Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1871-03-07
The Peabody Education Fund.

and Southwestern States, is beginning to make
its ameliorating influences felt throughout the
country, we have thought that it would be in
teresting to our readers to have a condensed
account of its origin, purposes, and manage
ment.
Mr.. Peabody was native of small town in
Massachusetts called Danvers, but now, in hon.
or of Mr.. Peabody, bearing his name. He
was poor boy without many of the advan-
tages of education or patronage. He was. en-
phatically, the architect of his own fortunes
After many early struggles he became mer-
chant in Baltimore as member of the firm of
Peabody, Riggs, & Co., with whom Mr.. B.
Crawford, Mr.. John Wayt and others of the
older class of Staunton merchants did business
forty years ago.
Probably 80 years ago Mr.. Peabody went to
London, and engaged in the Banking business,
where, by industry, integrity, and enterprise, he
accumulated colossal fortune.
After Mr. Peabody had thus secured great
estate, his thoughts were turned to the ques-
ton. How can make the great wealth with
which kind Providence has blessed me, most
available for the benefit of my fellow men r.
At sundry times he made immense donations
to trustees, to ameliorate the condition of the
poorer classes Of the population of the city Of
London. His noble charities were of such vast
proportions and guided by such enlightened
and philanthropic principles, as to attract the
special attention Of the Queen Of England, and
to draw from her an autograph letter of ac-
acknowledgements, accompanied by an elegant
and costly likeness of her majesty, framed in
gold and set With diamonds and other precious
stones. r
Mr.. Peabody also made donations to his ma
tive town, Danvers, to large amount, and he
gave to Baltimore, sums amounting in all to
near million of dollars, which furnished the
means of erecting the splendid building in that
city known as the Peabody Institute, and of
endowing it with an ample fund, to repair and
enlarge it, and to establish library of 10000
volumes which is open to the public.
He also made liberal donations to George
town and other towns to which we need not re-
fer in detail.
But the browning act of his glorious and ben
Efficient career, was reserved for the last. When
he had attained the allotted span of human
llfe-three score and ten-he returned to his
native land which had been recently eonvulsed
with civil strife and ravaged by hostile armies,
and looking over its whole extent with the eye
of a statesman and a patriot, he found that
the Southern States had been desolated and
impoverished In the frnitless contest for indie
pendence, and that in consequence of its pow
erty, the rising generation of its people were
in danger Of growing up in ignorance.
His comprehensive mind at once perceived
what noble field these States presented for
the display of his catholic charity. Although
northern man by birth and sympathisng with
many of the peculiar political opinions of the
North, be at once discarded all sectional an
tipathies and preiudices, and determined to de-
vote the residue Of his great estate to the DIFF
fusion of the blessings of education among the
rising generations of the South.
To this end, after making provision for some
of his favor;te relatives, ne proceeded to select
trustees in whom he had confidence to carry
his wishes into effect, and On the 7th of Feb
ruary 1857, he addressed to them the following
letter:
Gentlemen
| beg to address you on subject which oc-
cupied my mind before | left England = y
L refer to the Educational needs of those por-
tons of our beloved and common country
which have suffered from the destructive raw
ages, and the not less disastrous consequences
of civil war.
/ give to you, gentlemen, most of whom
have been my personal and especial friends,
the sum of one million of dollars, to be by you
and your successors held in trust, and the in
come thereof used and applied in your discre-
ton for the promotion and encouragement of
intellectual, moral, or industrial education a.
mong the young of the m ore destitute portions
of the Southern and Southwestern States of
our Union; my purpose being that the bene-
fits intended shall be distributed among the en-
tire population, without other distinction than
their needs and the opportunities of usefulness
to them.
Besides the income thus derived, | give to
you permission to use from the principal sum,
within the next two years, an amount not ex-
ceeding forty per cent.
In addition to this gift, place in your hands
bonds of the State Of Mississippi, issued to
the Planters Bank, and commonly known as
Planters Bank bonds, amounting, with inter-
est, to about eleven hundred thousand dollars,
the amount realized by you from which is to
be added to and used for the purposes of this
trust. y
am, gentlemen, with great respect, your
humble servant,
GEORGE PEABODY.
Washington, February 7, 1867.
On the Goth Of June, 1869, Mr.. Peabody adj
dressed a second letter to the Trustees whom
he had selected, by which he gave to them the
further sum of one million of dollars.
We subjoin some extracts from this second
letter which are equally crediable to his head
and his heart:
GENTLEMEN When I established the Trust
of which you have charge, it was my intention,
if its results and progress should prove salts
factory, to return in three years to my native
land, and to make further provision for carry
ing out the plans which experience should have
shown to be productive of encouragement and
benefit to the people of the South.
Ny precarl0us state Of health has rendered
it imprudent for me to wait for the full period
of my intended absence, and | have now come
among you in order to proceed at once to the
fulfllment Of my purpose.
| have constantly watched with great inter-
est and 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 il all the steps you have