Famous Givers and Their Gifts

by Sarah Knowles Bolton

In 1845 they purchased the old United States Bank building, corner of Fifteenth Street and New York Avenue; and two years later Mr. Corcoran settled with his creditors of 1823, paying principal and interest, about $46,000. During the Mexican war the firm made extensive loans to the government, which conservative bankers regarded as a hazardous investment. Mr. Riggs retired from the firm July 1, 1848; and his younger brother, Elisha, was made a junior partner.

"In August, 1848, having about twelve millions of the six-per-cent loan of 1848 on hand, and the demand for it falling off in this country, and the stock being one per cent below the price at which Corcoran & Riggs took it, Mr. Corcoran determined to try the European markets; and, after one day's reflection, embarked for London, where, on arrival, he was told by Mr. Bates, of the house of Baring Bros. & Co., and Mr. George Peabody, that no sale could be made of the stock, and no money could be raised by hypothecation thereof, and they regretted that he had not written to them to inquire before coming over. He replied that he was perfectly satisfied that such would be their views, and therefore came, confident that he could convince them of the expediency of taking an interest in the securities; and that the very fact that London bankers had taken them would make it successful.

"Ten days after his first interview with them, Mr. Thomas Baring returned from the Continent, and with him he was more successful. A sale of five millions at about cost (one hundred and one here) was made to six of the most eminent and wealthy houses in London, viz., Baring Bros. & Co., George Peabody, Overend, Gurney & Co., Dennison & Co., Samuel Jones Lloyd, and James Morrison.

"This was the first sale of American securities made in Europe since 1837; and on his return to New York he was greeted by every one with marked expressions of satisfaction, his success being a great relief to the money market by securing that amount of exchange in favor of the United States. On his success being announced, the stock gradually advanced until it reached one hundred and nineteen and one-half, thus securing by his prompt and successful action a handsome profit which would otherwise have resulted in a serious loss."

On April 1, 1854, Mr. Corcoran withdrew from the banking-firm, and devoted himself to the management of his property and to his benevolent projects.

In 1859 he began, at the northeast corner of Pennsylvania Avenue and Seventeenth Street, a building for the encouragement of the Fine Arts. The structure was used during the Civil War for military purposes. In 1869 Mr. Corcoran deeded this property to trustees. "I shall ask you to receive," he wrote the trustees, "as a nucleus, my own gallery of art, which has been collected at no inconsiderable pains; and I have assurances from friends in other cities, whose tastes and liberality have taken this direction, that they will contribute fine works of art from their respective collections.... I venture to hope that with your kind co-operation and judicious management we shall have provided, at no distant day, not only a pure and refined pleasure for residents and visitors of the national metropolis, but have accomplished something useful in the development of American genius."

In 1869 Mr. Corcoran also deeded to trustees the Louise Home, erected in memory of his wife and daughter, as a home for refined and educated gentlewomen who had "become reduced by misfortune."

The deed specified that "there shall be no discrimination or distinction on account of religious creed or sectarian opinions, in respect to the trustees, directresses, officers, or inmates of the said establishment; but all proper facilities that may be possible in the judgment of the trustees shall be allowed and furnished to the inmates for the worship of Almighty God, according to each one's conscientious belief."

The building and grounds of the Louise Home in 1869 were estimated at $200,000, and are now worth probably over $500,000. The endowment consisted of an invested fund of $325,000.

Mr. Corcoran gave generously as long as he lived, having decided early in life that "at least one-half of his moneyed accumulations should be held for the welfare of men."