GEORGE PEABODY: BIOGRAPHY AND CONTRIBUTIONS - CULTURE VOCABULARY - 2025

George Peabody (1795-1869) was an American businessman considered the father of modern philanthropy because he promoted research, education, and development for those most in need, both in the United States and in Europe, particularly in Great Britain. To achieve this, he donated approximately $ 9 million of his fortune, which represented just over half of his wealth.

He stands out as the father of modern philanthropy because he was the first to implement a model of altruism that was later applied by great and renowned philanthropists, who used and continue to use his fortune to support those most in need. Examples of this are Johns Hopkins, Andrew Carnegie, John D. Rockefeller, and Bill Gates.

Peabody was one of the most influential and well-known people of the 19th century thanks to his success in business with his activity as a businessman and banker.

However, their influence was generated especially thanks to the charities for the underprivileged through the donation of large sums of money to institutes, universities, libraries and organizations that provided housing for the homeless.

Such was his fame as a great benefactor that even the authorities changed the name of his hometown so that this town bore the surname of his most illustrious son.

Biography

George Peabody was born on February 18, 1795 into a large poor family in a small town in Massachusetts, United States, called South Danvers. Due to the economic situation of his home, made up of seven children, he abandoned his studies at the age of 11 to start working.

Although he formally left school, his desire to cultivate his intellect and spirit led him to be a regular visitor to the local library, which would forever mark his life.

First work experiences

Being just a young man, he dedicated himself to the textile trade, a thriving sector for the time. Behind the counter, he learned to serve customers with kindness and to keep accounts neat and orderly.

In his time at the store, he learned the values ​​that would make him stand out in the future: honesty, responsibility, and love of work.

At the age of 15 he decided to leave the trade for which he worked, as he had greater ambitions: to seek his fortune using his dreaming spirit, his passion for work and his intelligence, for which he decided to stay in the same textile industry but undertaking his own business.

Ally at the front

At 17, a desire to serve his nation motivated him to volunteer in the Civil War.

On the front lines he met Elisha Riggs, who a couple of years later gave him the financial backing to set up Peabody, Riggs & Company, a wholesaler of dry goods imported from Great Britain.

With this company, Peabody and Riggs scored their first great business achievement, as they managed to open branches in Baltimore, New York and Philadelphia.

For about 20 years, Baltimore had its main settlement. It was there that he began to become a successful businessman and took his first steps as a man of finance.

Visit to London

In 1827 Peabody visited London for the first time, still forming part of the Baltimore firm, with the objective of negotiating the sale of American cotton and trading other merchandise.

As a result of that trip, he opened a branch of his firm in the capital of Great Britain and became involved in the issuance of bonds of the American states, in order to raise funds for the development programs of roads and transport infrastructure.

The English way of life, coupled with London's financial boom, captivated Peabody. For this reason, he settled permanently in the city from 1837.

It was there that he cultivated his reputation as a man of finance by founding the firm George Peabody & Company, to meet the growing demand for securities resulting from the activity of the railroads in the United States.

He dedicated himself to financing governments, particularly nascent nations, and large companies. This made his company the most important financial institution of American origin in London.

Alliance with Morgan

In 1854 he became associated with Junius Spencer Morgan, father of the famous banker JP Morgan. This partnership gave rise to the firm Peabody, Morgan & Co.

The important firm remained for a decade, even overcoming the serious economic crisis that the country was facing at the time of its birth.

It was at that time, and with almost 60 years, when Peabody began to progressively move away from the finances and the businesses that he managed, until finally retiring in the year 1864.

His retirement from work included carrying more than $ 10 million worth of fortune, which he later dedicated to charity.

Grateful man

Despite having a reputation for being miserly with those close to him, at this stage in his life he devoted himself more fervently to contributing to others.

To give back to the nations that saw him grow as an entrepreneur, he took various actions. In the United States he dedicated part of his fortune to promoting education, while in Great Britain he focused on improving the living conditions of those most in need with food and housing.

In this way, their contributions were materialized in institutions, foundations, museums and other entities.

