George Peabody: Biography of the Father of Modern Philanthropy

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

And not only institutions, but also many citizens make donations and acts dedicated to supporting charitable causes. In many cases it is about acts of philanthropy, support and disinterested help to others.

But although this type of act to help the most disadvantaged is something that today and for a couple of centuries we have seen 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 philanthropy modern. It is about this man that we are going to talk throughout this article, doing a short biography of george peabody.

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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 children.

With very limited resources, his academic training was also poor: he was only able to carry out 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.

Early works and expansion

At that age he started working in a textile store as an apprentice. He had a great capacity for work and was good with numbers. Over time he moved to Washington, specifically to Georgetown, where he was able to open a store within the same sector. In 1811, however, his father died, leaving various debts, something that forced the young man to have to work long hours in order to support his family.

When 1812 came, 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 associating in order to be able 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 various branches in different parts of the country.

Establishment in London

During the year 1816 he moved to Baltimore, a city where he prospered and would be increasingly recognized for his good business skills. When 1827 Peabody Came he traveled to London to trade on behalf of his company, also opening a branch in the city. At this time he would also begin to become more actively involved in international trade and in the issuance of his country's bonds, also beginning to work in the banking sector.

Peabody eventually settled in London, moving in 1837 and living out the rest of his life in the United Kingdom. in 1854 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 his popularity, to the point of becoming one of the most important of the 19th century.

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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 1850s when he began to dedicate himself with increasing impetus to helping those most in need.

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

George Peabody invested primarily in education, founding or participating in the resourcing of a total of 22 institutions. Also, due in large part to his relationship with his nephew Othniel Charles Marsh (whom he helped educate and who would go on to become one of the century's foremost paleontologists), he founded a museum of archeology 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 he received numerous decorations: in 1862 he was made a Freeman of the City of London, in 1867 he was awarded the Gold Medal of the Congress in the United States and in 1868 South Danvers would change its name to Peabody in honor of his oldest son. illustrious.

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 held an abolitionist stance and that he worked to create educational institutions for both whites and blacks.

At the same time, his philanthropic acts multiplied, highlighting the creation in 1862 of a fund (Peabody Donation Fund or Peabody Trust) dedicated to combating poverty and improving the condition of the children of London, and that he also helped build houses with running water for the poor. Queen Victoria of England offered her the title of knight and baron, but nevertheless she rejected these honors because she did not believe she deserved them. They built a statue in his honor at the Royal Exchange.

However, in 1869 Peabody, already suffering from rheumatoid arthritis and gout, He fell ill with pneumonia, which ended up causing his death on November 4, 1869. in London. He was given the rare honor of being buried in Westminster Abbey, something desired by the British royal family, but after a time in said location and in order to honor his last wills, his body would be transferred to the city where he was born, already at that time Peabody (formerly South Danvers).

Bibliographic references:

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