Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-11-06
GEORGE PEABODY.
sketch of the Life of tIae Great PHI
IRnthr0pfSt.

To the Editors Of the Union and American
The telegraph wires have brought us the
news of the death of George Peabody in
London on the 4th inst, at half-past
eleven o'clock at night.
Mr. Peabody was the descendant of an
ancient English family, which settled in
America as early as 1885. He was born in
Danvers, Mass, on the 18th of February,
1895, and was therefore in the seventy-ffth
wear Of his life at the time of his death.
He commenced business, as clerk in a
store, at the age of eleven, and continued
thus to serve in several places in New Eng
land for six years. At the age of seventeen
he formed a partnership in the draper bust
ness in Georgetown, ID. c., with Mr. Elisha
Riggs. who furnished a capital of 50, 900,
Young Peabody having the management of
the business. That this partnership was
mutually satisfactory, the following anec-
dote sufficiently proves At the time it
was formed, the youthful partner, already
six feet high and unusually mature in ap-
pearance, was unknown to Mr.. Riggs, who,
| in conversation with him some time after
| its establishment, remarked that many men
! improperly entered business when too
young; assuming responsibilities for
which their experience did Eot qualify
| them, etc. Mr. Peabody at the
time made no reply, but, on coming of
age, required to this remark of his asso-
| ciate. and informed him that though they
had been in partnership nearly four years,
he was now only 81. Mr.. Riggs heard this
with establishment, but without complaint,
and a few years after, upon winding up the
concern, received S15O,OOO as his share OF
the profits on the original 50, 900.
| During his residence in Georgetown the
war with Great Britain was golsg on, and
the Young merchant for time became a
| soldier. serving in a volunteer artillery
company in defence of the capital. In 1915
the house of Riggs & Peabody was estab-
lished in Baltimore. The style of the firm
subsequently became Peabody, Riggs d
Co. and branch houses were opened in
New York and Philadelphia. In the year
1887 Mr.. Peabody fixed his house in Lon
don, where lie has ever since resided,
though still claiming to he a citizen of the
United States. He has crossed the Allan
tic 10 times
| His business in London was that of {
banker and commission agent, and his sa
gacity in all financial concerns was sooI
conspicuous. 1t seems only less wonderful
than his lberality, because it is oftene
paralleled. The foundation of his for
tune, for example, is said to hav
been due to his extensive purchase durinl
the crisis of 1885, of Maryland bonds, tn,
State being then in danger of reputation
an act by which he saved her credit anC
himself realized largely. He also rendere,
similar service subsequently to severa
States and corporations in America. NJ
merous railways in the United States ar
indebted to him for their speedy compile
ton; he supplying them with iron an
taking their bonds in payment In thi
way, while adding greatly to the wealth c
his native land, he Is understood to hav
, acquired no small part of his private fol
l tune
Mr.. Peabody's extraordinary iberality
1 if not before evinced, developed itself a
4 early as 1851, when he assumed the entir
expenses of arranging the American depar
L ment in the great exhibition IN Londor
g and in 1852, when he gave $1,000 to d
FRAY the cost Of the second expedition
search of Sir John Franklin. The sam
year he bestowed 500, 900, (since increase
q ten-frld, his first educational grant,
found the Peabody Institute In his natiy
n town, then celebrating the centennial ann
yersary of its corporation. The Legisli
| ture OF MASSACHUSETTS, udS IcCShlly CHaASe
the name of this from Danve
i to Peabody. 1t is, however, with
Is years past that his benevolen'
has been most striking, and, whatever ma
! before have been the case, all that he Ina
done has not been the result Of impuls
. but the carrying out of a pre-conceiv'
u plan. This is indicated by the folowin
I incident
n Mr.. W. W. Corcoran, of Washingto
CITY. his friend for half a century and
" gentleman well known for his great veal
g and numerous noble charities, had sigma
lied himself by providing for the wan
at and transportation to the far West Of
a large body of Hungarians who had ju
n been landed in New York in state Of utt
r restitution. Mr. Peabody in letter fro
London to Mr.. Corcoran, dated October
" 1851. uses the following language
n "Howeverhberal may be, cannot Ike
be pace with your noble acts OF charity
e home. but one of these days l mean
iy come out. and then, if my feelings in /
to gard to money don't change, and ha
plenty, shall become strong competlt