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.