Mississippi, though now depressed, is rich in agricultural resources, and cannot long disregard the moral obligation resting upon her to make provision for their payment. In confirmation of what I have said in regard to the legislative and judicial action concerning the State bonds issued to the Planter's Bank, I herewith place in your hands the documents marked A.
The details and organization of the trust I leave with you, only requesting that Mr. Winthrop may be Chairman, and Governor Fish and Bishop McIlvaine Vice-Chairmen of your body; and I give to you power to make all necessary by-laws and regulations, to obtain an act of incorporation, if any shall be found expedient, to provide for the expenses of the trustees and of any agents appointed by them; and generally, to do all such acts as may be necessary for carrying out the provisions of this trust.
All vacancies occurring in your number by death, resignation, or otherwise, shall be filled by your election, as soon as conveniently may be, and having in view an equality of representation so far as regards the Northern and Southern States.
I furthermore give to you the power, in case two-thirds of the trustees shall at any time, after the lapse of 30 years, deem it expedient, to close this trust, and of the funds which at that time shall be in the hands of yourselves and your successors, to distribute not less than two-thirds among such educational or literary institutions, or for such educational purposes as they may determine, in the States for whose benefit the income is now appointed to be used. The remainder may be distributed by the trustees for educational or literary purposes wherever they may deem it expedient.
In making this gift I am aware that the fund derived from it can but aid the States which I wish to benefit in their own exertions to diffuse the blessings of education and morality. But if this endowment shall encourage those now anxious for the light of knowledge, and stimulate to new efforts the many good and noble men who cherish the high purpose of placing our great country foremost, not only in power, but in the intelligence and virtue of her citizens, it will have accomplished all that I can hope.
With reverent recognition of the need of the blessing of Almighty God upon this gift, and with the fervent prayer that, under His guidance, your counsels may be directed for the highest good of present and future generations in our beloved country,
I am, gentlemen, with great respect, your humble servant,
George Peabody.
Action of the Trustees of the Peabody Gift.