Hidden Treasures - George Peabody
Why Some Succeed While Others Fail
George Peabody.
A long time ago a little boy who was poorly dressed, but had an honest face, was passing a country tavern in Vermont; night was fast approaching, and he looked tired and hungry; seeing which, the landlord, who had a kind heart, generously offered him supper and a nights' lodging free. This he refused to accept, but said, "If you please, I will cut wood enough to pay my way." This was accepted by the landlord, and thus the affair passed. Fifty years later he passed the same tavern as George Peabody, the great London banker.
The above self-reliant nature was illustrative of the man. It is always interesting to learn how great fortunes were made. Nothing is so fascinating as success, and the momentous question relative to every great man is: "How did he begin?" George Peabody began life in Danvers, Massachusetts, February 18th, 1795. He was born of humble parents and the public schools of his native town furnished him his education. At the age of eleven he became a clerk in a grocery store where he remained four years, when he went to Newburyport to become a dry-goods salesman. By cultivating a loving disposition he gained friends wherever he went, and, of course, thus gained a confidence which he otherwise never would have known. For this reason he gained his first letter of credit which enabled him to buy his first consignment of goods without advancing the money for them.[116]
SELF-RELIANCE.
Engraved Expressly for 'Hidden Treasures.'
(click on image to see enlarged view.)As we review the various great and influential men we cannot but notice how many, out of the total number, cultivated a pleasing manner. Certain it is, to pleasing manners and ability owed he his success; without either he could not have succeeded. Without the generous heart he possessed he could never have won the great honor that he enjoyed, for great wealth alone could not bring such honor. He was a notable moral phenomenon. Of all the great and rich men of whom we are aware, none gave as liberally as did he. Reader, think of it; a poor boy who became one of the greatest bankers of his time, and who, during his life, gave over eight millions of dollars to charity. Many of our rich men have willed much to charity, but he gave while living.
He went to Georgetown, District of Columbia, and entered into a partnership with an uncle, the firm-style being Riggs & Peabody. They were wonderfully successful, and soon established branches in Philadelphia and New York. In 1829 Mr. Riggs retired from actual work, the firm-style becoming Peabody, Riggs & Co. Time passed on, the business grew, and in 1837 he went to London, soon after establishing the banking house of George Peabody & Co. He made banking his study and kept thoroughly posted on financial matters. At about this time the great panic occurred in America, and at a great risk of losing his fortune he bought Maryland securities. But George Peabody knew what he was about; he was thoroughly posted and was capable of managing a banking business. By his influence with the Bank of England, he soon became recognized as the man who had saved Maryland from bankruptcy.
He now began to dispense the great fortune with which God had so bountifully blessed him. In 1851 he[117] supplied a large sum, so much needed, to make a success of the great Worlds Fair in London. In 1851 he gave $10,000 toward the second Grennell expedition, and the same year the people of his native town, Danvers, invited his presence at an anniversary. He could not personally attend, but sent them $20,000 to be applied toward education. In 1857 he gave the city of Baltimore $300,000 to found a college, and afterward added to this magnificent sum $200,000 more. In 1866 he added still $500,000 more, and later yet $400,000 more, making $1,400,000 in all he gave to this one institution, which is called Peabody Institute. He gave nearly $3,500,000 toward the fund to educate the poor of the South. He gave Yale and Harvard college each $150,000; to Phillips Academy $25,000; to Peabody Academy $140,000; to the Memorial Church in Georgetown $100,000; to Peabody Academy $250,000; and numerous other contributions in America.
In London he established a fund of $3,000,000 with which to build homes for the poor of that great city. The Queen acknowledged this in a private letter, and presented him with her portrait painted on ivory and set in jewels, valued at $255,000. She also offered to make him a Baron, but this he respectfully declined.
He resembled the late A[lexander]. T. Stewart in some respects. No gold chain ever hung from his watch, and when he wore studs or other ornaments they were never more costly than pearl. He detested show. Altogether during his life he gave away over eight millions of dollars, and at his death left a fortune of over four millions. Had he saved his money and manipulated it like many of our great millionaires have done, we doubt not he would have died worth perhaps twenty or thirty millions.[118]
He, however, had gained not only worldly success, but true success, for when he died in 1869, both of the great English speaking nations united to do him honor. He was at first laid in Westminister Abbey among the dead kings and queens. After this her Majesty's ship Monarch bore his remains to America to be buried in Danvers. The respect in which he is held by the people of that town is shown when we know that they have since changed the name of their town to Peabody. He left an imperishable crown containing pearls which cannot be stolen. They are set in homes for the poor, libraries for every one, schools for the young, and other securities which are safely stored in the hearts of a grateful people. Ah! we are thoughtful after reading the life of such a man.
