In 1849, with the support of a few important people, Caroline founded the Family Colonization Loan Society from her home. The Society's aim was to lend people who wanted to go to Australia half the cost of the fare, the emigrant finding the other half of the cost, which was to be refunded after two years in Australia. By 1854, the Society had helped more than 3,000 people travel to Australia. Caroline had an audience with Pope Pius IX, who gave her a Papal Medal and bust of herself.