Bryan daily eagle and pilot. [volume] (Bryan, Tex.) 1909-1918, 1909-05-14
TO WIND UP PEABODY FUND.
Bulk Of Fund Goes to Peabody Normal
at Nashville. Commission 70 be
Dissolved.

Special to the Eagle
New York, May l4.-More than or
dinary significance attaches to the an
nual meeting begun In this city today
by the trustees OF the Peabody Edu.
cation Fund When George Peabody.
the banker philanthppist OF Balti-
more and London. died In 1869 he
left In trust 10 self perpetuatlng
board Of trustees a fund OF about
two and a half million dollars, the
income thereof 10 be used and applied
In your discretion for the promotion
and encouragement OF intellectual,
moral and industrial education among
the youth OF the most destitute por-
tions Of the Southern and Southwes-
tern states OF our Union. my purpose
being that the benefits intended shall
be distributed among the entire pop
ulation. without other distinction than
their needs and the opportunities OF
usefulness TO them"
Power was conferred by the deed
OF trust on the trustees to distribute
the fund NJ the expiration OF thirty
years. which period ended in 1897. IN
January. 1905. the trustees decided.
by vote OF II to 2. 70 dissolve the
trust AS step TO this end the trus-
tees offered the sum OF sl.000.0O0 to
the Peabody Normal College of Nash
Vile. which has been the principal
beneficiary Of the fund. on the con-
ditions that the institution change its
name to George Peabody College for
Teachers" and the State Of Tennes-
see should add s25O.OO0. the City OF
Nashville 100000 and Davidson
county. in which Nashville is located
should give 100000. making the to.
tai endowment sl.55O.000
Several years were required TO per
suade the Legislature of Tennessee
and the common council OF Nash.
Vile to comply with the conditions.
The work was finally completed In a
satisfactory manner several months
ago. and nothing now remains but for
the trustees TO take the steps neces-
sary TO wind up the trust. which has
been In existence forty-two years.
The Peabody trustees who have be-
fore them the task OF winding up the
Affairs OF the corporation include
such eminent men as Chief Justice
Fuller. J. Pierpont Morgan. Governor
Hoke Smith OF Georgia, Governor An.
sci OF South Carolina. ex.President
Roosevelt. Joseph II. Choate. ex-Sec-
retary olney and Bishop Lawrence
OF Massachusetts,.
The story OF the Peabody fund
would not be complete without ref.
erence to the great philanthroplst's
rise to fortune. No American boy
had a less hopeful outlook for future
success than George Peabody. who
was born in Danvers. Mass. Feb. Is.
1875. His parents were hard working
religious people. who could do little
for their children but provide them
with food and clothes until they were
able to look out for themselves. Geo.
began to assume this responsibility
when he was eleven years old.
Leaving his native town, he went
20 Post Mills. VT. and worked there
a year. on his returne he earned
nights lodging at Concord. n. H.. by
saving wood. The journey was made
on foot Half century later he went
over the same road, this time In a
carriage. TO Post Mills. and as a mark
Of his attachment for the place. pre-
sented Il with library.
In 1871 he became a clerk In his
brothers store at Newburyport. The
store was destroyed by fire. and at
the age OF is young Peabody found
himself an orphan. out OF work and
without money or influence. In May.