George Peabody: biography of the father of modern philanthropy.

A summary of the life of this American entrepreneur and philanthropist who came from nothing.

Today most of us know of some kind of non-governmental organization dedicated to protecting a group such as children or providing humanitarian aid.

And not only institutions, but also many citizens make donations and perform acts dedicated to supporting charitable causes. In many cases these are acts of philanthropy, of support and selfless help to others.

But although this type of acts in aid of the most disadvantaged is something that nowadays and for a couple of centuries we see with some frequency (although not always in a disinterested way), the truth is that they were not common until the arrival of George Peabody, the so-called father of modern philanthropy. It is about this man that we are going to talk about throughout this article, making a brief biography of George Peabody..

A brief biography of George Peabody

George Peabody was born on February 18, 1795 in the town of South Danvers (later his name was changed to Peabody in his honor), in Massachusetts. He was born into a humble, working-class family, the third of eight siblings.

With very limited resources, his academic training was also scarce: he was only able to pursue formal studies for four years, until he was eleven years old. However, this experience would stimulate him enormously, often going to the local library to read.

First jobs and expansion

At that age he began working in a textile store as an apprentice. He possessed a great capacity for work and was skilled with numbers. As time went by, he moved to Washington, D.C. moved to Washington, specifically to Georgetown, where he was able to open a store in the same industry. in the same sector. In 1811, however, his father died, leaving several debts, something that forced the young man to work long hours in order to support his family.

When 1812 arrived, Peabody enlisted in the army to fight in the Anglo-American War.. There he met Elisha Riggs, a merchant with whom he would end up partnering in order to import his products. This business, under the name of Peabody, Riggs & Company, would begin to prosper in such a way that Peabody was able to open several branches in different parts of the country.

Establishment in London

During the year 1816 he moved to Baltimore, a city in which he prospered and would become increasingly recognized for his business acumen. When 1827 arrived Peabody traveled to London to trade on behalf of his company.opening a branch office in the city. At this time he would also begin to become more actively involved in international trade and bond issues in his country, also beginning to work in the banking sector.

Peabody ended up settling in London, moving in 1837 and living the rest of his life in the United Kingdom. In 1854, he he partnered with Junius Spencer Morgan and founded another company, George Peabody & Company, this time focused on banking.. Little by little his bank began to increase its popularity, to the point of becoming one of the most important banks of the 19th century.

Some of his great charitable works

Although throughout his life he carried out numerous activities that helped multiple companies and nations, it was not until the decade of the 1850s that he began to dedicate himself with increasing impetus to helping the needy..

He founded the Peabody Institute Library in his hometown in 1852, along with other institutions, such as the Peabody Institute in Baltimore (which included an art gallery and music academy), and other similar institutions in Washington and Massachusetts. He also founded the Peabody Educational Fundto support the development and education of underprivileged children.

George Peabody invested primarily in education, founding or participating in the endowment of a total of 22 institutions. Also, largely due to his relationship with his nephew Othniel Charles Marsh (whom he helped to educate and who would eventually become one of the most important paleontologists of the century), he founded a museum of archaeology and the Yale Museum of Natural History.. He also financed different expeditions, such as those of explorers like Elisha Kane.

Last years and death

During the 1860s Peabody received numerous decorationsIn 1862 he was named Freeman of the City of London, in 1867 he was awarded the Congressional Gold Medal in the United States and in 1868 South Danvers changed its name to Peabody in honor of his most illustrious son.

It was also in that decade when he retired, specifically in 1864, with a large fortune behind him of which he donated approximately half. He also lived through the Civil War, and it is known that he held an abolitionist position. he maintained an abolitionist stance and that he worked to create educational institutions for both whites and blacks.

At the same time, his acts of philanthropy multiplied, with the creation in 1862 of a fund (Peabody Donation Fund or Peabody Trust) dedicated to combating poverty and improving the condition of London's children, and which also contributed to building houses with running water for the poor. Queen Victoria of England offered him the title of knight and baron, but he refused these honors because he did not believe he deserved them. A statue was erected in his honor at the Royal Exchange.

However, in 1869 Peabody, who was already suffering from rheumatoid Arthritis and gout, became ill with pneumonia, which eventually led to his death on November 4, 1869 in London. in London. He was granted the rare honor of being buried in Westminster Abbey, something desired by the British royal family, but after a time in that location and in order to honor his last wishes his body would be moved to the city where he was born, the then Peabody (formerly South Danvers).

Bibliographical references:

• Hanaford, P. (1870). The life of George Peabody. B.B. Russell.