 1791June 1, 1868) was an American lawyer, diplomat and politician who served as the 15th president of the United States from 1857 to 1861. He previously served as secretary of state from 1845 to 1849 and repr ...
, then Ambassador to London, left in a huff. At around this time, Peabody began to suffer from
rheumatoid arthritis Rheumatoid arthritis (RA) is a long-term autoimmune disorder that primarily affects joints. It typically results in warm, swollen, and painful joints. Pain and stiffness often worsen following rest. Most commonly, the wrist and hands are inv ...
and
gout Gout ( ) is a form of inflammatory arthritis characterized by recurrent attacks of a red, tender, hot and swollen joint, caused by deposition of monosodium urate monohydrate crystals. Pain typically comes on rapidly, reaching maximal intens ...
. In February 1867, on one of several return visits to the United States, and at the height of his financial success, Peabody was suggested by
Francis Preston Blair Francis Preston Blair Sr. (April 12, 1791 – October 18, 1876) was an American journalist, newspaper editor, and influential figure in national politics advising several U.S. presidents across party lines. Blair was an early member of the De ...
, an old crony of President
Andrew Jackson Andrew Jackson (March 15, 1767 – June 8, 1845) was an American lawyer, planter, general, and statesman who served as the seventh president of the United States from 1829 to 1837. Before being elected to the presidency, he gained fame as ...
and an active power in the smoldering Democratic Party as a possible
Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
in the cabinet of President
Andrew Johnson Andrew Johnson (December 29, 1808July 31, 1875) was the 17th president of the United States, serving from 1865 to 1869. He assumed the presidency as he was vice president at the time of the assassination of Abraham Lincoln. Johnson was a De ...
. At about the same time, Peabody was also mentioned in newspapers as a future presidential candidate. Peabody described the presidential suggestion as a "kind and complimentary reference", but considered that, at age 72, he was too old for either office.


