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.
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.
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.
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.
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.