George Peabody a biography - Hardcover

Parker, Franklin.

Hardcover

ISBN 10: 0826511708 ISBN 13: 9780826511706

Publisher: Vanderbilt University, 1971

Synopsis

International merchant and financier, benefactor of numerous philanthropies both in the United States and England, and the first American to be named an honorary citizen of the City of London, George Peabody never departed from the Puritan principles of industry, frugality, and humility by which he was reared. Born in 1795 to a Massachusetts family of modest means, Peabody received only four years of formal education. He was making his own way at the age of seventeen. By the time he was twenty-two, he had amassed more than forty thousand dollars; when he was thirty-two his assets amounted to $85,000. After moving to London in 1837, Peabody gained a multi-million dollar fortune through shrewd investments and a reputation for impeccable honesty and integrity. It is for his philanthropies, however, that Peabody is best remembered. A bachelor, he decided early to devote himself to the support of deserving causes. The Peabody Institute in Baltimore is considered a forerunner of the numerous foundations in America today. Peabody Institutes in other cities, Peabody Public Libraries, Peabody Museums of Science, the Peabody Conservatory of Music, and the Peabody Homes for the "industrious poor" in London all owe their existence to the benevolence of George Peabody. In the Southern states after the Civil War, he established the Peabody Education Fund, which made the free education of all races a public obligation. From this movement emerged George Peabody College of Vanderbilt University in Nashville, Tennessee, still regarded as one of the premier schools of education in this country. In addition to an account of Peabody's accomplishments, this book offers a picture of Peabody the man - hisbroken engagement, his famous Fourth of July banquets in London, his troubles with gout, his worry over his nephew's extravagance, his distress about the Civil War - as well as the aura of the Victorian society in which he lived. A new chapter on Peabody's legacy, an updated bibliogr

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From the Author

Authors'research and George Peabody's significance.
Franklin & Betty Parker, Uplands Retirement Community, PO B ox 100, Pleasant Hill, TN 38578 Phone (931) 277-3268. Email: bfparker@multipro.com

Sept. 1946-56: We met at Berea College, married in 1950, both taught at Ferrum College near Roanoke, Va., 1950-52, attended what is now Peabody College of Vanderbilt Univ., summers 1951 and '52, remaining to Aug. 1956 for graduate degrees. For Frank's doctoral thesis we read founder George Peabody's (1795-1869) papers in U.S. and British libraries. Intrigued by what we found, we pursued "On the Trail of GP," gradually realizing it as a glorious adventure, a turning point of our lives.

GP's Career: This best known philanthropist in the U.S. and England at his death was born poor in Mass., had 4 years of schooling and was 4 years apprenticed in a general store. At 16 a fire in Newburyport, Mass. (1811), where he worked in his older brother's store, led him and an uncle to migrate to Georgetown, D.C., where he opened a dry goods store. After the War of 1812, older fellow soldier and merchant Elisha Riggs, Sr. (his son founded Riggs Bank, Washington, D.C.) took GP at 19 as junior partner. Their Baltimore-based firm successfully imported dry goods for resale to U.S. wholesalers. GP traveled widely in the South and made 5 European buying trips, 1827-37.

1837-40s, early fame: His fifth trip to London, Feb. 1837, was partly as agent to sell abroad Md.'s $8 million bonds to finance the Chesapeake and Ohio Canal and the Baltimore and Ohio Railroad. The Panic of 1837 soon forced Md. and eight other U.S. states to stop paying interest on their bonds, angering foreign investors. GP publicly urged these U.S. states to resume interest payments retroactively, thus helping regain investors' confidence. When resumption occurred and it became known that rather than burden the Md. treasury he had declined his $60,000 commission, he won public thanks from Md.'s legislature and governor and wide respect abroad.

1838-54: Banker: He founded George Peabody & Co. (1838-64), a London-based banking firm; sold state bonds to finance U.S. canals, roads, railroads; bought, sold, and shipped iron and steel rails for U.S. western railroads; and helped finance the Mexican War loan and the Atlantic Cable.