Business

While serving as a volunteer in the
War of 1812 The War of 1812 (18 June 1812 – 17 February 1815) was fought by the United States of America and its indigenous allies against the United Kingdom and its allies in British North America, with limited participation by Spain in Florida. It be ...
, Peabody met Elisha Riggs, who, in 1814, provided financial backing for what became the wholesale dry goods firm of Riggs, Peabody & Co. The firm specialized in importing dry goods from Britain. Branches were opened in
New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...
and
Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Since ...
in 1822. Riggs retired in 1829, and the firm became Peabody, Riggs & Co., with the names reversed as Peabody became the senior partner. Peabody first visited England in 1827 to purchase wares, and to negotiate the sale of American cotton in
Lancashire Lancashire ( , ; abbreviated Lancs) is the name of a historic county, ceremonial county, and non-metropolitan county in North West England. The boundaries of these three areas differ significantly. The non-metropolitan county of Lancas ...
. He subsequently opened a branch office in
Liverpool Liverpool is a City status in the United Kingdom, city and metropolitan borough in Merseyside, England. With a population of in 2019, it is the List of English districts by population, 10th largest English district by population and its E ...
, and British business began to play an increasingly important role in his affairs. He appears to have had some help in establishing himself from Sir William Brown, 1st Baronet, of Richmond Hill and James Brown, sons of another highly-successful Baltimore businessman, the Irishman Alexander Brown (founder of the venerable investment and banking firm of " Alex. Brown & Sons" in 1801), who managed their father's Liverpool office, opened in 1810. In 1837, Peabody took up residence in London, and the following year, he started a
banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
business trading on his own account. The banking firm of "
George Peabody and Company J.S. Morgan & Co. was a merchant banking firm based in London and New York City founded by Junius Spencer Morgan, father of J. P. Morgan. History The business had originally been started by the American merchant George Peabody conducting busi ...
" was not, however, established until 1851. It was founded to meet the increasing demand for
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
issued by the American railroads, and – although Peabody continued to deal in dry goods and other commodities – he increasingly focused his attentions on
merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...
ing, specializing in financing governments and large companies. The bank rose to become the premier American house in London. In Peabody's early years in London, American state governments were notorious for defaulting on their debts to British lenders, and as a prominent American financier in London, Peabody often faced scorn for America's poor credit. (On one occasion, he was even blackballed from membership in a gentlemen's club.) Peabody joined forces with
Barings Bank Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring, a British-born member ...
to lobby American states for debt repayment, particularly his home state of Maryland. The campaign included printing propaganda and bribing clergy and politicians, most notably Senator
Daniel Webster Daniel Webster (January 18, 1782 – October 24, 1852) was an American lawyer and statesman who represented New Hampshire and Massachusetts in the U.S. Congress and served as the U.S. Secretary of State under Presidents William Henry Harrison ...
. Peabody made a significant profit when Maryland, Pennsylvania, and other states resumed payments, having previously bought up state bonds at a low cost. ''
Encyclopædia Britannica The (Latin for "British Encyclopædia") is a general knowledge English-language encyclopaedia. It is published by Encyclopædia Britannica, Inc.; the company has existed since the 18th century, although it has changed ownership various t ...
'' cites him as having "helped establish U.S. credit abroad." Peabody took
Junius Spencer Morgan Junius Spencer Morgan I (April 14, 1813 – April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. In 1864, he established J. S. Morgan & Co. in L ...
(father of
J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known ...
) into partnership in 1854 to form Peabody, Morgan & Co., and the two financiers worked together until Peabody's retirement in 1864; Morgan had effective control of the business from 1859 on. During the run on the banks of 1857, Peabody had to ask the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government o ...
for a loan of £800,000: although rivals tried to force the bank out of business, it managed to emerge with its credit intact. Following this crisis, Peabody began to retire from active business, and in 1864, retired fully (taking with him much of his capital, amounting to over $10,000,000, or £2,000,000). Peabody, Morgan & Co. then took the name J.S. Morgan & Co. The former UK
merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...
Morgan Grenfell Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks. It had its origins in a merchant banking business commenced by George Peabody. Junius Spencer Morgan ...
(now part of
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York St ...
), international
universal bank A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other financial services such as insurance.JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, t ...
and
investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...
Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
can all trace their roots to Peabody's bank.


