Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-02-09
mR pEABoDY's MUN1FIcENcE.

m
Mr.. George Peabody has written letter
addressed to Hon. Robert c. Winthrop OF
Massachusetts; Hon Hamilton Fish, of New
York; Right Rev. Charles 7. Mclvalne' OF
Ohio; General =. S. Grant, of the United
States army Hon. William c. Rivcs, of Flr
gipia; Hon. John H. Clifford, Of Massachu-
sets Hon. William Aiken, Of South Carolina;
William NJ. Evarts, Esq, Of New York; hon.
William A Graham, of North Carolina; Chas.
Manchester, Esq, Of PenDsy lvanla Geo. W.
Riggs, Esq, Of Washington; Samuel Wetmore,
ESQ, of New York; Edward a Bradford, l1sq.,
of Louisiana; George N. Eaton, Esq OF Mary
land; and George Peabody Russell, Esq., OF
Massachusetts. In this letter, after stating his
advancing years, his increased affection Tor his
country, and his desire to see 1t more united
prosperous, and happy, he says
II give to you gentlemen, most OF whom
have been my personal and especial irlends
the sum Of one million Of dollars, TO be By you
and your successors held in trust, and the IN
come thereof used and applied in your dlscre
ton for the promotion and encouragement OF
| Intellectual, moral or Industrial education
among the Young Of the more destitute por-
tons Of the Southern and Southwestern States
of our Union my purpose being that tn"
benefits Intended shall be distributed among
the entire population, without other distinction
than their needs and the opportunities OF
usefulness to them.
Besides the income thus derived, | give TO
you permission to use from the principal sum,
within the next two years, an amount not cX
cecdng forty per cent
In addition to this gift place in your hands
bonds OF the State Of Mississippi, issued to the
Planters Bank, and commonly known aS Plan-
tcrs' Bank bonds amounting, with interest, to
about eleven hundred thousand dollars, the
amount realized by you from which Is to be
added to and used Tor the purpose OF this trust.
The letter concludes as follows:
"The details and organization OF the trust
leave with you, only requesting that Mr.. wan
lhrop may be Chairman, and Governor Fish
and Bishop McIlvaine Vice Chairmen OF your
body. AMI give to you power to make all
necessary bylaws and regulations, to obtain an
act of incorporation if any shall be lound cx-
pedent, to provide for the expenses OF the
trustees and Of any agents appointed by them,
and generally to do all such acts as may be
necessary for carrying out tie PROVISIONS Of
this trust
All vacancies occurring in your number, by
| death, resignation, or otherwise, shall be lled
by 20 election, so soon as conveniently may
be, and having in view an equality OF represent
tation so far as regards the Northern and
Southern States.
I furthermore give TO YOU the power, III case
two thirds Of the trustees shall at any time
after the lapse of thirty years deem it expcdi-
emit to close this trust. and Of the funds which
at that time shall be in the hands OF yourselves
aud your Successors, to distribute not less than
two thirds among such educational or lItcraiy
institutions, or for such educational purposes,
as YOU and they may determine, In the States
for whose benefit the income Is now appointed
to be used. The remainder may bcdlsrlbutcd
by The trustees for educational or literary pur
poses wherever they may deem it cxpedlcnt
In making this gitr, | am aware that the
fund derived from it can but aid the States
which wish to benefit in their own exertons
to Giffuse the blessings OF education and moral
ity. But if this endowment shall encourage
those now anxious for the light Of knowledge,
and stimulate to new efforts the many good and
noble men who cherish the high purpose OF
placing our great country foremost, not only III
power, but in the intelligence and virtue OF her
citizens, it will have accomplished all that
can hope
With revcrcnt recognition of the need of the
blessing Of Almighty God upon this gift, and
with the ter'ent prayer that under HIS gud-
ance your counseIs may be directed for the
highest good of present and future generations
ia our beloved country, am, gentlemen, with
great respect, your humble servant,
GEORGE PEABODY.
Washington, Fb. 7, 1861.
Upon the receipt Of the above letter the