Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-02-15
A PRINCELY DONATION


Peabody, Esq, the Banker and PhiIan-
thropist, and the resolutions Of the Trustees
Of his last mHnifcent gin, which viii be
found below:
To Hon. Robert c Winthrph. of Massaehusetts
Hen. Hamilton ttgn. Of New York Right Rev.
Charles 7 meliraiIe, Of Ohio General u s.
Grant Of the United States Army: Hon VIM
&. kiFes. 81 Virginia; Hon. JohI1B Clifford
OF MassachuSRttss Hon. Wiliiqm Aiken IL
south caTolIla Milliah NJ. Eyarts. Esq. Of
New ork Hon. W lillian A. Graham. Of North
Carolina Chorles Macaicator, Of PennsylTauiag
1fo.. " Asees, kSe-, q aslIingtOu; 5anau@
Wetmore. ksq., OF New ork Edward A, Brad
lord, Esq, q LOuisiana George N. Eaton,
Esq Of Maryland and George Peabody Rus
SELL ESQ. Of Massachnsetts
GENTLEMfN beg 10 address YOU on a
subject which occupied my mind long be-
fore left Endland, and in regard 10 which
one, at least OF you (the Hon. Mr. Vim
throp, the distinguished and valued friend
to whom ] am so much indebted for cordial
sympathy, careful consideration, and wise
counsel IN this natter will remember that
j consulted him Immediately upon my
arrival in May last.
| refer 10 the educational needs of those
portions Of our BELOVED and common coun-
Try which have suffered from the destruc-
tive raTages, and the not less disastrous
consequences of civil war
With NY advancing year, nay afiachnrenl
% my native lsnd has bnt become more
devoted. My hope aud faith in its success.
ful and glorious future have grown brighter
and stronger, and now, looking forward be
yOnd my stay on earth, az NAV be permit
ted 10 one who has passed the limit Of
three score and ten years, / see our country
united and prosperous, emerging from the
clouds which still surround her, taking
higher rank among the nations aud becom-
ing richer aad more powerful than ever
before
But 10 make her prosperity more than
superficial, her moral and intellectual de-
yelopment should keep pace with her ma
terial growth, aud in those portions of our
nation 10 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 ia education, and
such progress in the diffusion Of knowledge
among all classes as every lover of his
country must earnestly desire.
feel most deeply, therefore, that il is
the duty and privilege of the more favored
and wealthy portions Of our nation 10 as
sisi those who are less fortunate, and, with
the wish 10 discharge, so far as / may be
able, my own responsibility in this matter
as we'll as to crafty my desire TO aid those
70 whom / am bound by 50 many ties of at
tachment and regard, i give 10 yon, gentle
men, most Of whom have been for years
my personal aud especial friends, the sum
Of 81 100000 to be by You and your sue
ceasors held in trust, and the income thee
OF used and applied in your discretion for
the promotion and encouragement of in
iellectual, moral or industrial education
among the young Of the more destitute
portions of the Southern and Southwestern
States of our Union; my purpose being
that the benefits intended shall he distri-
hnted among the entirepopulation, without !
other distinction than their needs and the !
opportunities Of usefulness TO them.
Besides the income thus devised, | give |
TO you permission 10 use from the principal |
sum, within the next two years, an amount |
not exceeding forty per cent.
In addition 10 this gift, place in your |
hands bonds of the State Of Mississippi /
issued 10 the Planters Bank, and com
monty known as Planters Bank bonds, |
amounting, with interest, TO about, 81, 100, |
OO0 the amount realized by Won from
which is 10 be added TO and used for ;he
purposes of this trust.
These bonds were originally issued in
payment for stock in that bank held by the
State, and amounted in all TO only $1,000 |
600 For many years the State received |
large dividends from that bank over and |
above the Interest on these bonds. The /
State paid the interest without interruption |
till 1910 since which no interest has been |
paid except a payment of about 100000 |
which was found in the treasury, applica- |
bile TO the payment ofthe coupons, and paid |
by a mandamus of the Supreme Court. !
The validity of these bonds has never been !
questioned aud they must not he confound- |
ed with another issue of bonds made by the |
State to the Union Bank, the recognition of |
which has been a subject Of controversy |
with portion Of the population of Missis-
sippi.
Various acts of the Legislature viz: Of |
February 2S, 1912 February %. 1874 !
February l6, 1916: February 2S, 1876 |
March 4, lS4S, and the highest judicial tri- |
bunal Of the State, have confirmed their |
validity, and haveno doubt that at an early |
day such legislation will be had as to make |
these bonds available in increasing the use |
fulnefs Of the present trust.
Mississippi, though now depressed, is |
rich in agricultural resources, and cannot |
long disregard the moral obligation resting |
upon her TO make provision for their pay
ment. In Confirmation Of what | have
said Ia regard 10 the Legislative and Judi |
ciRl action concerning the State bonds
issued to the Planters Bank, ! herewith
placein sour 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
Fisk and Bishop McIlvane Vice Chairman
Of your body. And | give to you power
10 make all necessary by-lsrs aud regua-
lions, 20 obtain an act OF incorporation, il
any shall be found expedient, 10 provide
for the expenses ufth trustees and of any
agents appointed by them, aud generally 10
30 all mCh acts as NAV be necessary FOR
carving ont the provisions Of this trust
An vacancies occurring in your number
by death, resignation, or otherwise, shall
be filed by your election so soon rs conye-
niently NAV be, aud having in view an
equality of representation so far a. regards
the Northern and Southern States.
furthermore give 60 you the power, in
case two-ihirds OF the trustees shall at any
time after the lapse Of thirty years deem il
eXpedieni, 10 close this trust, and of the
funds which at that time shall be IN the
hands OF yourselves and your successors, to
distribute not less than two-thirds among
snch educational or literary institutions or
for such educational purposes as You and
they may determine in the States for whose
benefit the income is now appointed 10 be
used. The remainder may be distributed
hy the trustees for educational or literary
purpose wherever they may deem il expe-
dent
la making this gin, am aware that the
fund derived from il can bat aid the States
which | wish 10 benefit, in their own exer-
tions 70 diinse the blessings Of education
and morality. But ifthis endowment shall
encourage those now auxious for the light
81 knowledge, and stimulate 20 new efforts
the many good sud noble men who cheer
ish the high purpose Of placing our great
country foremost not only n power, bat ia
the intelligence aud virtue ct her ,itizens
it will have accomplished all that can
hope
With reveTent recognition of the need of
the blessing Of Almighty God upon this
gin, and with the ieryent PRAYER that under
His guidance Your counselsmay he directed
for the highest good of present and future