Philanthropy

Though thrifty, even miserly with his employees and relatives, Peabody gave generously to public causes. He became the acknowledged father of modern
philanthropy Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
, having established the practice later followed by
Johns Hopkins Johns Hopkins (May 19, 1795 – December 24, 1873) was an American merchant, investor, and philanthropist. Born on a plantation, he left his home to start a career at the age of 17, and settled in Baltimore, Maryland where he remained for most ...
,
Andrew Carnegie Andrew Carnegie (, ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in ...
, John D. Rockefeller and
Bill Gates William Henry Gates III (born October 28, 1955) is an American business magnate and philanthropist. He is a co-founder of Microsoft, along with his late childhood friend Paul Allen. During his career at Microsoft, Gates held the positions ...
. In the United States, his philanthropy largely took the form of educational initiatives. In Britain, it took the form of providing housing for the poor. In America, Peabody founded and supported numerous institutions in New England, the South, and elsewhere. In 1867–68, he established the Peabody Education Fund with $3.5 million to "encourage the intellectual, moral, and industrial education of the destitute children of the Southern States." His grandest beneficence, however, was to Baltimore, the city in which he achieved his earliest success. In April 1862, Peabody established the Peabody Donation Fund, which continues to this day as the
Peabody Trust The Peabody Trust was founded in 1862 as the Peabody Donation Fund and now brands itself simply as Peabody.
, to provide housing of decent quality for the "artisans and labouring poor of London". The trust's first dwellings, designed by H. A. Darbishire in a
Jacobethan The Jacobethan or Jacobean Revival architectural style is the mixed national Renaissance revival style that was made popular in England from the late 1820s, which derived most of its inspiration and its repertory from the English Renaissance ( ...
style, were opened in Commercial Street,
Spitalfields Spitalfields is a district in the East End of London and within the London Borough of Tower Hamlets. The area is formed around Commercial Street (on the A1202 London Inner Ring Road) and includes the locale around Brick Lane, Christ Church, ...
in February 1864. George Peabody provided benefactions of well over $8 million ($158,000,000 in 2017 dollars), most of them in his lifetime. Among the list are: * 1852 The Peabody Institute (now the
Peabody Institute Library The George Peabody Library is a library connected to the Johns Hopkins University, focused on research into the 19th century. It was formerly the Library of the Peabody Institute of music in the City of Baltimore, and is located on the Peabody c ...
), Peabody, Mass: $217,000 * 1856 The Peabody Institute, Danvers, Mass (now the Peabody Institute Library of Danvers): $100,000 * 1857 The
Peabody Institute The Peabody Institute of The Johns Hopkins University is a private conservatory and preparatory school in Baltimore, Maryland. It was founded in 1857 and opened in 1866 by merchant/financier and philanthropist George Peabody (1795–1869) ...
(now the Peabody Institute of the Johns Hopkins University), Baltimore: $1,400,000. By including a complex involving a library, an academy of music, and an art gallery, his goal was to promote the moral, intellectual and artistic opportunities for the People of Baltimore. * 1862 The Peabody Donation Fund, London: $2,500,000 * 1866 The
Peabody Museum of Archaeology and Ethnology The Peabody Museum of Archaeology and Ethnology is a museum affiliated with Harvard University in Cambridge, Massachusetts. Founded in 1866, the Peabody Museum is one of the oldest and largest museums focusing on anthropological material, wi ...
,
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of highe ...
: $150,000 * 1866 The
Peabody Museum of Natural History The Peabody Museum of Natural History at Yale University is among the oldest, largest, and most prolific university natural history museums in the world. It was founded by the philanthropist George Peabody in 1866 at the behest of his nephew Oth ...
,
Yale University Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the w ...
: $150,000 (at the suggestion of his nephew
Othniel Charles Marsh Othniel Charles Marsh (October 29, 1831 – March 18, 1899) was an American professor of Paleontology in Yale College and President of the National Academy of Sciences. He was one of the preeminent scientists in the field of paleontology. Among ...
, son of his younger sister Mary Peabody, and America's first professor of paleontology) * 1867 The
Peabody Academy of Science The Peabody Museum of Salem (1915–1992), formerly the Peabody Academy of Science (1865–1915), was a museum and antiquarian society based in Salem, Massachusetts. The academy was organized in part as a successor to the East India Marine Societ ...
, Salem, Mass: $140,000 (now the Peabody Essex Museum) * 1867 The Peabody Institute, Georgetown, District of Columbia: $15,000 (today the Peabody Room,
Georgetown Branch Georgetown or George Town may refer to: Places Africa * George, South Africa, formerly known as Georgetown * Janjanbureh, Gambia, formerly known as Georgetown *Georgetown, Ascension Island, main settlement of the British territory of Ascension Is ...
, DC Public Library). * 1867 Peabody Education Fund: $2,000,000 * 1875 George Peabody College for Teachers, now the Peabody College of Vanderbilt University, Nashville, Tennessee. The funding came from the Peabody Education Fund * 1877 Peabody High School,
Trenton, Tennessee Trenton is the county seat and fourth largest city of Gibson County, Tennessee, United States. The population was 4,264 at the 2010 census, down from 4,683 in 2000. History Trenton was established in 1824 as a county seat for the newly-created ...
, established with funds provided by Peabody * 1866 The Georgetown Peabody Library, the public library of Georgetown, Massachusetts * 1866 Th
Thetford Public Library
the public library of Thetford, Vermont: $5,000 * 1901 The Peabody Memorial Library,
Sam Houston State University Sam Houston State University (SHSU or Sam) is a public university in Huntsville, Texas. It was founded in 1879 and is the third-oldest public college or university in Texas. It is one of the first normal schools west of the Mississippi River and ...
, Texas * 1913 George Peabody Building,
University of Mississippi The University of Mississippi ( byname Ole Miss) is a public research university that is located adjacent to Oxford, Mississippi, and has a medical center in Jackson. It is Mississippi's oldest public university and its largest by enrollment ...
* 1913 Peabody Hall, housing the Department of Curriculum and Instruction,
University of Arkansas The University of Arkansas (U of A, UArk, or UA) is a public land-grant research university in Fayetteville, Arkansas. It is the flagship campus of the University of Arkansas System and the largest university in the state. Founded as Arkans ...
: $40,000 * 1913 Peabody Hall, housing the School of Education (now Philosophy and Religion),
University of Georgia , mottoeng = "To teach, to serve, and to inquire into the nature of things.""To serve" was later added to the motto without changing the seal; the Latin motto directly translates as "To teach and to inquire into the nature of things." , establ ...
: $40,000 * 1913 Peabody Hall, housing the College for Teachers (now part of Criser Student Services Center),
University of Florida The University of Florida (Florida or UF) is a public land-grant research university in Gainesville, Florida. It is a senior member of the State University System of Florida, traces its origins to 1853, and has operated continuously on its ...
: $40,000 * Peabody Hall, housing the college of Human Science and Education,
Louisiana State University Louisiana State University (officially Louisiana State University and Agricultural and Mechanical College, commonly referred to as LSU) is a public land-grant research university in Baton Rouge, Louisiana. The university was founded in 1860 n ...
. * 1914 Peabody Hall, housing the Curry Memorial School of Education (now Office of the Dean of Students and the Office of Admission), University of Virginia


