Peabody Education Fund
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Founded of necessity due to damages caused largely by the American Civil War, the Peabody Education Fund was established by George Peabody in 1867 for the purpose of promoting "intellectual, moral, and industrial education in the most destitute portion of the Southern States." 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. In 1869 an additional $1,000,000 was given by Mr. Peabody, with $384,000 of Florida funds, also repudiated later. The main purpose of the fund was to aid elementary education, and accomplishing that by strengthening existing schools rather than by founding new ones, a stipulation which left the recently freed slaves out of the picture since no established schools for slaves had existed.
The rules of the Peabody Education Fund were strict, allowing for the distribution of about $80,000 per year over a period of thirty years. By the time of the termination of the fund in 1898 about $2,500,000 had been distributed. In 1875 the trustees of the Peabody Education Fund founded the Peabody Normal School of the South which promptly became the Peabody Normal College (1875-1911), which was maintained in connection with the University of Nashville and supported by annual donations from the Peabody Education Fund. In 1910 the Peabody College for Teachers was organized. Placed adjacent to Vanderbilt University, the College opened its doors on June 14, 1914 for summer school. In September, 1915, four new buildings had been completed at a cost of $750,000. About 1915, the Peabody Education Fund ceased to exist.
[edit] Literature
L. P. Ayres, Seven Great Foundations (New York, 1911)
