The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-08
p e A q o d Y.

awakens renewed interest in his great bene-
factions, and we therefore give place to the
following article descriptive of his munihoent
benefaction to the poor of London
The early history of the gift is best de-
scribed by Mr.. Peabody himself in the follow
ing letter addressed. to the United States
minister, Lord Stanley, Sir j. Emerson Ten
nent (who died few months ago), Mr.. G. M.
Lampson, and Mr.. j. s. Morgan--the gentle
men who had kindly consented to act as trus-
tees to the fund.-
LONDON, 18th March, 1862
GENTLEMEN:-Iu reference to the intention
which il is the object of this letter to commuui-
cate, am desirous to explain that from COM
paratively carly period of my commercial life,
had resolved in my own mind that, should my
labors be blessed with success, i would devote
portion of the property thus acquired to pro-
mote the intellectual, moral and physical well
fare and comfort of my fellow-meu, wherever
from circumstances or location, their claims upon
me would be the strongest
A kind Providence has continued me in pros
perty, and consequently, in furtherance of my
resolution, I, in the year 1852 founded an insti-
tute and library for the benefit of the people of
the place of my birth in the town of Danvers, in
the State of Massachusetts,. the result of which
has provedin every rospectmoSt beneficial to the
locality and gratifying tomyself.
After an absence of twenty years, l visited my
native land in 1857 and founded in the city of
Baltimore, in the State of Maryland (where more
than twenty years of my business life had been
passed), an institute upon much more ex-
tended scale, devoted to science and the arts,
with free library, conciding with the charac-
ter of the institution. The cornerstone was
laid in 1853 and the building is now completed;
but its dedication has been postponed in conse-
quence of the unhappy sectional differences at
present prevailing in the United States.
1t is now twenty-five years since commenced
my residence and business in London as q
stranger; but | did not long feel myself n
stranger" or in strange land" for, in all my
commercial and social intercourse with my
British friends during that long period, 1 have
constantly received courtesy, kindness, and con-
fidence. Under sense of gratitude for these
blessings of kind Providence, encouraged by
early associations, and stimulated by my views
as well of duty rs of inclination, to follow the
path which had heretofore marked out for my
guidance, have been prompted for several
years past repeatedly TO state to some of my con-
fdential friends my intention at no distant
period, If my life was spared, to make q dona-
ton for the benefit of the poor of London
Among those friends are three of the number to
whom have now the honor to address this let
ter. To my particular friend, G. NJ. Lampson,
Esq, first mentioned the subject five years ago
My next conversations in relation to it were
held about three years since with my esteemed
friend Sir James Emerson Tennent, and with my
partner, j. S.sMorgan, Esq. / also availed nv
self of opportunities to consult the Right Rev.
Bishop Mcllvaine of Ohio, and with all these
gentlemen have since freely conversed upon
the subject in way to confirm that original in
tention.
My object being to ameiiorate the condition
of the poor and needy of this great metropolis
and to promote their comfort and happiness,
take pleasure in apprsing you that 1 have de-
termined to transfer to you the sum of one hun
dred and fifty thousand pounds, which now
stands available for this purpose on the books
of Messrs. George Peabody ~ Co., as you will
see by the accompanying correspondence.
In committing to you, in full confidence in
your Judgment the administration of this fund,
/ cannot but feel grateful to you for the onerous
duties you have so cheerfully undertaken to
perform, and sincerely hope and trust that the
benevolent feelings that have prompted deyo-
tion of so much of your valuable time will be
appreciated, not only by the present, but future
generations OF the people of London.
/ have few Instructions, to give or conditions
to impose, but there are some fundamental prlu-
ciples from which it is my solemn injunction
that those intrusted with its application shall
never under any circumstances, DEPART
First and foremost among these is the limita-
tion of its uses absolutely and exclusively to
such purposes may be calculated directly to
ameliorate the condition and augment the COM
forts of the poor, who, either by birth or esta-
blshed residence, form a recognized portion of
the population of London.
Secondly. II is my intention that now and for
all time there shall be rigid exclusion from the
management of this fund of any influences cal
culated to impart to it character either secta-
rian as regards religion, exclusive in relation
to local or party politics.
Third. In conformity with the foregoing con-
ditions il is my wish and intention that the sole
qualifications for n participation in the benefits
of this fund, shall be an ascertaned and con-
tinued condition of life such as brings the in
dividual within the description GA- the ordinary
sense of the word) of "the poor" of London,
combined with moral character and good con-
duct as a member of society. 1t must there
fore, be held to be q violation of my intentions
if any duly qualified and deserving claimant
were to be excluded either on the grounds of
religious belief or political bias.
Without, in the remotest degree, desiring to
limit your discretion in the selection of the most
suitable means of giving effect to these objects
i may be permitted to throw out for your con-
slderation amongst the other projects which
will necessarily occupy your attention, whether
it may not be found conducive to the conditions
specified above for their ultimate realization
and least likely to present difficulties on the
grounds have pointed out for avoidance to
apply the fund, or portion of it, in the con-
struction of such improved dwellings for the
poor as may combine in the utmost possible
degree the essentials of healthfulness, comfort,
social enjoyment and economy.
Preparatory to due provision being made for
the formal declaration of the trust and for its
future arrangement and appropriation, the sum
OF one hundred and fifty thousand pounds will
be at once transferred into your names and
placed at your disposal; for which purpose /
reserve to myself full power and authority But
as a portion Of the money may probably not be
required for some time to come, to meet the
legitimate purposes contemplated / would sug-
gest that early as possible after the organiZa-
tion of the trust one hundred thousand pounds
(e100,000) should be invested tor the time
being, in your names in Consols or East India
stock, thus adding to the capital by means of
the accruing interest; and the stock so pur-
chased can be gradually sold out as the money
is wanted for the objects designated. Mean
time, pending the preparation OF formal trust
H..