The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-02-13

ruptlon Till IS4O, Slnce which no in
terest has been paid, except a pay
ment Of about 800, 900, which was
paid i'll the Treasury, applicable to
the payment of the coupons, and paid
by n mandamus of the Supreme
Court. The validity OF these bonds
has never been questioned, and they
must not be confounded with another
issue of bonds made by the State to
the Union Bank, the recognition of
which has been a subject of contro-
versy with a portion OF the popula-
ton Of Mississippi.
Various Acts Of the Legislature,
viz: February %, 1912; February %,
1874; February 16, 1916; February
2S, 1916; March 4, 1S4S, and the
highest Judicial tribunal of the State
has confirmed their validity, and L
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.
Mississippi, though now depressed.
is rich IN agricultural resources, and
cannot long disregard the moral OBJ
legation resting upon her to make
provision for .heir payment In con-
firmation of what have said in re-
gard to the legislative and judicial
action concerning the State bonds
issued to the Planters Bank, I here
with place in your hands the docu
ments marked A.
The details and organization of the
trust L leave with you, only request
ing that Mr.. Winthrop may be Chair
man, and Governor Fish and Bishop
Mc1lvaine Vice-Chairmen of your
body. And I give to you power to
make all necessary bylaws and regu-
latlons, to obtain an Act Of incorpo-
ration, if any shall be found expe-
dent, to provide for the expenses of
the trustees and of any agents ap-
pointed by them, and generally to do
all such acts as may be necessary for
carrying out the provisions of this
trust.
All vacancies occurring in your
number by death, resignation, or
otherwise, shall be filled by your
election, so soon rs conveniently
may be, and having in view an equali-
ty of representation so far as regards
the Northern and Southern States.
l furthermore give to you the pow
er, in case two thirds of the trustees
shall at any time after the lapse of
thirty years deem it expedient, to
close this trust, and of the funds
which at that time shall be in the
hands of yourselves and your sue
cossors to distribute not less than
two-thlrds among such educational
or library institutions, or for such
educational purposes in the States
for whose benefit the income is now
appointed to be used. The remain
der may be distributed by the trus-
tees for educational OF library pur-
poses whenever they may deem it
expedient.
In making this gift, I am aware
that the fund derived from it can but
aid the States which / wish to benefit
In Etheir OVID exertions to dispense
the blessings of education and mo-
rality. But if this endowment shall
encourage those now anxious for the
light of knowledge, and stimulate to
new efforts the very good and noble
men who cherish the high purpose
of placing our great country fore
most not only in power, but in the
intelligence and virtue of her citi-
zens, it will have accomplished all
that I can hope
With reverent recognition Of the
need Of the blessing of Almighty
God upon this gift, with the fervent
prayer that under His guidance your
counsels may be directed for the
highest good of present and future
generations in our beloved country.
l ,.gentlemen, with great respect,
your humble servant,
GEORGE PEABODY.
WASHINGTON, February 7, 1867.
Upon the receipt Of the above let
ter by Hon. Ro'rrt G. Winthrop,
meeting of the gentlemen named in
it was called to consider the matter,
whcrenpon the following action was
taken. The following resolutions
were presented by Bishop McIlvaine,
Of Ohio, and signed by those trustees
present In Washington:
THE RESOLUTIONS.
Whereas our honored countryman
and friend, George Peabody, has, in
a letter just communicated to the
undersigned, made known his deter
mination, out of q grateful sense of
| the manifold GOODNESS with which