The national Republican., 1867-02-09
His Munineent Gin.


readers to-day authorized copies Of the gener-
ous letter Of GEORGE PEABODY, Esq, the
Banker and Philanthropist, and the resolu-
tons of the Trustees Of his last muni6cent
gift, which will be found below:
To Hon Robert C. Winthrop, Of Ma,saehn'ett'j
Hon. Hamilton Fish, Of Nsie York. Right Rev. |
Charles P. heLlVains, Of Ohio Gsnsyai .: s.
C. Rive,, Of Virginia, Hon. John II. Clifford,
Of Massaehnsetts; Hon William AIKEN, Of South
Carolina William NJ. EpdrtS, E'q., Of Nete
York Hon. William A Graham, Of North
Geo. w. Riggs Esq, Of Warrington; Samuel
Wetpore, Esq Of Nsp York; Edtcard A. Brad.
ford, Esq, Of LOuisiana; George N, Eaton, Esq,
Of Maryland, and George Peabody RH''eH, Esq,
of MassaohuseitS:
GENTLEMEN: l beg to address you on q
subject which occupied my mind long before
left England, and in regard to which one,
at least, Of you 1.-THE Hon. Mr.. Winthrop, the
distinguished and valued friend to whom /
am SO much indebted for cordial sympathy,
careful consideration, and wise counsel in
this matter) will remember that consulted
him Immediately upon my arrival in May
last.
i refer to the educational needs Of those
portions Of our beloved and common country
which have suffered from the destructive
ravages, and the not less disastrous conse-
auences Of civil war.
With my advancing years my attachment
to my native land has but become more de-
voted. NY hope and faith in its successful
and glorious future have grown brighter and
stronger, and now, looking forward beyond
nv stay on earth, as may be permitted to
one who has passed the limit Of threescore
and ten years, see our country united and
prosperous, emerging from the clouds which
still surround her, taking q higher rank
among the nations and becoming richer and
more powerful than ever before.
But to make her prosperity more than
superficial, her moral and intellectual de-
velopment should keep pace with her mate
rial growth, and in those portions OF our ma
tion to which have referred, the urgent and
pressing physical needs Of an almost i'm
poverished people must for some years pre-
clude them from making, by unaided effort,
such advances in education, and such pro-
gress in the diffusion Of knowledge among all
classes as every lover of his country must
earnestly desire.
feel most deeply, therefore, that it is the
duty and privilege of the more favored 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
TespOnhlDhlly III lnlS lnhlleT, US well US 10
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 for years my personal and
especial friends, the sum of 81 900 900, to bt
by you and your successors held in trust
and the income thereof used and applied il
your discretion for the promotion and en-
couragemcnt Of intellectual, moral or indus
trial education among the young Of the NOR,
destitute portions Of the Southern and South
western States of our Union; my purpos
being that the benefits intended shall be dis
tributed among the entire population, with
out other distinction than their needs and thu
opportunities of usefulness to them.
Besides the income thus devised, give to
you permission to use from the principal
sum- within the next two years, an amount
not exceeding forty per cent
In addition to this gift l place in youi
hands bonds of the State of Mississippi, is
sued to the Planters bank and commonl,
known as Planters Bank bonds, amounting
with interest, to about 81, 100000 the amour
realized by you from which is to be added t
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 $1,000, 900. Fol
many years the State received large divi
terest on these bonds. The State paid the
interest without interruption till lS4O, since
which no interest has been paid, except Q
payment Of about 100000 which was fount
the treasury, applicable to the payment o.
the coupons and paid by mandamus OF the
Supreme Court. The validity OF these bonds
has never been questioned, and they must
not be confounded with another issue o
bonds made by the State to the Union Bank
the recognition Of which has been q subject
of controversy with portion of the popula
tion of Mississippi
Various acts of the Legislature, viz: o
February 2s ls42; February 90, 1874; Feb
ruary lG, 1876; February 20, l946; March A
l848, and the highest judicial tribunal Of th
State, have confirmed their validity, and
have no doubt that at an early day sucl
legislation will be had as to make these bond
available in increasing the usefulness Of tn,
present trust.
Mississippi, though now depressed, is rcl
in agricultural resources, and cannot lonl
disregard the moral obligation resting upof
her to make provision for their payment
In confirmation Of what l have said in re
gard to the legislative and judicial actor
concerning the State bonds issued to the
[la1ters Bank, l herewith place in your
hands the documents marked A.
The details and organization of the trust
leave with you, only requesting that Mr.
Winthrop may be Chairman and Gov. Fisl
and Bishop Mcllvane Vice Chairmen of YOU
body And give to you power to make al
necessary bylaws and regulations, to obtail
an act of incorporation, if any shall be foun,
expedent, to provide for the expenses of tn
trustees and of any agents appointed by them
and generally to do all such acts as may b
necessary for carrying out the provisions G
this trust.
All vacancies occurring in your numbe
by death, resignation, or otherwise, shall b
filed by your election so soon as convenient
may be, and having in view an equality
representation so far as regards the Norther
and Southern States.
furthermore give to you the power, i
case two thirds of the trustees shall at an
time after the lapse Of thirty years deem
expedient, to close this trust, and OF the fund
which at that time shall be in the hands
yourselves and your successors, to distribut
not less than two thirds among such educl
tional or literary institutions, or for sue
educational purposes as you and they ma