[Congressional Record Volume 141, Number 34 (Thursday, February 23, 1995)]
[House]
[Page H2154]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


             GEORGE PEABODY--AMERICA'S FIRST PHILANTHROPIST

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Massachusetts [Mr. Torkildsen] is recognized for 5 
minutes.
  Mr. TORKILDSEN. Mr. Speaker, I too join with my colleagues in paying 
tribute to the courage and the valor of the Marines at Iwo Jima and 
every soldier and sailor who fought in that battle and especially those 
who made the supreme sacrifice. Tonight I would like to speak about 
another great American.
  Mr. Speaker, February 18, 1995, marked the 200th anniversary of the 
birth of George Peabody--the famous American merchant, financier, and 
America's first philanthropist.
  George Peabody represents the classic example of what we would now 
call the American Dream. He was born to a family of modest means in the 
southern part of Danvers, MA. That portion of Danvers has since been 
renamed Peabody in his honor. At the age of 11 he began working as a 
grocer's apprentice in Danvers. Even though George Peabody had no 
further formal education after this point in his life, he went on to 
open a wholesale goods company here in Washington, DC.
  In 1812, this establishment expanded to open branches in Baltimore, 
New York, Philadelphia, and London--where George Peabody went in 1827 
in search of merchandise to sell.
  While in London, Peabody eventually became very active in securities 
trade and international banking which made him--in many ways--a de 
facto ambassador to England for America and American business.
  But George Peabody was much more than just a list of successful 
business deals, contracts, and agreements.
  Throughout his life, George Peabody remembered from whence he came, 
and helped those who had helped him achieve financial success beyond 
the wildest definition of financial success.
  In 1835, Peabody negotiated an $8,000,000 loan to the State of
   MD, which was on the brink of bankruptcy. While he would have been 
entitled to a $60,000 commission, Peabody refused any and all payment. 
This would be just the first of many great acts he would perform on 
behalf of the public.

  The list of those he helped is impressive and the extent to which he 
helped would be extraordinary even by today's standards.
  George Peabody donated the funds to create or greatly assist the 
following institutions and universities:
  The Peabody Institute of Johns Hopkins University in Baltimore, MD; 
the Peabody Institute Libraries of Danvers, Peabody, Newburyport, and 
Georgetown MA, Thetford, VT, and Georgetown in the District of 
Columbia; the Peabody Museum at Harvard University; the Peabody Museum 
of Natural History at Yale University; the Peabody Essex Museum of 
Salem, MA; the Peabody Trust of London, England, which created low 
income housing for the poor of London; Washington and Lee University; 
Kenyon College in Ohio; and the Peabody Education Fund distributed 
substantial contributions to the following colleges and universities, 
to help them educate their citizens after the Civil War, including the 
Peabody Teachers College at Vanderbilt University and many universities 
throughout the South.
  Peabody's commitment to education is apparent. The Peabody Education 
Fund, the first of its kind in the country, was created with $2 million 
in 1867, and distributed $6 million until its assets were donated to 
southern universities in 1914. Peabody referred to education as ``a 
debt from present to future generations.''
  Mr. Speaker, George Peabody's legacy of generosity and compassion is 
one which should serve as an example to all Americans. What makes 
America a great nation does originate here in Washington. Government 
simply does not have all the answers. Much of what makes our country a 
great country happens in our communities, our civic organizations, our 
places of worship, and always by our people.
  Solutions often come in the form of selfless acts by dedicated 
individuals like Mr. George Peabody.
  In the city of Peabody, the town of Danvers, and other communities 
throughout the Nation and throughout the world, there will be 
celebrations of the life and generosity of George Peabody. By 
celebrating the greatness of one man, we are celebrating the power of 
an individual to make the world a better place. This George Peabody 
did, and for this, we say thank you.


                          ____________________