Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1897-09-11
atliseellanso,1s 8eading.
The PEABODY FUND.
One of the Most Wisely Bestowed Bene-
factions In History.

One of the Most Wisely Bestowed Bene.
factions In History.
When George Peabody 80 years age
put in trust S2,O00,0O to be spent in
furthering education in the United
States, be made undoubtedly the wis.
est provision for the public good that
any similar benefactor ever made.
President Gilman, chairman of the
board, sets forth the history and re.
suits of this great fund in The Allan.
tic. In the first place he used uncom-
mon wisdom in selecting the board OF
trustees. Although the war had but
recently ended and men were violently
divided in their opinions, he was broad
enough to select alike men from the
north and men from the south. He
was wise enough not to restrict their
action, but to allow them to apply the
money to education as they pleased,
expressing simply his conviction that
it would serve the best purpose by
stimulating educational work that was
already begun instead of founding new
institutions.
Three presidents of the United
States, two chief justices of the su-
preme court and a number of other
most eminent men have felt it an hon
or to serve on this board. 1t has been
proved, therefore, that the highest pos
siblA service can be secured for pub.
lie end without pecuniary considera'
ton if the aim be large and high.
The income from this 81, 900, 900 was
to be devoted as the trustees saw fit
for 80 years, and at the end of 80
years they were themselves to decide
whether they should continue longer
to distribute this income or whether
the principal also should be applied to
education and the trust wound up.
The trustees have recently unanimous
ly concluded to continue the payment
of the income.
During these 80 years 81, 400, 900 has
been spent in furthering education,
chiefly in the southern states, and it is
a modest estimate of the results TO say
that a complete revolution has been
brought about. Less than 80 years
ago 25 per cent. of the whites in II
southern states were illiterate, and
now only 16 per cent. Thirty years
ago 81 per cent. of the blacks were H.
literate, and now only 62 per cent. In
Virginia in 1870 there were only 51,-
900 pupils in the public schools; now
there are $4,000. These are speci.
mems of the results that have been
brought about more by reason of this
great donation than from any other
single cause.
A result of another sort has followed
Mr.. Peabody's wise action, for Mr..
John F. Slater's donation of 81 ,0OO, 900
to the education of the freedmen was
directly suggested by it. These two
great benefactions for public education
are believed to be without precedent
or parallel in the history of the use OF
great fortunes for the public good.
They have become historic as evidences
of the breadth of American philan-
thropy.
Once a year, when the board OF
trustees of the Peabody fund meets,
following the suggestion of the found
er, they dine together. At the conclu-
sion of the dinner, in most proper
and solemn manner, the chairman
proposes as a sentiment the memory
of the founder, which the company
drinks in silence.-President D. c. Gil
man, Johns Hopkins University, in
Atlantic.