Artist: John E. With only four years of formal education and no family connections, he achieved enormous international success as an investment banker in London. He is considered by many to be the founder of modern philanthropy. In , Riggs supplied financial backing to found the wholesale dry goods firm of Peabody, Riggs, and Company.
Baltimore was his home for the next 20 years. The thriving Baltimore business soon established branches in Philadelphia and New York. Seeking still wider business opportunities, George Peabody travelled to England in to purchase wares and to negotiate the sale of American cotton in Lancashire. In , the year Queen Victoria ascended the throne, he took up residence in London. In , Peabody played an important role in the rescue of the financial fortunes of the state of Maryland and other states by his support of their bonds.
At a time when the market was flooded with such instruments, Peabody was able to sell Maryland bonds to Baring Brothers by assuring the company of the state's good faith and credit, and then bought a quantity of the securities himself. He also campaigned for the states to honor their commitments. When the states did so, Peabody made a fortune on the bonds he had purchased when much of the public thought them worthless. The event took place in a daring new exhibition hall, dubbed the "Crystal Palace" by the British press.
The purpose of the exhibition was to show off British products to new foreign markets. President Fillmore provided transportation for American goods to the Exhibition, but Congress, still suspicious of the British, refused funds for U. His investment paid off handsomely, as immense crowds flocked to see Colt's revolver, Cyrus McCormick's reaping machine, fine daguerreotypes, and other wonders.
During this period, British society was reeling under the impact of industrialization and uncontrolled urban growth, with the homeless and destitute increasing at an appalling rate. The problems plaguing England spurred the adoption of the Poor Laws and gave rise to a host of charitable causes.
