blishing his business, often journeying into
the wild and unsettled regions of the border States on horseback. He
worked with energy and intelligence, and in 1815 the business was found
to be so extensive that a removal to Baltimore became necessary. About
this time a sort of irregular banking business was added to the
operations of the house. This was chiefly the suggestion of Mr. Peabody,
and proved a source of great profit.

Mr. Peabody quickly took a prominent rank among the merchants of
Baltimore. His manner was frank and engaging, and won him many friends.
He was noted for "a judgment quick and cautious, clear and sound, a
decided purpose, a firm will, energetic and persevering industry,
punctuality and fidelity in every engagement, justice and honor
controlling every transaction, and courtesy--that true courtesy which
springs from genuine kindness--presiding over the intercourse of life."
His business continued to increase, and in 1822 it became necessary to
establish branches in Philadelphia and New York, over which Mr. Peabody
exercised a careful supervision. He was thoroughly familiar with every
detail of his business, and never suffered his vigilance to relax,
however competent might be the subordinates in the immediate charge of
those details. In 1827 he went to England on business for his firm, and
during the next ten years made frequent voyages between New York and
London.

In 1829 Mr. Riggs withdrew from the firm, and Mr. Peabody become the
actual head of the house, the style of the firm, which had previously
been "Riggs & Peabody," being changed to "Peabody, Riggs & Co." The firm
had for some time been the financial agents of the State of Maryland,
and had managed the negotiations confided to them with great skill and
success; and every year their banking department became more important
and more profitable.

In 1836 Mr. Peabody determined to extend his business, which was already
very large, to England, and to open a branch house in London. In 1837 he
removed to that city for the purpose of taking charge of his house
there, and from that time London became his home.

The summer of this year was marked by one of the most terrible
commercial crises the United States has ever known. A large number of
the banks suspended specie payment, and the majority of the mercantile
houses were either ruined or in the greatest distress. Thousands of
merchants, until then prosperous, were hopelessly ruined. "That gr