The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-03
PEABODY's BENEvOLENCE.
Another Munifcent Gift to the Southern
Educational Fund-Letter from the
Philanthropist to the Trustees
of the Fund = What the
Gift Consists of.


S1Srss S6 Reoys Mssssst Eo hs9 G. Gge ya " R y & as
NJ Bdtof, Esq, George Peabody Russell, Esq, and
Hon Sggitel Watson, Trustees Of the Peabody Edn-
Gentlemen: - When 1 established the trust OF
which you have charge, it was my intention, II its
results and progress should prove satisfactory, to
return in three years to my native land and TO make
further provision for carrying out the plans which
experience should have shown TO be productive OF
encouragement and benefit 20 the people OF the
South.
MY precarious state of health has rendered it i'm
prudent for me to walt for the full period OF my In
tended absence, and have now come among you,
in order to proceed at once TO the fulnlment OF my
purpose.
careful attention, the proceedings OF your board and
it is most gratifying TO me now TO be able to express
my warmest thanks for the interest and zeal you
have manifested in maturing and carrying out the
designs OF my letter OF trust and to assure YOU of
my cordial concurrence in all the steps you have
taken.
At the same time, must not omit to congratulate
you and all who have at heart the best interests OF
highly valuable services OF DR. Sears as your general
agent-servces valuable not merely in the organiza-
ton of schools and OF system OF public education
but in the good effect which his conclliatory and
sympatnizng course has had wherever he has met
or become associated with the communities Of the
South, in social or business relations.
And beg TO take this opportunity OF thanking,
with all my heart, the people Of the South them
selves for the cordial spirit with which they have
received the trust and for the energetic efforts which
they have made, in cooperation with yourselves and
Dr. Sears for carrying out the plans which have been
proposed and matured for the diIusion of the bless
ings of education in their respective States.
& mser ssp tine Ss's SH py your gene
ern States have not been assisted from the fund
placed in your charge and concur with you in the
policy thus pursued, as, am sure will the citizens
OF those four States, and all who have at heart the
highest permanent good OF our beloved country
For it was most necessary that at the outset those
States and portions Of States which had suffered
most from the ravages of war, and were most dest-
tute OF educationa means and privileges, should be
first and specially aided. rTsl.rf grT. rr at
believe the good sense and kind feeling of the
people Of these States will continue to acquiesce
for the present, In your course OF devoting, under
the of Dr. Sears the greater part of the fund
the same States which have received its benefits for
the past two years. with perhaps the addition Of
Texas which State, am advised, the general agent
will visit during the coming autumn or winter, to
ascertain its educational requirements, and to
give such aid as shall be requisite and can be
afforded, where it shall be most needed.
have the same sympathy with every one OF the
States; and were all alike needing assistance,
should wish each alike to share in the benefits OF the
| trust
| AS the portions added shall respectively grow in
prosperity, and become efsustaining in their sys-
! tens OF education their respective aalotments Of
| the fund will be applied to other destitute cOmmu-
nies and thus its benefits will, earnestly hope and
trust ultimately reach every section OF the vast field
1t is my hope and belief and this opinion is fully
confirmed by my interviews with DR.. Sears that with
| the additional amount which / now place In your
| hands, the annual income of the fund alone may be
found sufficient to sustain and extend the work you
the trust is cosed and the na dstrSuon made
by yourselves or your successors. all the fourteen
Southern States, including Maryland, Kentucky,
| ton according to their needs.
In accordance with what have already said of my
Intention at the time established this trust, to add
| thereto, If its success were such as 1 am now well
assured has attended it, now give to you and your
| successors the following securities, viz. -
$4,000 Belvdere and Delaware Railroad Com
panys six per cent bonds, first mortgage dividends
pal and interest guaranteed by the Camden and
AmbQy Railroad Company and New Jersey Trans
ssO1 OPS Syracuse and Binghamton Railroad Com.
pany's seven per cent bonds s199, 300 due in 1876
dividend October and April /; s4525 payable Octo.
her 1870; $685. 000 dividends from 1st June, due In
| 1851. This is an excellent roaa and the stock at
par; but the security is rendered perfect by the
guarantee OF both principal and interest by the
| 1ackawanna Coal Company OF Pennsylvania.
s7a2 200 Alabama State five per cent bonds ($16 zoe
due 1856 $4,000 due 1879 $4,000 due in 1888 Diy
ss6,sOO Mobile City five per cent. bonds; dividends
| from July principal TO be gradually paid OFF.
Q79, 900 City OF Louisville six per cent. bonds; div
| dends April and October, due 1888.
s89,6O0 louisiana Consolidated Bank nves; fully
guaranteed by State OF Louisiana and payable ii
isTO, 1872 1874, and 1876.
$4,000 ohio and Mississippi Railroad first mort
gage per cent bonds; dividends 1st July and Is
January, all payable July 1, 1872.
$4,000 Columbus, Chicago, and Indiana Centra
Railroad first mortgage bonds, seven per cent.
dividends 1st of April and 1st OF October; due II
1905; guaranteed by Pennsylvania Central Railroa'
sso, 600 Pittsburg City four per cent bonds; divi
dends January and July; due, in 1913.
$4,000 Pittsbnrg City iye per cent bonds; dividend
$4,000 Louisiana State skies; dividends Januar
Sio, coo New Orleans City skies; dividends Januar
| and July.
$S75 cash.
| Amounting in all to one million OF dollars. Thes
| stocks are all OF the very highest character for sc
curity and the dividends are certain to be prompt
| paid :,
The principal sum of one million dollars, given b
my first letter OF trust, is still intact; the interest
which being added TO that of my present gift, make
the annual revenue OF the trust upwards OF one hun
| lred and thirty thousand dOllars-a sum which, i
| the Opinion Of your honorable chairman and you
| general agent, is amply sufficient to meet all IN
| requirements Of the trust, without infringing upo
the capital until the time arrives for the dna dstr
| button, as before stated. 80 a.,
In addition to the foregoing, give to you Florid
six per cent. bonds, which, with overdue coupons
amount to about S8s4, 900. :, a..
| These bonds like the Mississippi bonds In my mrs
| Gift must before many years be paid.
| The Territory OF Florida obtained the money 0
these bonds in Europe at about par, ana loaned IL
| the Union Bank as capital. 49,. -.
| The Territory received for some time nign RAJ
| OF interest but after the bank suspended, pad th
| bondholders nothing; but returned them 10 IN
Union Bank, saying, "Obtan what you can from III
| Union Bank, and 1t viii then be Time enough
| come To u.s." Large amounts OF these Donus WEI
purchased by planters at about 80 per cent, an
used to pay mortgages held by the Union banh UNI ~
sihall amount OF these bonds now outstanding ln'
exceeding, believe, two millions OF the orlgln
bondsl must think before long Induce Florida, Z
act OF justice long delayed TO make provision Il
All the stocks have given as above are to be hel
In trust by yourselves and your successors, for u
| same purposes and under the same conditions as u
.rnas gwen you by nay original letter creating yO'