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W
W. C
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The veteran philanthropist, William W. Corcoran, was born in 1798. He
began his business career in Georgetown, but for many years he has been a
resident of Washington. At twenty he went into business for himself,
beginning as an auctioneer. After several years of successful business he
was obliged to suspend, during the depressed times of 1838.
After this he was married to the beautiful daughter of Commodore Morris,
of the United States Navy, much to the disgust of that gentleman, who little
dreamed what an illustrious son-in-law Mr. Corcoran was destined to
become. Some years of hard struggle followed, but at last it was found that
he had won for himself a somewhat extended reputation as a financier,
which gained for him a partnership with the successful banker, Riggs. This
firm began to deal in United States Government securities, which were then
at a low ebb abroad. Being a boy friend of George Peabody, the great
London banker, his firm was enabled to materially aid the Government in
its financial straits during the Mexican war. As the firm prospered, Mr.
Corcoran became wealthy, and this money he laid out in Washington real
estate, the rapid rise of which made him a millionaire. As Mr. Corcoran
prospered he began to think of those old debts. When he had failed he
secured favorable terms with his creditors, and legally was not bound for
one cent, but he recognized a higher obligation than law made by man:
hunting up all those old customers, creditors of his, he paid them not only
the principal, but the interest that had been accumulating all these years. By
this one act we gain a glimpse of the inner heart and impulses of this great
and good man.
Thousands of dollars found their way into the hands of charity, but then
his desire to aid and gratify humanity was not satisfied.
On May 10th, 1869, the grounds and institution for the Corcoran Art
Gallery was deeded to trustees, and later was incorporated by Congress,
being exempted forever from taxation. The gallery is situated directly
opposite the State, War, and Navy buildings. It has a frontage of one
hundred and six feet; is built of fine, pressed brick; and is one of the most
attractive buildings in the whole City of Washington. The whole building
cost $250,000, and the donor placed therein his own private collection of
paintings and statuary, valued at $100,000. Not satisfied with this he has
added an endowment fund of $500,000. Many rare and beautiful works of
art have been purchased abroad, as well as American works of rare value.
Tuesdays, Thursdays, and Saturdays the gallery is free; on alternate days an
admission of twenty-five cents is charged. When it is considered how many
there are who would naturally take advantage of the free days, and then that
the annual income is over $75,000, one can form some idea of the
attractiveness of this institution. Mr. Corcoran's desire was to elevate the
American taste in the finer arts, and the thousands of visitors which the
institution attracts, indicates to what an extent he has succeeded. The lower
floor is devoted to statues and to the exhibition of sculpture. The second
floor is occupied by several hundred rare and costly paintings, representing
the advance of art during the past centuries. The gallery is, probably, all
things considered, the finest of the kind in the country.
Another institution of wide celebrity is the Louisa Home, founded by Mr.
Corcoran in 1871. It is a magnificent building, conspicuously situated in the
most fashionable part of the city, the West End. This is a most worthy
institution, designed for ladies who have been reduced from affluence to
poverty, affording them a home where they can mingle with a class of
people congenial to their refined natures. This building is a beautiful brick
structure, four stories high, erected at a cost of $200,000. Visitors are
welcome every afternoon.
These are only two of the many gifts and enterprises which originated
with the venerable banker. George Peabody and William Corcoran were
boys together; how similar their lives have been. Would that there were
more Corcorans, more Peabodys. Mr. Corcoran has given several millions
to charity and art; how we envy him—not for his wealth, but his reputation,
or better, would that we could do as much good in the world as did these
two great men.
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