Death

Peabody died in London on November 4, 1869, aged 74, at the house of his friend Sir Curtis Lampson. At the request of the
Dean of Westminster The Dean of Westminster is the head of the chapter at Westminster Abbey. Due to the Abbey's status as a Royal Peculiar, the dean answers directly to the British monarch (not to the Bishop of London as ordinary, nor to the Archbishop of Canterbu ...
, and with the approval of
Queen Victoria Victoria (Alexandrina Victoria; 24 May 1819 – 22 January 1901) was Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837 until her death in 1901. Her reign of 63 years and 216 days was longer than that of any previ ...
, he was given a funeral and temporary grave in
Westminster Abbey Westminster Abbey, formally titled the Collegiate Church of Saint Peter at Westminster, is an historic, mainly Gothic church in the City of Westminster, London, England, just to the west of the Palace of Westminster. It is one of the United ...
. His will provided that he be buried in the town of his birth, South Danvers, Massachusetts (now Peabody). Prime Minister
William Ewart Gladstone William Ewart Gladstone ( ; 29 December 1809 – 19 May 1898) was a British statesman and Liberal politician. In a career lasting over 60 years, he served for 12 years as Prime Minister of the United Kingdom, spread over four non-con ...
arranged for Peabody's remains to be returned to America on HMS ''Monarch'', the newest and largest ship in the
Royal Navy The Royal Navy (RN) is the United Kingdom's naval warfare force. Although warships were used by English and Scottish kings from the early medieval period, the first major maritime engagements were fought in the Hundred Years' War against Fr ...
, arriving at
Portland, Maine Portland is the largest city in the U.S. state of Maine and the seat of Cumberland County. Portland's population was 68,408 in April 2020. The Greater Portland metropolitan area is home to over half a million people, the 104th-largest metropo ...
, where they were received by US Admiral
David Farragut David Glasgow Farragut (; also spelled Glascoe; July 5, 1801 – August 14, 1870) was a flag officer of the United States Navy during the American Civil War. He was the first rear admiral, vice admiral, and admiral in the United States Navy. F ...
. He was laid to rest in Harmony Grove Cemetery, in
Salem, Massachusetts Salem ( ) is a historic coastal city in Essex County, Massachusetts, located on the North Shore (Massachusetts), North Shore of Greater Boston. Continuous settlement by Europeans began in 1626 with English colonists. Salem would become one of the ...
, on February 8, 1870. Peabody's death and the pair of funerals were international news, through the newly completed trans-Atlantic underwater telegraph cable. Hundreds of people participated in the ceremonies and thousands more attended or observed.


