Authors:
Historic Era: Era 4: Expansion and Reform (1801-1861)
Historic Theme:
Subject:
October 1996 | Volume 47, Issue 6
Authors:
Historic Era: Era 4: Expansion and Reform (1801-1861)
Historic Theme:
Subject:
October 1996 | Volume 47, Issue 6
It’s a story that has been told many times. The Hewlett-Packard Company was founded by two gifted tinkerers, David Packard and William Hewlett, in a garage in PaIo Alto, California, in 1938, with $538 in capital. Its first product was an audio oscillator for testing sound equipment. Walt Disney quickly ordered eight of the devices to help in the production of Fantasia, and the company never looked back.
While Hewlett concentrated on the product side of the business, Packard headed the business side and ran a notably tight ship. (In 1961, when the company went public, several high executives, who were staying at a midtown hotel in New York, had to make their way to Wall Street for the ceremony via subway instead of a taxi, let alone a limousine. Unfortunately for them, the New York subway is distinctly stranger-unfriendly, and they got lost switching trains at Times Square.) But despite the occasional misplaced executive, Packard’s methods were very successful. Today, Hewlett-Packard is a thirty-one-billion-dollar-a-year company employing thousands and doing its part to assure that the United States will maintain its lead in the dominant technology of the 21st century.
But if Packard was frugal about spending money, he was fabulously generous about giving it away. When he died this spring, at the age of 83, he left the bulk of his fortune to the foundation that he and his wife had established and already endowed with more than a billion dollars. So, the David and Lucile Packard Foundation enters the ranks of the great American eleemosynary institutions created in the twentieth century, along with the Carnegie Endowment and the Ford and Rockefeller foundations.
But the men who founded these mighty institutions were hardly the first to use their wealth to help their fellow humans. Most of the great museums of New York, Boston, Philadelphia, Chicago, and elsewhere, after all, were built and filled with the donations of the very rich. One of the earliest of these national benefactors was a man now largely forgotten, except by New Yorkers, who see his name often around the great city. That name is Peter Cooper.
Like Packard, Cooper was a born tinkerer, frugal when spending money, and liberal when giving it away. Like Packard, he used these attributes to make and then distribute one of the great American fortunes.
Cooper was born in 1791 in New York City, the fifth child of nine in the family. His father, who had served as a lieutenant in the Continental Army, had a series of businesses, working as a hatter, a brewer, a storekeeper, and a brickmaker. He was not very successful in any of them, but his son helped him from a very young age and so grew up deeply familiar with smallscale industrial processes as well as the details of business keeping. In addition, he helped his mother around the house, including with the laundry. He soon invented a device for pounding the