William Wilson Corcoran: Banker, Philanthropist, and Patron

A portrait of William Corcoran by William Oliver Stone. Public Domain

William Wilson Corcoran (1798–1888) grew up in the nation’s capital. He was the son of Irish immigrant Thomas Corcoran, who became a wealthy merchant and also had success politically, being elected multiple times as mayor of Georgetown. The Corcorans, despite their comfortable lifestyle, were still subject to the ills of the age as only half of their 12 children survived to maturity. William Corcoran, however, would live a long, industrious, and prosperous life.

Corcoran received a fine education, but only attended college for one year. After his short stint at Georgetown College (now University), he went into the dry goods business. The business lasted for several years until he was forced to file for bankruptcy in 1823, due in large part to the aftermath of the Panic of 1819. His father had retained his wealth and estate, which Corcoran began to manage. His gift for business and finance eventually led him to the banking industry. From 1828 to 1836, he worked for several banks, including Georgetown’s Bank of Columbia.

“Washington banks, in particular the Bank of Columbia, profited from their close relationship with the federal government, and dividends at the Bank of Columbia ran as high as 10 percent on capital,” according to the Department of the Interior. It was this banking and governmental connection that elevated his status.

A Vast Network

A full-length portrait of William Corcoran (1867) by Charles Loring Elliott. Public Domain

With extensive banking experience and a substantial political network, Corcoran decided to partner with George W. Riggs, who would become known as “The President’s Banker.” The two founded Corcoran & Riggs in 1840, and by the time the Mexican-American War erupted six years later, their bank was helping fund the war. Corcoran focused his efforts and talents on selling war bonds to England, which helped further bolster the country’s international credit and pay for the war effort.

The conflict ended in 1848 and, thanks to his vast wealth, Corcoran purchased Daniel Webster’s home in Lafayette Square. He then hired America’s leading architect James Renwick Jr., who had recently begun work on the Smithsonian Institution’s Castle, to completely renovate the home.

When it was complete, it became, according to neighbor and wealthy businessman Benjamin Ogle Tayloe, the “center of the most fashionable and distinguished society of the capital.” Some of the nation’s most prominent individuals could be found in Corcoran’s company, including high-ranking military leaders, like Gen. Winfield Scott; writers, like Washington Irving; and, as expected, political leaders, like Presidents Millard Fillmore and James Buchanan, and Jefferson Davis.

Art and Philanthropy

During the 1840s, Corcoran showed an interest in art. While most American patrons of the arts sought European pieces, Corcoran heralded the works of his fellow citizens. His collection included the works of American painters Emanuel Leutze, Frederic Church, Daniel Huntington, Seth Eastman, and Thomas Doughty. His most prized purchase came in 1851 when he spent $3,500 ($143,000 today) for Hiram Powers’s sculpture “The Greek Slave.”

"The Greek Slave" by Hiram Powers. Karl Thomas Moore/CC BY-SA 4.0

Three years after this and many more artistic purchases later, Corcoran retired and dedicated himself to philanthropy and the arts. By this time, Corcoran had been opening his home to visitors several times a week to view his collection.

Just like his art collecting, his philanthropic endeavors had also begun before retirement. One of his first major philanthropic efforts was the building of Oak Hill Cemetery, which focused on dignifying the deceased by placing their remains in a more naturalistic and open space rather than laid along rows of headstones. For this endeavor, he donated 15 acres along Rock Creek and then called upon Renwick to build the cemetery’s chapel. Since 1972, this “rural cemetery” has been designated a National Historic Place.

Regarding historic sites, Corcoran convinced Joseph Henry, the secretary of the Smithsonian, of the importance of a beautification project for the capital. He also convinced his friend President Fillmore that such a project would delight citizens and visitors alike and would also help decrease crime.

The landscape plan, under the direction of Corcoran’s friend Andrew Jackson Downing, ultimately resulted in the National Mall. Interestingly, Pierre L’Enfant, the original visionary of the National Mall, had visited Corcoran’s father numerous times. In fact, Corcoran’s father was part of a delegation that guided President George Washington through the area before the location was chosen as the site for the capital city.

Further, the philanthropist helped with the creation of the Washington City Orphan Asylum, the Washington National Monument Society, and the Episcopal Church of the Ascension. He also financially assisted individuals, such as college tuition for a young student, and groups, such as the Little Sisters of the Poor.

To Europe and Back

As Corcoran’s philanthropy efforts mounted, so did his art collection—so much so that it required additional space in his home. Corcoran again called upon Renwick. The architect designed and built the Corcoran Gallery of Arts. The project began in 1859, but was delayed with the outbreak of the Civil War. Corcoran, a Southern sympathizer, decided it best to leave the country during the conflict; he left his home to French consul Charles-François-Frédéric.

Corcoran remained in Europe until the war’s conclusion. While he was gone, the federal government seized his unfinished art gallery and used it as a warehouse and office space. When he returned, his home and gallery were returned to him.

Corcoran, always the networker, understood how to place himself back into the nation’s good graces. In memory of his wife, who died only five years after their marriage, he created the Louise Home, which provided a retirement space for upper-class Southern women who had been left indigent by the war.

With a focus toward Northern sympathies, he hosted a ball for the grand opening of his art gallery in 1869. The event was attended by President Ulysses S. Grant, Vice President Schuyler Colfax, members of the president’s cabinet, and members of Congress. Furthermore, Corcoran had Gen. William Tecumseh Sherman by his side for the event’s receiving line. When the Corcoran Gallery of Arts opened, it became, according to the National Gallery of Art, “the first institution in the United States created specifically as an art museum.”

Corcoran’s Purpose

Corcoran Gallery of Art. Pubic Domain

According to Corcoran, the purpose behind his gallery was to “encourage American genius in the production and preservation of works pertaining to the Fine Arts.”

The Corcoran Gallery of Art, later renamed the Renwick Gallery, remained in operation for nearly 150 years. When the gallery closed in 2014, the National Gallery of Art acquired the more than 9,000 artifacts and pieces of art.

Before he died, Corcoran penned an autobiography for his grandchildren, in which he explained the reasons behind his art collection and his philanthropy: “As a private individual, inspired by an appreciation of my relations to my fellow-man, I have, from early youth to old age, endeavored to be just to all, and generous to the deserving. Blessed by kind Providence with larger possessions than commonly fall to the lot of man, I have regarded them as a sacred trust for the benefit of knowledge, truth, and charity. The most valuable bequest I can make you is a good name, and I feel assured you will cherish it, for its price is above rubies.”

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