Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-03-20
i'ailu aIniou aud aattritats.
Mr.. pEAnODY,s --LATEST GIFT.

The following is Mr.. Peabody's letter an
nouncing his latest donation of 100000 for
the benefit Of the poor of London, and the
reply Of the trustees thereto:
LONDON, January 20, 1s65.-GENTLEMES:
When | made donation Of el50,000 for the
benefit of the poor of London, in March,
1852 it was my intention, if my life was
spared until my retirement from business.
and Providence continued me in prosperity,
10 place in your hands, az trustees of the
charity, d further gift for the same object.
That time has now arrived; but before en-
tering upon the subject Of the second dona-
ton, allow me TO say few words relative TO
the course you have pursued with regard TO
the first. Your duties and responsibilities
have been great, and the performance Of the
work undertaken, you must have been aware,
would occasionally and inconveniently tax
your valuable time bat, from high motives
Of benevolence and duty, you cheerfully ac-
cepted the trust, and cannot bnt express my
grateful thanks for your constant attendance
at the meetings of the board, and my gratif-
cation at the great success that has attended
your labors.
With regard to this my second gif, it is
my desire that in the appointment of future
trustees the same rules may be continued as
adopted for the first; and that the United
States Minister at the Court of st. James,
for the time being, shall always be one CT
them.
now propose that, as soon as a deed can
be prepared by your solicitor, TO fully and
legally meet the views and directions which
shall state herein, 10 transfer into your
names 5000 fully paid up shares of stock in
the Hudson's Bay Company, Of go each,
amounting TO Gl00,O00, and representing
one-twentieth part Of that vast territory. II
is my desire that all dividends, as they fall
due and are collected, shall be at once in
vested in shares Of the company until the
market value Of the capital andinvested ac-
crued dividends reaches the sum of Gl20,-
600, winch il is my impression, may be
within two or three years but should ! be
mistaken in this anticipation, and should
the market value of the entire shares, in
Guiding those acquired by the REIMBURSEMENT
of dividends, be less than 100000 at the
expiration Of two years from this date, /
viii at that time either make up the def
cheney, or take the shares, paying for them
100000 in cash, az the trustees may think
best for the interest Of the fund; and in tne
event Of my death before that time, my exc
cutors will be duly authorized and directed
10 fulfil this engagement.
Should the shares be taken by me for
100000, Or sold 10 others at the limit stated
above, desire that the proceeds shall be in
vested in safe securities, including interest
accruing on the same up to the LIST Of July,
1869, when you or your successors will con-
slider all restrictions regarding sales at an
end.
The delay thus caused in appropriating
this gift to the charity, will, / think, act ben
efcially by enabling you, first, TO expend
the $4,000 now remaining on hand of the
former donation, thereby testing by further
experience the wisdom of the course you
have hitherto pursued. Taking the joint
capital of the two gifts at a minimum o.
e250000, il viii form fund, the operation
of which is intended to be progressive in it:
usefulness as applied 10 the relief Of the pool
Of London, ESQ correctly defined in your re.
cent report,) without exc Ision in conse
quence Of religious belief or political bias
II will, therefore, act more powerfully in fil.
ture generations than in the present; il is in.
tended 10 endure forever. A century in the
history Of London is but brief period com.
psratirely with the life of man, and should
your SUCCESSORS continue the management Of
the charity as You have begun it, it is my
ardent hope and trust that within that pc
Rod the annual receipts from rents for build
ings ofthis improved class may present sucl
a return that there may not be poor work
ing man Of good character in London who
could not obtain comfortable and healthfu
lodgings for himself and his family at a cos
within his means.
As your course with regard to the former
gift Of el50,000 is already defined in you
trust deed, i can only express my owl
views and wishes regarding the appropria
ton Of the principal and income of thi,
second donation, and leave to vourselve,
and successors 10 manage il accordingly.
You are fully authorized to use any por
ton of the fund in building lodging houses
for the laboring poor, as expressed in my
former letter but az before many years il il
10 be apprehended that desirable sites fol
such buildings may be difficult TO obtain a
moderate prices within the limits of the me
tropolis, in that event it is my desire tina
my trustees for the time being may seek GU
and secure, at such rates as the state of I'll,
fund may warrant, such freehold sites
within ten miles of the present Royal Elk
change, as may appear eligible, both OF
account Of salubrity Of position and prox
lillilN 10 lflt KICdt NtiiAits Ol ldbOf anu
road accommodation, due regard being ha,
10 theprobable burden of taxation. 1t ma,
also be desirable to obtain from railroa,
companies the most economical arrange
ments procurable for the conveyance Q
working people at stated hours TO and iron
London at such moderate fares as VIII com
within their means.
Comfortable and convenient houses are {
be erected upon those sites for the exclusiy
accommodation cf the honest and industriou
poor Of London, under such regulations an,
on such terms and conditions as my trustee
may direct, subject only TO the guiding prin
ciples laid down in respect 10 my former do
nation.
As dwellings in such sites may in som
instances be remote from schools and othe
facilities for instruction, the trustees shall b
at liberty in such cases, should they conside
il needful, 10 set apart space adjacent to tn
building and suitable for school houses 70
che children Of the families holding tene
ments. But such schools must be so organ
ized as carefully TO exclude sectaria
influences, and 80 conducted as to avoi
UNCONVENTIONAL jealousy. With this view
is my desire that the course of education
tihall be exclusively Of an elementary All
literary character.
would also suggest 10 my trustees thai
for the mental improvement of the inmates
the school rooms might, il they think desirs
bic, be open some hours during the evening
and that books periodicals, and newspaper
be provided for those who choose TO attend
and that at different seasons popularand Sc
entifc lectures might be introduced at
charge, IL any, merely sufficient to deira
necessary expenses.
As some of these dwellings will probabl
be at inconyenieni distance from good MAJ
keis, ! would also suggest TO my trustees :
consider the propriety, in localities where
may seem to be required, of providing with
in the buildings, or near TO them, aparl
ments in which the tenants may organic
cooperative stores for supplying themselye
with coal and other necessary articles io
their own consumption, subject 10 such req
lations as, in the judgment Of the trustees
may be needful.
] also beg TO suggest and recommend
you and 10 your Successors in the manag'
nent Of this trust, that in the month
February in every year after 1865, repol
of the progress in buildings, Of any shout
be commenced with an account Of receipt
and expenditures, with the various item
attending the management Of the fund, b
prepared and published in the LoEdon news
papers. would add my wishes that in lik
manner, as trustees of my former gin, yo
should continue once in every year 10 lay
similar report before the public,
Is having occurred 10 me that for goo
reasons my trustees may wish, at a oompal