Impact on American philanthropy

Historian Roderick Nash argues that Peabody made his millions quietly in groceries and real estate, while contemporary millionaires were building more visible empires in oil, iron, land and especially railroads. As a disciple of
Benjamin Franklin Benjamin Franklin ( April 17, 1790) was an American polymath who was active as a writer, scientist, inventor, statesman, diplomat, printer, publisher, and political philosopher. Encyclopædia Britannica, Wood, 2021 Among the leading int ...
, Peabody combined hard work with frugality, punctuality, and a strong public spirit. Peabody was a pioneer, whose success in philanthropy set a new standard for American millionaires. By contrast, philanthropy in Europe was more typically dispensed by aristocratic families with inherited landed wealth, which built palaces and museums that were eventually opened to the public. The American way was for the self-made millionaires to become self-made philanthropists, a model perfected in the next generation by
Andrew Carnegie Andrew Carnegie (, ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in ...
(1835–1919) and John D. Rockefeller (1839–1937). They agreed with Peabody that riches produced a duty to give most of it back to the community through specialized permanent foundations.Roderick Nash, "Peabody, George, " in John A. Garraty, ''Encyclopedia of American Biography'' (1974), p. 841. Peabody was especially imaginative, and relied on his own memories of poverty and self-education to introduce new ways to educate and culturally enrich the next generation of poor youth, and thereby promote greater equality in American society.
Jacksonian Democracy Jacksonian democracy was a 19th-century political philosophy in the United States that expanded suffrage to most white men over the age of 21, and restructured a number of federal institutions. Originating with the seventh U.S. president, And ...
promoted equality in politics; he promoted equality and culture through libraries, schools, museums and colleges. He rejected doling out cash to the poor as a waste of money in comparison to building permanent institutions that produced a steady stream of benefits. His last great benefaction was the Peabody Education Fund, which had a dramatic impact in improving southern public schools. It was the first major philanthropic institution that gave large sums to poor blacks on the same terms as whites, albeit within the limits of racial segregation. Even more important was the institutional framework that Peabody devised, of a permanent professional foundation run by experts in philanthropy, who were guided by and indeed invented the best practices of the day.


