Washington, February 7, 1867.
To
Hon. Robert C. Winthrop, of Massachusetts; Hon. Hamilton Fish, of New York; Right Rev. Charles P. McIlvaine, of Ohio; General U. S. Grant, of the United States Army; Hon. William C. Rives, of Virginia; Hon. John H. Clifford, of Massachusetts; Hon. William Aiken, of South Carolina; William M. Evarts, Esq., of New York; Hon. William A. Graham, of North Carolina; Charles Macalester, of Pennsylvania; George W. Riggs, Esq., of Washington; Samuel Wetmore, Esq., of New York; Edward A. Bradford, Esq., of Louisiana; George N. Eaton, Esq., of Maryland; and George Peabody Russell, Esq., of Massachusetts.
Gentlemen: I beg to address you on a subject which occupied my mind long before I left England, and in regard to which one, at least, of you (the Hon. Mr. Winthrop, the distinguished and valued friend to whom I am so much indebted for cordial sympathy, careful consideration, and wise counsel in this matter,) will remember that I consulted him immediately upon my arrival in May last.
I refer to the educational needs of those portions of our beloved and common country which have suffered from the destructive ravages, and the not less disastrous consequences of civil war.
With my advancing years my attachment to my native land has but become more devoted. My hope and faith in its successful and glorious future have grown brighter and stronger, and now, looking forward beyond my stay on earth, as may be permitted to one who has passed the limit of three score and ten years, I see our country united and prosperous, emerging from the clouds which still surround her, taking a higher rank among the nations, and becoming richer and more powerful than ever before.
But to make her prosperity more than superficial, her moral and intellectual development should keep pace with her material growth, and in those portions of our nation to which I have referred, the urgent and pressing physical needs of an almost impoverished people must for some years preclude them from making, by unaided effort, such advances in education, and such progress in the diffusion of knowledge among all classes, as every lover of his country must earnestly desire.
I feel most deeply, therefore, that it is the duty and privilege of the more favored and wealthy portions of our nation to assist those who are less fortunate, and, with the wish to discharge so far as I may be able my own responsibility in this matter, as well as to gratify my desire to aid those to whom I am bound by so many ties of attachment and regard, I 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 income thereof used and applied in your discretion for the promotion and encouragement of intellectual, moral, or industrial education among the young of the more destitute portions of the Southern and Southwestern States of our Union; my purpose being that the benefits intended shall be distributed among the entire population, without other distinction than their needs and the opportunities of usefulness to them.
Besides the income thus derived, I give to you permission to use from the principal sum, within the next two years, an amount not exceeding forty per cent.
In addition to this gift I place in your hands bonds of the State of Mississippi, issued to the Planter's Bank, and commonly known as Planter's Bank bonds, amounting, with interest, 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.
These bonds were originally issued in payment for stock in that bank held by the State, and amounted in all to only two millions of dollars. For many years the State received large dividends from that bank over and above the interest on these bonds. The State paid the interest without interruption till 1840, since which no interest has been paid, except a payment of about one hundred thousand dollars, which was found in the treasury applicable to the payment of the coupons, and paid by a mandamus of the Supreme Court. The validity of these bonds has never been questioned, and they must not be confounded with another issue of bonds made by the State to the Union Bank, the recognition of which has been a subject of controversy with a portion of the population of Mississippi.
Various acts of the Legislature, viz.: of February 28, 1842; February 23, 1844; February 16, 1846; February 28, 1846; March 4, 1848, and the highest judicial tribunal of the State have confirmed their validity, and I have no doubt that at an early date such legislation will be had as to make these bonds available in increasing the usefulness of the present trust.