Peabody Education Fund
The Peabody Education Fund was established by George Peabody in 1867, after the American Civil War, for the purpose of promoting "intellectual, moral, and industrial education in the most destitute portion of the Southern States" except schools for newly freed African Americans. The main purpose of the fund was to aid elementary education by strengthening existing schools. Because it was restricted from founding new schools, it largely did not benefit freedmen in the South; only 6.5% of its disbursements went to schools for Black students in its early years. The gift of foundation consisted of securities to the value of $2,100,000, of which $1,100,000 were in Mississippi State bonds, afterward repudiated. The original trustees of 1867 were William M. Ewarts; George A. Riggs; William A. Graham; Charles MacAlister; John H. Clifford; David G. Farragut; George N. Eaton; George Peabody; Hamilton Fish; Ulysses S. Grant; William Aiken; Robert C. Winthrop; George P. Russell; Charles P. M ...
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