Recognition and commemoration

Peabody's philanthropy won him many admirers in his old age. He was praised by European contemporaries such as Prime Minister
William Ewart Gladstone William Ewart Gladstone ( ; 29 December 1809 – 19 May 1898) was a British statesman and Liberal politician. In a career lasting over 60 years, he served for 12 years as Prime Minister of the United Kingdom, spread over four non-con ...
and author
Victor Hugo Victor-Marie Hugo (; 26 February 1802 – 22 May 1885) was a French Romantic writer and politician. During a literary career that spanned more than sixty years, he wrote in a variety of genres and forms. He is considered to be one of the great ...
, and Queen Victoria offered him a
baronet A baronet ( or ; abbreviated Bart or Bt) or the female equivalent, a baronetess (, , or ; abbreviation Btss), is the holder of a baronetcy, a hereditary title awarded by the British Crown. The title of baronet is mentioned as early as the 14t ...
cy, which he refused. In 1854, the Arctic explorer Elisha Kane named the waterway off the north-west coast of
Greenland Greenland ( kl, Kalaallit Nunaat, ; da, Grønland, ) is an island country in North America that is part of the Kingdom of Denmark. It is located between the Arctic and Atlantic oceans, east of the Canadian Arctic Archipelago. Greenland ...
"Peabody Bay", in honor of Peabody, who had funded his expedition. The waterway was later renamed the Kane Basin, but Peabody Bay survives as the name of a smaller bay at the eastern side of the basin. On July 10, 1862, he was made a
Freeman Freeman, free men, or variant, may refer to: * a member of the Third Estate in medieval society (commoners), see estates of the realm * Freeman, an apprentice who has been granted freedom of the company, was a rank within Livery companies * Free ...
of the
City of London The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London f ...
, the motion being proposed by Charles Reed in recognition of his financial contribution to London's poor. He became the first of only two Americans (the other being 34th President and General Dwight D. Eisenhower) to receive the award. On March 16, 1867, he was awarded the United States
Congressional Gold Medal The Congressional Gold Medal is an award bestowed by the United States Congress. It is Congress's highest expression of national appreciation for distinguished achievements and contributions by individuals or institutions. The congressional pract ...
, an Honorary Doctorate of Laws by
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of highe ...
, and an Honorary Doctorate in Civil Law by
Oxford University Oxford () is a city in England. It is the county town and only city of Oxfordshire. In 2020, its population was estimated at 151,584. It is north-west of London, south-east of Birmingham and north-east of Bristol. The city is home to the ...
. On March 24, 1867, Peabody was elected a member of the
American Antiquarian Society The American Antiquarian Society (AAS), located in Worcester, Massachusetts, is both a learned society and a national research library of pre-twentieth-century American history and culture. Founded in 1812, it is the oldest historical society i ...
Peabody's birthplace, South Danvers, Massachusetts, changed its name in 1868 to the town (now city) of Peabody, in honor of its favorite son. In 1869, the
Peabody Hotel The Peabody Memphis is a historic luxury hotel in Downtown Memphis, Tennessee, opened in 1925. The hotel is known for the "Peabody Ducks" that live on the hotel rooftop and make daily treks to the lobby. The Peabody is a member of Historic Hot ...
in
Memphis, Tennessee Memphis is a city in the U.S. state of Tennessee. It is the seat of Shelby County in the southwest part of the state; it is situated along the Mississippi River. With a population of 633,104 at the 2020 U.S. census, Memphis is the second-mo ...
, was named in his memory. A number of
Elementary Elementary may refer to: Arts, entertainment, and media Music * ''Elementary'' (Cindy Morgan album), 2001 * ''Elementary'' (The End album), 2007 * ''Elementary'', a Melvin "Wah-Wah Watson" Ragin album, 1977 Other uses in arts, entertainment, a ...
and
High School A secondary school describes an institution that provides secondary education and also usually includes the building where this takes place. Some secondary schools provide both '' lower secondary education'' (ages 11 to 14) and ''upper seconda ...
s in the United States are named after Peabody. A statue sculpted by
William Wetmore Story William Wetmore Story (February 12, 1819 – October 7, 1895) was an American sculptor, art critic, poet, and editor. Life and career William Wetmore Story was the son of jurist Joseph Story and Sarah Waldo (Wetmore) Story. He graduated from ...
stands next to the Royal Exchange in the City of London, unveiled by the
Prince of Wales Prince of Wales ( cy, Tywysog Cymru, ; la, Princeps Cambriae/Walliae) is a title traditionally given to the heir apparent to the English and later British throne. Prior to the conquest by Edward I in the 13th century, it was used by the rule ...
in July 1869: Peabody himself was too unwell to attend the ceremony, and died less than four months later. A replica of the same statue, erected in 1890, stands next to the
Peabody Institute The Peabody Institute of The Johns Hopkins University is a private conservatory and preparatory school in Baltimore, Maryland. It was founded in 1857 and opened in 1866 by merchant/financier and philanthropist George Peabody (1795–1869) ...
, in Mount Vernon Park, part of the
Mount Vernon Mount Vernon is an American landmark and former plantation of Founding Father, commander of the Continental Army in the Revolutionary War, and the first president of the United States George Washington and his wife, Martha. The estate is on ...
neighborhood of
Baltimore, Maryland Baltimore ( , locally: or ) is the most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic, and the 30th most populous city in the United States with a population of 585,708 in 2020. Baltimore wa ...
. In 1900, Peabody was one of the first 29 honorees to be elected to the
Hall of Fame for Great Americans The Hall of Fame for Great Americans is an outdoor sculpture gallery located on the grounds of Bronx Community College (BCC) in the Bronx, New York City. It is the first such hall of fame in the United States. Built in 1901 as part of the ...
, located on what was then the campus of
New York University New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then- Secretary of the Treasury Albert Gallatin. In 1832, th ...
(and is now that of
Bronx Community College The Bronx Community College of the City University of New York (BCC) is a public community college in the Bronx, New York City. It is part of the City University of New York system. History The college was established in 1957 through the e ...
), at University Heights, New York. His birthplace at 205 Washington Street in the City of Peabody is now operated and preserved as the George Peabody House Museum, a museum dedicated to interpreting his life and legacy. There is a
blue plaque A blue plaque is a permanent sign installed in a public place in the United Kingdom and elsewhere to commemorate a link between that location and a famous person, event, or former building on the site, serving as a historical marker. The term ...
on the house where he died in London, No. 80
Eaton Square Eaton Square is a rectangular, residential garden square in London's Belgravia district. It is the largest square in London. It is one of the three squares built by the landowning Grosvenor family when they developed the main part of Belgra ...
,
Belgravia Belgravia () is a district in Central London, covering parts of the areas of both the City of Westminster and the Royal Borough of Kensington and Chelsea. Belgravia was known as the 'Five Fields' during the Tudor Period, and became a danger ...
, erected in 1976. On March 16, 2018, Google honored Peabody with a
Google Doodle A Google Doodle is a special, temporary alteration of the logo on Google's homepages intended to commemorate holidays, events, achievements, and notable historical figures. The first Google Doodle honored the 1998 edition of the long-running an ...
on the 151st anniversary of Peabody being awarded the Congressional Gold Medal. The mural reproduced in the Google Doodle is physically located within the lunchroom o
George Peabody Elementary School
in San Francisco. The Georgetown Neighborhood Library in Washington, D.C. houses the Peabody Room, named after the original neighborhood Peabody Library founded by Peabody. The Peabody Room contains historical information about the Georgetown neighborhood.


