Great Fortunes, and How They Were Made

by James Dabney McCabe

His dealings were chiefly with America, and in American securities, and he was always regarded as one of the best specimens of the American merchant ever seen in London. He was very proud of his country; and though he passed so many years of his life abroad, he never forgot that he was an American. In speaking of the manner in which he organized his business establishment, he once said: "I have endeavored, in the constitution of its members and the character of its business, to make it an American house, and to give it an American atmosphere; to furnish it with American journals; to make it a center of American news, and an agreeable place for my American friends visiting London."

It was his custom, from his first settlement in England, to celebrate the anniversary of the independence of his country by an entertainment at one of the public houses in the city, to which the most distinguished Americans in London were always invited, as were also many of the prominent men of Great Britain; and this dinner was only discontinued in deference to the general celebration of the day which was afterward instituted by the whole body of Americans resident in the British metropolis. In the year 1851, when it was thought that there would be no representation of the achievements of American skill and industry in the Great Exhibition of that year, from a lack of funds, Mr. Peabody generously supplied the sum of fifteen thousand dollars, which enabled the Commissioners to make a suitable display of the American contributions. Said the Hon. Edward Everett, alluding to this act:

"In most, perhaps in all other countries, this exhibition had been a government affair. Commissioners were appointed by authority to protect the interests of the exhibitors; and, what was more important, appropriations of money had been made to defray their expenses. No appropriations were made by Congress. Our exhibitors arrived friendless, some of them penniless, in the great commercial Babel of the world. They found the portion of the Crystal Palace assigned to our country unprepared for the specimens of art and industry which they had brought with them; naked and unadorned by the side of the neighboring arcades and galleries fitted up with elegance and splendor by the richest governments in Europe. The English press began to launch its too ready sarcasms at the sorry appearance which Brother Jonathan seemed likely to make; and all the exhibitors from this country, as well as those who felt an interest in their success, were disheartened. At this critical moment, our friend stepped forward. He did what Congress should have done. By liberal advances on his part, the American department was fitted up; and day after day, as some new product of American ingenuity and taste was added to the list,—McCormick's reaper, Colt's revolver, Powers's Greek Slave, Hobbs's unpickable lock, Hoe's wonderful printing presses, and Bond's more wonderful spring governor,—-it began to be suspected that Brother Jonathan was not quite so much of a simpleton as had been thought. He had contributed his full share, if not to the splendor, at least to the utilities of the exhibition. In fact, the leading journal at London, with a magnanimity which did it honor, admitted that England had derived more real benefit from the contributions of the United States than from those of any other country."

As has been said, Mr. Peabody made the bulk of his colossal fortune in the banking business. He had a firm faith in American securities, and dealt in them largely, and with confidence. His business instinct was remarkable, his judgment in mercantile and financial matters almost infallible, and he made few mistakes. His course was now onward and upward, and each year marked an increase of his wealth. His business operations were conducted in pursuance of a rigid system which was never relaxed. To the very close of his life he never abandoned the exact or business-like manner in which he sought to make money. He gave away millions with a generosity never excelled, yet he could be exacting to a penny in the fulfillment of a contract.

In his youth he contracted habits of economy, and these he retained to the last. Being unmarried, he did not subject himself to the expense of a complete domestic establishment, but lived in chambers, and entertained his friends at his club or at a coffee-house. His habits were simple in every respect, and he was often seen making his dinner on a mutton-chop at a table laden (at his cost) with the most sumptuous and tempting viands. His personal expenses for ten years did not average three thousand dollars per annum.

The conductor on an English railway once overcharged him a shilling for fare. He promptly complained to the directors, and had the man discharged. "Not," said he, "that I could not afford to pay the shilling, but the man was cheating many travelers to whom the swindle would be offensive."

Several years ago he chanced to ride in a hack in Salem, Massachusetts, and upon reaching his destination tendered the driver his usual fee of fifty cents.

"Here's your change, sir," said the man, handing him back fifteen cents.

"Change!" exclaimed Mr. Peabody; "why, I'm not entitled to any."

"Yes, you are; I don't charge but thirty-five cents for a ride in my hack."