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 great sympathetic nerve of the commercial world, credit," said Edward Everett, "as far as the United States was concerned, was for the time paralyzed. At that moment Mr. Peabody not only stood firm himself, but was the cause of firmness in others. There were not at that time, probably, half a dozen other men in Europe who, upon the subject of American securities, would have been listened to for a moment in the parlor of the Bank of England. But his judgment commanded respect; his integrity won back the reliance which men had been accustomed to place in American securities. The reproach in which they were all involved was gradually wiped away from those of a substantial character; and if, on this solid basis of unsuspected good faith, he reared his own prosperity, let it be remembered that at the same time he retrieved the credit of the State of Maryland, of which he was agent--performing that miracle by which the word of an honest man turns paper into gold." The conduct of Mr. Peabody, as well as the evidences which he gave of his remarkable capacity for business, in this crisis, placed him among the foremost merchants of London. He carried on his business upon a large scale from his base of operations in that city. He bought British manufactures in all parts of England and shipped them to the United States. His vessels brought back in return all kinds of American produce which would command a ready sale in England. Profitable as these ventures were, there was another branch of his business much more remunerative to him. The merchants and manufacturers on both sides of the Atlantic who consigned their goods to him frequently procured from him advances upon the goods long before they were sold. At other times they would leave large sums in his hands long after the goods were disposed of, knowing that they could draw whenever they needed, and that in the meanwhile their money was being so profitably invested that they were certain of a proper interest for their loans. Thus Mr. Peabody gradually became a banker, in which pursuit he was as successful as he had been as a merchant. In 1843 he withdrew from the house of Peabody, Riggs & Co., and established the house of "George Peabody & Company, of Warnford Court, City."