The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-05
TIE LATE GEORGE PEABODY, ESQ

unaCcustomed to dictation, after "The Day we
Celebrate" had been drunk, proposed with the usual
complimentary preface, "The Health OF her Ma
jesty Queen Victoria" The toast was received
cody Mr.. Sickles and his friends refusing to honor
it, and Immediately withdrawing from the table,
An acrimonious controversy followed in newspapers
and pamphlets, exciting bitterness Of feeling which
never entirely subsidized.
He Pounds the Danvers Institute.
In the year 1852 when the citizens of his native
town, Danvers celebrated the hundredth year of
their corporate existence, Mr. Peabody, though un-
able to be present at their festivities, gave tangi
BILE proof Of his interest in them, by presenting gift
of s20, 900 to found an institute and library for the
benefit of the people. To this anniversary gift he
subsequently added large donations, amounting in
all, along with the original sum, to upwards OF
100000.
The Panic of 1857.
Although his commercial activity was uninterrupted
from the time of his entrance into the partnership
with Mr.. Riggs, and he never encountered a single
reverse, Mr.. Peabody at times found himself in diff
cult circumstances, the most noticeable occasion Of
this character occurring during the great panic of
1857. The financial storm was hurrying across the
Atlantic. Tidings of commercial disasters in the
United States like scuds that herald the tornado,
came almost daily. Trust companies had suspended
payment, railroad bonds, city securities, and State
stocks had failed to meet their indebtedness orders
for the shipment of goods were countermanded old
established importing houses had stopped payment;
and remittances from America, without which, like
the sunshine and dew withdrawn from vegeta-
ton, the productions OF England laugush and
die, ceased to arrive. So sudden financial crisis
had never been known. To every firm in Europe
doing business with America it threatened serious
calamity. The provincial towns of England felt the
shock rst and accounts OF the disasters filled the
local columns of the country newspapers. The
largest manufacturers of Manchester Birmingham,
and Sheffield were in difficulties Banks in the me-
tropolis began to refuse discount, and the prime
stocks in Capel Court became worthless to secure
advances. Rumors affecting the Oldest houses of
London were in circulation 1t was said that the
Barings had hesitated to accept the bil5 of their
foreign correspondence; that Sir Lionel Roths-
child had been refused accommodations at
the Bank of England, and that Overend
Gurney a. Co. were declining to receive the most
approved commercial paper Peabody n Co. shared
largely in the general dstrust. For several days
they were supposed to be tottering A thousand ru-
mors were afoat, and even the city article of the
Times encouraged suspicion regarding "an import
ant American firm" 1t was the occasion of all
others to try the virtue of solvency. Instead of
battling with phantoms, Mr.. Peabody went to the
directors Of the Bank Of England, made an exact
statement of his affairs, and exhibited his securities
No higher encomium was ever passed on the integ-
rity OF commercial man than when, by unanimous
vote, the Board advanced on Mr.. Peabody's obllga-
tions million pounds sterling.
His First Visit to His Native Country,
after his removal to England occurred in 1851 after
an absence of nearly twenty years. During this
visit he carried out an intention formed long before
OF founding in the ci-y OF Baltimore institution
upon much larger scale than that established in
the town of his birth.
He Pounds the Peabody Institute at Baltimore.
The scheme was to comprise large free library,
the periodical delivery OF lectures by eminent lite
rary and scientific men, an academy of music, gal
leTy of art, and accommodation for the Maryland
Historical Society For this purpose he gave $780,
000 to which he at one time added $780, 0OO in 1866
giving an additional $4,000 and again, during his
visit to this country last summer, 100000 more
The latter donation consisted Of three hundred
thousand dollars of Tennessee six per cent. bonds
, and one hundred thousand dollars of Virginia six
per cent bonds. This sum was designed by the
donor for the erection of a building similar to and
adjoining the present institution, the site for which
is already purchased. Any remainder OF the above
amount after the construction of the new building
is to be applied TO gallery painting and sculpture
Mr.. Peabody, in letter making the donation, re-
ferred to the pecuniary difficulties of Tennessee
but expressed confidence in the great natural re-
sources OF the State and high sense of honor OF her
people, and advised the trustees to keep these bonds
for the present, as they are increasing in value and
when necessary, to dispose of the highest-prced
United States bonds held by the trustees
The cornerstone Of the first building was laid in
1885, but the completion Of the structure was DELAYED
for some years by the unsettled state OF the country
In his letter to the trustees, he afforded glimpse OF
his large-hearted benevolence and universal sympa
| thies. Towards the conclusion, he said:-
''My earnest wish to promote, at all times spirit
OF harmony and goodwill in society, my aversion tC
intolerance, bgotry, and party rancor, and nay en-
during respect ana love for the happy institutions OF
our prosperous republic, impel me to express the
wish that the institute have proposed to you shall
always be strictly guarded against the possibility OF
| being made theatre for the dissemination or dis.
cusson Of sectaran theology or party politics; that
II snail never minister In any manner whatever, to
|
ofapretended philosophy, which may aimed at the
| subverson OF the approved morals OF society; that
IL shall never lend its aid or influence to the propapa.
ton of opinions tending TO create or encourage sec
! tional Jealousles In our happy country, or which
may lead TO the alienation OF the people OF one State
or section of the Union from those OF another but
that it shall be 80 conducted, throughout its whole
career, as to teach political and religious charity
| liberation, and benefcence and prove itself to be-
in all contingencies and conditions, the true friend
OF our inestimabe Union, OF the salutary institutions