1854-64: Morgan Partnership: Often ill, GP took as partner in 1854 Boston merchant J.S. Morgan, whose son, J.P. Morgan, began as NYC agent for GP. On retirement, 1864, unmarried, without a son, he withdrew his name. His London firm continued as J.S. Morgan & Co., Morgan Grenfell & Co., and Deutsche Morgan Grenfell. GP was in fact the founding root of the banking house of Morgan, a fact little remembered today.

GP's Philanthropy: He early resolved to found helpful institutions. His gifts included 7 U.S. Peabody libraries; Peabody museums at Harvard, Yale, and in Salem, Mass.; professorships at an academy and several colleges; publication funds to two historical societies; aid to Civil War veterans, their wives and orphan children; and a Vatican, Italy, charitable hospital.

He made two unprecedented multimillion dollar gifts: 1-Peabody model homes for London's working poor (1862-present), where 34,500 low income Londoners (white, black, ot hers) still live in 17,183 affordable apts. English honors included Queen Victoria's thanks, her portrait, and an Oxford honorary degree. 2-His Peabody Education Fund to aid public education in the devastated U.S. South (1867-1914) won him Congressional praise, a gold medal, and a visit of thanks from Pres. Andrew Johnson—all sadly largely fogotten today. He earned some $20 million and gave it all away, half in philanthropic gifts, half to his relatives.

1869-70: GP died in London, Nov. 4, 1869, during near-war U.S.-British angers over British-built Confederate ships that cost U.S. ships, lives, and treasure. But popular demand for funeral honors for him, led to a Westminster Abbey funeral service (Nov. 12) and an unprecedented 96-day transatlantic funeral voyage to bury him near his Massachusetts hometown. Queen Victoria suggested use of HMS Monarch, Britain's new and largest warship, as funeral ship. Awed crowds watched the ceremonies at Westminster Abbey; the departure from Portsmouth, England; the receiving port in Portland, Me., the funeral train to his hometown church; his eulogy there attended by English and U.S. dignitaries; and his final burial in Salem, Mass., Feb. 8, 1870.

Teaching jobs: With Frank's dissertation accepted and our advanced degrees received, we went on to Frank's teaching jobs at the Universities of Texas, Austin, 1957-64; Oklahoma, Norman, 1964-68; and West Va., Morgantown, 1968-86; with post-retirement teaching at Northern Arizona Univ., Flagstaff, and Western Carolina Univ. through 1994.

Travel and books: Frank's research led us to visit school systems abroad, which led to ourpublished books on education in Rhodesia (later Zimbabwe), Africa; England and Wales, China, Puerto Rico, Latin American countries, others. We published journal articles on George Peabody and a book, George Peabody, a Biography, Vanderbilt Univ. Press, 1971, revised and updated in 1995 for the 200th anniversary of his birth.

Uplands Retirement Community: The illness of Betty's parents, who lived near us from 1977, led us to seek assisted living facilities at Uplands, Pleasant Hill, midway between Nashville and Knoxville. Betty's father died Dec. 1993, but we two and Betty's mother lived here as next door neighbors from May 4, 1994 (Betty's mother died Aug. 1998).

Looking back. We were 1930s depression children, the first in our families to attempt college, enabled to do so in the booming aftermath of World War II that changed so many lives. Newly married, without children, casting about for academic challenges--when the GP opportunity came our way. Uncertain, wishing we were better prepared, but seeing that he was worth pursuing, we took risks, and were often helped by grace. Good fortune, helpful friends, and unusual turning points made "On the Trail of GP" such a grand adventure.

Franklin & Betty Parker, Uplands, POBox 100, Pleasant Hill, TN 38578. Ph. (931) 277-3268. For more GP details send your e-mail address and indicate preferred Windows or Mac attachment in MS Word 98.

From the Back Cover

International merchant and financier, the first modern philanthropist, and the first American to be named an honorary citizen of the City of London, George Peabody never departed from the principles of industry, frugality, and humility be which he was reared.

Edition details

• Publisher: Vanderbilt University
• Publication date: 1971
• Language: English
• ISBN 10: 0826511708
• ISBN 13: 9780826511706
• Binding: Hardcover