The home journal. (Winchester, Tenn.) 1858-188?, 1882-05-24
Bonds Held by the peakcGy
institute.

In the Legislature, a few days since,
Speaker Ramsey presented the follow
ing letter, which was referred to the
Joint committee on the State debt:
To the Honorable the General Assembly of
the State Of Tennessee:
Pcabody Institute Of the city Of Bahi-
more, Baltimore, May l0.-In 1869 Mr..
George Peabody, of London, founder of
this Institute, gave to its trustees $780,
600 in 6 per cent Tennessee bonds for
the purpose Of completing the building
then partially built. These bonds were
issued before the war, and have reason
to believe were issued to pay for the
construction of public buildings, turn
pixies, railroads, Nc, for the people of
the Stae--works which have been of
Of great benefit to them. In making
this gift, Mr.. Peabody expressed bis per-
feet confidence in the great wealth of
the State and the integrity of its people,
and advised his trustees not to sell these
bonds at Il discount, but to dispose of
other securities for the purpose ofbuild-
ing, and retain these bonds until they
should be paid, principal and interest,
which he was confident would be done
in very few years. Other bonds were
accordingly sold; the building was
completed, and in it large provision was
made for school of art, which the re-
duced income Of the Institute has rem
dered utterly useless and standing Wis
iblc rcproach to the State of Tennessee,
should it not make provision for the
payment of this just debt. All depart,
ments Of the Institute have been and are
crippled in their work from the same
cause and this great institution must
prove u failure if this debt is not paid
Onc-half of its funds are now invested in
these bonds, and the accrued interest
upon them; and. by the failure of the
State to pay this interest, the Institute
is deprived of one-half of the income
MIR. Peabody supposed he had provided
for it,
At the time Mr.. Peabody presented
.hese bonds to the trustees for the SUD-
port of this Institute, he devoted very
much larger sum to the support of edu-
cational institutions in the Southern
States. From that fund the State of
tennessee received, down to 1881,
$247 $50.
l cannot think that q State, which
has been the recipient of this large
bounty from Mr. Peabody-a free gift
to Its pcople-would willingly or know
lngly destroy or injure an institution,
which no had greatly at heart, by n re.
'usal or failure to pay to that institu-
ion its just dues.
understand that the State of Ten
lessee protects its own educational in
titutions. making in its settlement with
is creditors an exception in their favor
nd it seems but just that the Peabody
institute, which is educational in all its
perations, should be included in the
ime provision of law, especially since
ne State has already received from Mr..
'eabody's educational fund a sum near
equal to the original debt due the in !
litute.
l would urge you then, in the inter.
So OF justice, in the interest of reciproc- !
y towards good man, from whom Won ,,
ave received great benefits and are to =
early receive them in the future, in the Z
lterest Of bcnevolence, to prevent n q
reat institution, once amply endowed, E
ON becoming n reproach to its found y
; or as the public are already saying, |,
ON becoming u marble mnue,lenm oil ~
'ad promises" to pay the interest on II
ese bonds, or in their place to give us " "
her bonds which shall include princi. T
Il and back interest in full at six nor !,
mt. interest. = II
After this plain statement | have no -
ubt the Trustees of the Peabody In ..
tute OF the city of Baltimore will re- 60
We any sum you may see proper to ri
7. ENocH PRATT, 81
reas Peabody Institute, City of Baltimore ~
:. $. We have three hundred and be
.y.four thousand 6 per cent. bonds, lac
= interest due from July l, 1875. an
lZ7fIsIy -