Evening star., 1920-01-04


patton in government financing, The
Star Sd id :-~
In 1871, when the government wss 'mhar.
rasssd financially. its income being insufficient
for its needs. Walter Forward, then Secretary
Of the Treasury, attempted 10 negotiate loan
abroad. but failed. In this crisis Mcssrs. Cor
coran and Riggs. through Daniel Webster. then
Secretary Of State. offered to take a govern
ment loan Of &. 5.sO0.0 at l0l. This PROPOSE
tion was accepted and the daring venture,
which astomnded the bankers Of the country.
proved successful II it had been otherwise
the whole capital of the youn. firm would
have been swept away. The transaction was
prohtable and il enabled Corcoran and Riggs 10
establish a credit at homo and abroad that
was never shaken IN the most cai&m:tous times.
This operation also laid tho foundation sf the
large fortune which Mr.. Corcoran acaurc,
which I've has administered largely though
it were trust placed in his hands for the
benefit Of his fellow men.
Tpen the outbreak of Mo Mexican war in
1s4s, Robert J. Walker. then Secretary Of the
Treasury. gnv. 10 Mr. C.,corau the government
loans to- negotiate. Mr.. s'or~oraE went f. Lan-
don, upon what was hiirvnd by many to be n
hopeless mission. Several states laa rpudi-
y
generally regarded with 1O.,t. and suspicion IN
European Gnan"iai circles. Mr.. C,,rcaran was
warmly Welcomed by George Pea.sciy end The
RariHrs, th. great tsnkDrs ei London. Mr..
Corcoran's usssacrs rsI financial know.csse-
gained tho confidence ef t,rse gentlemen. and
through them h. was raai.:sd 30 place a loan
OF ep Geo .n0a in t},e l.st,sB market. l'poH
his return fron THIS sudacians and patriotic
r,,tpe a.
tact. skili and personsl influence resulted %
successfully. I've was tvR.:,rrA AN ovation au,
hailed tse fortress Of American credit Mr..
CNrrssNn after this ssadr large and forynna %
inS<s1.sests In Warrington real est.tr. At th.
aaeti~s "s $1,000 iets. a'Suf-,, ~ the govern
s~-nt In The division of the cit. lands, Nj.
Corcersn was large purchaser. He alss
bought several farms aboHt tile city. enc Of
waich. Known ~ Trinidad, HOW very valuable
trait. he Eave q f-w y~aIz ago TO Columbian
'Geerse WSsLington) University. Another,
HarewS~d ~aa sssd q few ycays age for >ceS,-
sao, the ss"sey heisg '.rsed ever tn the Cor
eeraa Art Gallery.
Hardwood. which had been lc White
farm AND later the Breckenridge farm,
In now the southern part OF the SOL
.iieis Home grounds. For u number Of
yeAix Mr.. CeFoorAn used It ss his sum-
mer home. and his cottage in still stand
iAx. TIE hast time the Rambier was
esli that way the cottage was tho home
Of th', .tief tAiryman Of the Soldiers
HORn and his family.
The Rambler does not know IN what
year Mr.. Cercoran seriously turned his
attention to the collection Of paintings
and st&tuasy and the encouragement OF
art ARD artists He probably began
huying good pictures in the '4es. When
he had gathered together a consider
abic nua,ber OF paintings Ia the hcuse
OH II street. he often talked over with
his chose friends his purpose to give
tflsm 10 n pubic gallery Of art. and
Aster he evolved the Pksn OF founding
gallery for the public good. This
idea hxh taken form before 1883, for
I'm that year he began the construction
at tho northeast corner OF Pennsyi-
vsnia avenue and 18th street OF the
ornate red byScN building. which he
came the Cercoran Gallery Of Art The