The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1867-02-22
Munifcent Gift of George Peabody for
Southern Education.

The following noble letter of GE@GE
PEABODY, the American Banker in Lon
don, will be read with interest:
TO the Hon. Robert G. Winthrop, of Mas
sachusetts Hon. Hamilton Fish, of New
York, Rt. Rev. Charles p McIlvaine, of
Ohio, Gen. L. s. Grant, of the United
States Army, Hon. VIM. c. Rives, of
Virginia, Hon. John H. Clifford, of
Massachusetts, Hon. VIM. Aiken, of
South Carolina, VIM. NJ. Evrats, ESD,
of New York, Hon. VIM A. Graham, of
: North Carolina, Charles Macalistcr, of
Pennsylvania, George 4. Riggs, Esq. of
Washington, Samuel Wetmore, of New
York. Edward A. Bradford, ESD, of
Massachusetts:
GENTLEMEN | beg leave TO address
you on subject which occupied my mind
long before L left England, and in regard to
which one at least of you-Hon. Mr.
Winthrop-the honored and valued friend
to whom | am so much indebted for cor
dial sympathy, careful consideration, and
wise counsel in this matter, will remember
that | consulted him Immediately upon my
arrival in May last. | refer to the educa-
tlonal needs OF those persons of our beloved
and common country who have suffered
from the destructive ravages and not less
disastrous consequences OF civil war. With
my advancing years my attachment to my
native land has but become devoted My
hope and faith in it's successful and glorious
future has grown brighter and stronger ;
and, now, looking forward beyond my stay
on earth, as may be permitted to one who
tlxl
years, | see our country united and pros per-
surround her, taking higher rank among
the nations and becoming richer and more
powerful than ever before. But to make
its prosperity more than superficial her
moral and mental development should keep
pace with her material growth; and in
those portions of our nation to which | have
referred the urgent and pressing physical
needs of an almost Impoverished people
must for some years preclude them from
making, by unaided effort, such advances
in education and such progress in the diff
fusion of knowledge among all classes that
every lover of his country must earnestly
desire. | feel most deeply, therefore, that
it is the duty and privilege of the most IA
vored and wealthy portions Of our nation to
assist those who are less fortunate; and
with the wish to discharge, so far as | may
be able, my own responsibility in this mat
ter as well as to crafty my desire to aid
those to whom | am bound by So many ties
Of attachment and regard, | give to you,
gentlemen, most Of whom have been my
personal aud especial friends, the sum of
one million Of dollars, to be by your success
sors held in trust, and the income thereof
used and applied in your discretion for the
promotion and encouragement Of intellect
ual. moral and industrial education among
the young Of the more destitute portions of
the southwestern states Of oar Union, my
purpose being that the benefits intended
shall be distributed among the entire popu-
lation without other distinction than their
needs and the opportunities of usefulness
to them. Beside the income thus devised,
L give you permission to use from the rrin-
cipaI sum within the next two years an
amount not exceeding 40 per cent In ad-
dition to this gift | place in your hands
bonds of the state Of Mississippi issued to
the Planters bank, and commonly known
as Planters bank bonds, amounting with
interest to about $l,l00,00 the amount
realized by you from which is to be added
to and used for the purposes of this trust
These bonds were originally Issued in pay
ment for stock in that bank held by the
state, and, amounted IN all to only s., 000,-
600. For many years the state received
large dividends from that bank oyer and
above the interest on these bonds. The
state paid the interest without interruption
till lS40, since which no interest has been
paid except payment of $780, 900 which
was found in the treasury applicable to the
payment of the coupons, and paid by man
damus OF the supreme court. The validity
of these bonds has never been questioned,
and they must not be confcunded with an
other issue Of bonds made by the state to
the Union bank, the recognition Of which
has been subject Of controversy with a
portion of the population of Mississippi
Various acts of the legislatures, viz: OF
Feb. %, 1912, Feb. %, 1914, Feb. l6, 1916,
Feb. 2S, 1916, March 4, lS4S, and the ju-
dicial tribunal Of the state have confirmed
| their validity, and | have no doubt that at
an early day such legislation will be had as
| to make these bonds available in increasing
| the usefulness of the present trust. Mis-
sissippi, though now depressed, is rich in
regard the moral obligations resting upon
her to make provision for their payment
In confirmation Of what | have said in re-
SaTu 10 tne leglSlaIlNc anu JuulCial aCllOH
concerning the state bonds issued to the
Planters bank, I herewith place in your
hands the documents marked \. The de-
tails and organization Of the trust l leave
with you, only requesting that Mr. Win
throp may be chairman and Gov. Fish and
Bishop Mc1lvaine vice chairman of your
body. And [ give to you power to make
all necessary bylaws and regulations, to OBJ
tain an act of incorporation if any shall be
found ezpedient, to provide for the cx-
penses OF the trustees, and of any agents
appointed by them, and generally to do all
such acts as may be necessary for carrying
out the provisions Of this trust. All va
cancies occurring in your number by death,
resignation or otherwise shall be filed by
your election as soon as conveniently may
be and having in view an equality of repre-
sentation as far as regards the northern and
| southern states, | furthermore give to you
the power, in case two thirds Of the trus-
tees shall at any time after the lapse of tbir-
| ty years deem it expedient, to close this
trust, and Of the funds which at this time
shall be in the hands of yourselves and your
successors, to distribute not less than two
thirds for such educational purposes as they
may determine in the states for whose ben