Last years and death

In the last years of his life he was accompanied by rheumatoid arthritis and gout, which never prevented his dedication to others.

Georges Peabody died in London on November 4, 1869, and his body was temporarily buried with honors in Westminster Abbey. Some time later his remains were transferred to his hometown, which by then already bore his name.

Contributions

Peabody's career and his altruistic spirit made great contributions to the world and to modern society.

In the financial sphere, the handling of the economic crisis of 1854 and its great influence on British banking served as the basis for important banking institutions that still function, such as Deutsche Bank and the multinational banking corporation JP Morgan Chase.

Her work as a philanthropist focused her on two tracks: education and development for the citizens of the United States, and housing for the underprivileged in Britain.

In London, in April 1862, he established and directed the Peabody Endowment Fund (now the Peabody Trust) with the intention of providing quality housing to the working poor of the city.

Driver of education

Although he did not finish his studies, Peabody was convinced that training was key; That is why he was so generous in supporting works that promoted education and research.

He founded the Peabody Educational Fund, in order to promote the education of those most in need in the southern United States. For this, it allocated more than 3 million dollars, while still supporting other similar institutions.

Because Peabody had no children, she defrayed the educational expenses of her nephew OC Marsh, who earned a BA from Yale. To this house of studies he donated about 150 thousand pounds for the construction of the building of the Yale Peabody Museum of Natural History, as well as for the expansion of its collection. This museum is one of the largest and most prolific of its kind.

He made an identical donation for Harvard University to found the Peabody Museum of Archeology and Ethnology in 1866, one of the oldest museums dedicated to these subjects.

Special mention should be made of the charitable works it carried out in Baltimore, the first city to see it flourish and to which it bequeathed a magnificent cultural center. There he founded the George Peabody Library, which is currently part of Johns Hopkins University and is considered one of the most beautiful in the world.

Recognitions

George Peabody's philanthropic work allowed him to receive the praise of great personalities of the time, such as Victor Hugo and William Ewart Gladstone. In addition, he also received valuable awards; for example, Queen Victoria offered him a baronial title which Peabody refused.

In the year 1854 the explorer Elisha Kane wanted to pay tribute to him, as he had been the main sponsor of the expedition, when he named the channel of the northwest coast of Greenland under the name of Peabody Bay

Likewise, he received the Gold Coin from the United States Congress for his dedication and dedication to the educational development of the nation.

Distinction to the most illustrious son

The small town where Peabody was born had a rich industrial history, even though it was initially a rural area. Its rivers served to settle mills and boost production that later resulted in development.

In addition, its favorable location on the east coast of the United States and the dizzying boom of the leather industry made it a great attraction for immigrants from all over the world, especially the Irish, Russians and a large mass of workers from the Ottoman Empire.

The tanneries were for a long time the axis of the local economy, but after the first half of the 20th century they gave way to other commercial activities.

In 1868 South Danvers was named Peabody, in honor of his most important son: Georges Peabody.

Awards in his honor

Since 1941, the Peabody Awards have been awarded in the United States, which are recognition of the excellence of radio and television broadcasting in that nation.

They are considered the most prestigious in the documentary area, children's entertainment and all audiences, as well as journalistic programming.

References

1. Hanaford Phebe (1870) "The Life of George Peabody" at the Internet Archive. Retrieved on September 15, 2018 from Internet Archive: archive.org
2. López Alberto "George Peabody, the father of modern philanthropy for education and the poor" (March 16, 2018) in El País. Retrieved on September 15, 2018 from El País: elpais.com
3. Meixler Eli "5 Things to Know About Philanthropist George Peabody" (March 16, 2018) in Time. Retrieved on September 15, 2018 from Time: time.com
4. "George Peabody: who was he and why is he commemorated today" (March 16, 2018) in La Nación. Retrieved on September 15, 2018 from La Nación: lanacion.com.ar
5. "George Peabody, American merchant, financier and philanthropist" in Encyclopedia Britannica. Retrieved on September 15, 2018 from Encyclopedia Britannica: britannica.com