Having visited London several times in matters of trade, he determined to make that great city his place of residence. He had studied finance by experience as well as close observation, and believed that he could make money in the great metropolis. Having established himself as a banker at Wanford Court, he took simple lodgings, and lived without display. When Americans visited London, they called upon the genial, true-hearted banker, whose integrity they could always depend upon, and transacted their business with him.

In 1851, the World's Fair was opened at the Crystal Palace, London, Prince Albert having worked earnestly to make it a great success. Congress neglected to make the needed appropriations for America; and her people did not care, apparently, whether Powers' Greek Slave, Hoe's wonderful printing-press, or the McCormick Reaper were seen or not. But George Peabody cared for the honor of his nation, and gave fifteen thousand dollars to the American exhibitors, that they might make their display worthy of the great country which they were to represent. The same year, he gave his first Fourth of July dinner to leading Americans and Englishmen, headed by the Duke of Wellington. While he remembered and honored the day which freed us from England, no one did more than he to bind the two nations together by the great kindness of a great heart.

Mr. Peabody was no longer the poor grocery boy, or the dry-goods clerk. He was fine looking, most intelligent from his wide reading, a total abstainer from liquors and tobacco, honored at home and abroad, and very rich. Should he buy an immense estate, and live like a prince? Should he give parties and grand dinners, and have servants in livery? Oh, no! Mr. Peabody had acquired his wealth for a different purpose. He loved humanity. "How could he elevate the people?" was the one question of his life. He would not wait till his death, and let others spend his money; he would have the satisfaction of spending it himself.

And now began a life of benevolence which is one of the brightest in our history. Unmarried and childless, he made other wives and children happy by his boundless generosity. If the story be true, that he was once engaged to a beautiful American girl, who gave him up for a former poor lover, the world has been the gainer by her choice.

In 1852, Mr. Peabody gave ten thousand dollars to help fit out the second expedition under Dr. Kane, in his search for Sir John Franklin; and for this gift a portion of the newly-discovered country was justly called Peabody Land. This same year, the town of Danvers, his birthplace, decided to celebrate its centennial. Of course the rich London banker was invited as one of the guests. He was too busy to be present, but sent a letter, to be opened on the day of the celebration. The seal was broken at dinner, and this was the toast, or sentiment, it contained: "Education—a debt due from present to future generations." A check was enclosed for twenty thousand dollars for the purpose of building an Institute, with a free library and free course of lectures. Afterward this gift was increased to two hundred and fifty thousand dollars. The poor boy had not forgotten the home of his childhood.

Four years later, when Peabody Institute was dedicated, the giver, who had been absent from America twenty years, was present. New York and other cities offered public receptions; but he declined all save Danvers. A great procession was formed, the houses along the streets being decorated, all eager to do honor to their noble townsman. The Governor of Massachusetts, Edward Everett, and others made eloquent addresses, and then the kind-faced, great-hearted man responded:—

"Though Providence has granted me an unvaried and unusual success in the pursuit of fortune in other lands, I am still in heart the humble boy who left yonder unpretending dwelling many, very many years ago.... There is not a youth within the sound of my voice whose early opportunities and advantages are not very much greater than were my own; and I have since achieved nothing that is impossible to the most humble boy among you. Bear in mind, that, to be truly great, it is not necessary that you should gain wealth and importance. Steadfast and undeviating truth, fearless and straightforward integrity, and an honor ever unsullied by an unworthy word or action, make their possessor greater than worldly success or prosperity. These qualities constitute greatness."

Soon after this, Mr. Peabody determined to build an Institute, combining a free library and lectures with an Academy of Music and an Art Gallery, in the city of Baltimore. For this purpose he gave over one million dollars—a princely gift indeed! Well might Baltimore be proud of the day when he sought a home in her midst.

But the merchant-prince had not finished his giving. He saw the poor of the great city of London, living in wretched, desolate homes. Vice and poverty were joining hands. He, too, had been poor. He could sympathize with those who knew not how to make ends meet. What would so stimulate these people to good citizenship as comfortable and cheerful abiding-places? March 12, 1862, he called together a few of his trusted friends in London, and placed in their hands, for the erection of neat, tasteful dwellings for the poor, the sum of seven hundred and fifty thousand dollars. Ah, what a friend the poor had found! not the gift of a few dollars, which would soon be absorbed in rent, but homes which for a small amount might be enjoyed as long as they lived.

At once some of the worst portions of London were purchased; tumble-down structures were removed; and plain, high brick blocks erected, around open squares, where the children could find a playground. Gas and water were supplied, bathing and laundry rooms furnished. Then the poor came eagerly, with their scanty furniture, and hired one or two rooms for twenty-five or fifty cents a week,—cab-men, shoemakers, tailors, and needle-women. Tenants were required to be temperate and of good moral character. Soon tiny pots of flowers were seen in the windows, and a happier look stole into the faces of hard-working fathers and mothers.