Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1876-04-14
0(l.>..I.I)JjInlJllgton :Journal.
WILMINGTON, N. c.,
FRIDAY, APRIL IA, 1876.
THE PEABODY FUND AND COL.
POOLS CONTENTION THERE

AA0 ACAGONJ uAu ID pA1O AN-~O |
given to the most magnificent private
donation ever made to the cause OF ed |
ncation in America. --.
George Peabody, perhaps the most |
eminent philanthropist of the century |
in which we live. was boru in Danvers,
Massachusetts. In the year 1906, when
only ele en- years of age, he became a
grocer's clerk. Afterwards he became
chief clerk and in 1912 partner with his
uncle, John Peabody, in Georgetown.
in the District of Columbia. In 1915 he
formed partnership in the dry goods
business in Baltimore with Elisha
Riggs, afterwards so eminent as
banker in Washington City. Upon the
retirement of Mr.. Riggs Mr.. Peabody
became the head Of the firm and Ill the
prosecution of its business settled IN
London in 1929. In 1887, having
Withdrawn from the dry goods busl-
ness. lie established himself as a bank
er ia London, where he amassed the
colossal fortune that enabled him to
give full scope to the practical benev-
oIence that made him the admiration
of the civilized world. He was espe-
cialiy Jealous in promoting the cause
of education, commencing with MS
birthplace, Danvers, to which he gave
$4,000 for educational purposes, he
was always ready to aid the good WORK
not only in his native land but through
out the world. To the city of Baltimore
he donated for this purpose the sum OF
81 400, 900 To Harvard College ana
to Yale College he gave $4,000 each;
to Kenyon College, Ohio, ne gave S2o'-
900, and to Washington College, III
Virginia, he gave $780, 900. For the
amelioration of the condition OF the
poor in London he gave 81, 500, OO0.
In 1867 Queen Victoria offered him
Baronetcy which he declined. In 1869
the citizens Of London erected statue
of him on the east side of the Royal
Exchange which was unveiled by the
Prince Of Wales in person.
Mr.. Peabody died il London IN
November, 1869. His remains were,
by command Of Queen Victoria, tenn :
porarily inferred III the Royal vault III
Westminster ana subsequently con
viewed in state by the British ship~of-
war, NIouurch, escorted 10y an Alneri-
can war steamer to Boston, and haalIy
deposited, amid the most imposing
manifestations of international respect,
at Danvers. Massachusetts,, III March,
1870.
Bat Mr.. Peabody's greatest benefac-
tiDl. and that with which we have most
to do, was the gift Of So, 100000 to
Trustees to advance the cause of edu-
cation IN the Southern States.
The legal title to the fluid was
vested by Mr.. PEABODY III board OF
Trustees, Of which the late Governor
GEAnAaI Of this State was q distln-
guishcG member, the purposes to
which it was to be applied being par
ticuiarIy set forth i'll the deed of gift
The Rex. b. Sears, ID. D., formerly o.
Massachusetts, we believe, but now OF
Staunton, Virginia, is the active basl
ness manager of the fund and charged
vita the duty of distributing to the
different States the portions tt
which they may be seyeralIy entitled
under the trust.
The plan .dopted for each State, We
believe, by the Trustees for the dis
tribution of the fund, has been based
in brief, upon the principle of help
ing those who help themselves
wherever therefore the efforts of any
community have been sufficient tc
make an establishment of good
school feasible by the addition of the
help within the limits prescribed by
the rules and regulations governing
the fund MIR. Sears makes that addition.
And this makes it necessary to Lave
an agent in every Southern State
upon whose Judgment he can rely IN
determining whether such aid ought
to be extended and upon whose lnteg-
<ity he can depend i'll handling tile
funds necessarily committed to his
hands. The agent selected by MIR.
Sears for the State of North Carolina
is Col. Stephen d. Pool and it ls
the portion of the Peabody Fund that
came to his hands that Col. Pool IS
charged with having embeZzled. Col.
Pools duties as agent of DR.. Sears for
the distribution of the Peabody Fund
constitute no part or parcel of his
duties as Superintendent of Public In
struction nor would he be responsible
to the State of North Carolina or to
any one indeed save to DR.. Sears and
the Trustees of the Peabody Fund.
This being SO the propriety of Col.
Pools telegram to DIR. Sears notifying
him Of the transmission of full
statement of his management of the
Peabody Fund entrusted to him from
the date of lis appointment and ask
ing for his approval, will be seen at a
glance. AS soon as his accounts are
examined Col. Pool promises to pubs
lish in full the detailed statement sent
to DR.. Sears.
This IS right. Let DIR. Sears and
the public both be satisfied that no
harm has come to the Peabody Fund.
From the Raleigh Sentinel.
COL. S. ID. POOL.