THE PEABODY BUILDINGS, DALGARNO GARDENS
Who was George Peabody?
QUESTION There are several buildings in London known as Peabody Buildings What are their origins?
George Peabody was born in South Danvers Massachusetts U S on February 18 1795 was a merchant and financier whose banking operations in Britain helped establish US credit abroad. By 1829 he was senior partner in a wholesale dry goods business with branches in Philadelphia and New York City and made several business trips to buy goods in England On one trip he negotiated an $8000000 loan for the near bankrupt state of Maryland accepting no commission on the transaction. In 1837 he moved to London permanently and established a merchant banking house which specialised in foreign exchange. Peabody amassed a fortune of $20,000,000 and spent most of it on philanthropic works. His Baltimore institute provided a library, art gallery and music academy. He also funded an historical museum and library in ...,a natural history museum at Yale University and a museum of archaeology at Harvard University and he contributed to many other colleges and historical societies. In 1862 he gave about $2,500,000 then worth about £500,000 for the building of apartment settlements for London's working people - the Peabody Buildings.
Peabody was the first American to receive the freedom of the city of London and when he died in 1869, the carriages of Queen Victoria and the Prince of Wales followed the hearse to Westminster Abbey where Gladstone was among the mourners. Some weeks later, the newest vessel in Her Majesty's Navy the Monarch, carried George Peabody to his final resting place near Danvers, Massachusetts.
Today more then 20 organisations, in London and the U S own their existence to George Peabody and reflect his many interests in the fields of housing education, music, science and merchant banking.
In 1868, the name of his birthplace was changed to Peabody in his honour. The following year a statue of him was erected in the City of London, in Threadneedle Street.
Written by Elizabeth Schaaf, Archivist,
Peabody Institute, Massachusett
Typed by Angela Quinlan