Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-07-09

have the same sympathy with every
one OF the States, and were all alike need
ing assistance I should wish each alike to
share in the benefits of the trust. As the
iportions aided shall respectively grow in
prosperity ard become self-sustaining in
their systems of education, their respective
allotments of the fund will be applied to
other destitute communities, and thus its
benefits will, earnestly hope and trust,
ultimately reach every section of the vast
field committed to your care
It is my hope and belief, and this opin-
ion 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 foun Id sufficient to sustain and extend
the work you have SO we'll begun, and it is
my desire that when the trust is closed and
the final distributions made by yourselves
or your successors. all the fourteen south
ern States, including Maryland, Kentucky,
Missouri and Texas, shall share in that dis
tributjon according to their needs.
| In accordance with what have already
said of my intention at the time I estab-
lished the trust to add thereto if its sue
cess were such as [ am now we'll assured
has attended it, now give to You and
your successors the following securities,
viz -
$19O,O9O Belvidere and Delaware Rail
road Company's six per cent. bonds, first
mortgage; dividends 18th June and 18th
December, due 1877; principal and in
boy Railroad Company and, New Jersey
Transportation Company.
1901. OPS Syracuse and Binghamton Rail-
road Company seven per cent bouds,
(s19s, 500 due in 1876. dividend October
/ and April 1; 81, 525 payable October l,
1870; 699, 900 dividends from juno l due
in 1887. This is an excellent road and
the stock at par; but the security is rem
dered perfect by the guarantee of both
principal and interest by the Lackawanna
Coal Company of Pennsylvania.
$40, 200 Alabama State five per cent
bonds, ($16, 200 due 1886, S21, 900 due 1872,
$685. 900 due in 1888. Dividends from
November H.
$50, 900 Mobile city five per cent. bonds;
dividends from July /. Principal TO be
gradually paid Off
$4,000 city of Louisville six per cent.
bonds; dividends April and October; due
1883.
500, 900 Louisville Consolidated Bank
fves; fully guaranteed by State of Lou
isiana, and payable in 1870, 1872, 1874 and
1876
$4,000 Ohio and Mississippi railroad
Seftu per COLL. ulfl-
dends July l and January l all payable
July /. 1872.
500, 1000 Columbus, Chicago and Indiana
Central railroad first mortgage bonds, seven
per cent; dividends April and October /
due in 1908 guaranteed by Pennsylvania
Central railroad company.
$40, 900 Plttsburg city four per cent |
bonds dividends January and July; due
in 1913.
$4,000 Pittsburg city five per cent
bonds; dividends January and July ; due
in 1913.
$4,000 Louisiana State skies; dividends
January and July.
$4,000 New Orleans city skies; divi-
dends January and July.
1915 cash.
Amounting in all to $1,O0O,OOO These |
stocks are all of the very highest character
for security, and the dividends are certain |
to be promptly paid.
The principal sum of S., ZOO, coo, given |
by my first letter of trust, is still intact, |
the interest on which being added to that
of my present gift, makes the annual reve-
nue. of the trust upwards Of $130, 00O-a |
sum which, in the opinion of your honor
able chairman and your general agent, is
amply sufficient to meet all the require |
ments of the trust, without infringing upon |
the capital, until the limo arrives for the
final distribution, as before stated.
In addition to the foregoing I give to
you Florida six per cent bonds, which !
with overdue coupons amount to about
1884, 600.
These bonds, like the Mississippi bonds
in my first gift, must before many years
be paid.
The Territory of Florida obtained the
money on these bonds in Europe at about
par, and loaned to the Union Bank as cap |
ital.
The Territory received for some time |
high rate of interest but after the bank |
suspended paid the bondholders nothing, |
but referred them to the Union Bank, say
ing obtain what you can from the Union
Bank, and it will then be time enough to
come to us. Large amounts OF these
bonds were purchased by planters at about
fifty per cent, used to pay mortgages held
by the Union Bank until there was moth
ing more left to be paid and the small
amount of these bonds now outstanding
mot exceeding [ believe two millions of
the original bonds) must, I think, before
long induce Florida as an act of justice
long delayed, to make provision for their
payment.
All the stocks I have given as above are
to be held in trust by yourselves and your
IOf the same purposes ana unQef
the same conditions as the funds given
you by my original letter creating your
trust.
do this with the earnest hope and 10
the sincere trust that with Gods blessing
upon the gift and upon the deliberations
and future action of yourselves and your
general agent it may enlarge the sphere of
usefulness already entered upon, and
prove a permanent and lasting boon not
only to the Southern States, but to the
whole of our dear country, which L have
ever loved 80 we'll, but never SO much as
now, in my declining years, and at
this time probably the last occasion I shall
ever have to address youl, as [ look back
over the changes and the progress of near ;
y three-quarters OF a century ; and pray
that Almighty God will grant to it future
rs happy and noble in the intelligence and |
virtues of it's citizens as it will be glorious
IN unexampled power and prosperity.
[ am, with great respect, your humble
servant,
GEORGE PEABODY. {
Salem, June 90, 1869.
The above letter. having been read and ]
70 ov1on;ol r