See also

* Philanthropy in the United States


References


Further reading

* "George Peabody." in ''Dictionary of American Biography'' (1936
Online
* Adam, Thomas. ''Buying respectability: Philanthropy and urban society in transnational perspective, 1840s to 1930s'' (Indiana University Press, 2009). * * * * Curry, Jabez Lamar Monroe. ''A Brief Sketch of George Peabody: And a History of the Peabody Education Fund Through Thirty Years'' (Negro Universities Press, 1969). * Dillingham, George A. ''The Foundation of the Peabody Tradition'' (University Press of America, 1989). * * Harmon, Elizabeth. "The Transformation of American Philanthropy: From Public Trust to Private Foundation, 1785-1917". (PhD Dissertation, University of Michigan, 2017)
Online
* Hellman, Geoffrey T. "The First Great Cheerful Giver" ''American Heritage'' (June 1966) 17#4 pp 28+ * Hidy, Muriel E. ''George Peabody, merchant and financier: 1829–1854'' (Ayer, 1978). * Kiger, Joseph. "Peabody, Sage, Carnegie, and Rockefeller." in ''Philanthropists and Foundation Globalization'' (Routledge, 2017) pp. 29–54. *, a major scholarly biography * * *


External links

*
Phillips Library
Peabody Essex Museum. Repository of 145 linear feet of Peabody's business and personal papers. {{DEFAULTSORT:Peabody, George 1795 births 1869 deaths Burials at Westminster Abbey Congressional Gold Medal recipients House of Morgan JPMorgan Chase people Museum founders Philanthropists from Massachusetts Hall of Fame for Great Americans inductees Members of the American Antiquarian Society Burials at Harmony Grove Cemetery American founders American slave traders 19th-century American philanthropists 19th-century American businesspeople American emigrants to England