PEABODY EDUCATIONAL FUND. A fund founded in 1867 by George Peabody (q.v.) 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 Mis sissippi State bonds, afterwards repudiated. In 1869 an additional $1,000,000 was given by Mr. Peabody, with $384.000 of Florida bonds. also repudiated later. The trustees. chosen from the most prominent public men in the United States, had authority to expend forty per cent. of the principal during the first two years, after which the amount was to remain unchanged for thirty years, when the fund might be used and dis tributed for educational purposes. The main purpose of the fund was to aid elementary edu cation, and that by strengthening existing schools rather than by founding new ones. Only schools having an attendance of more than 100 and a school period of ten months were to be aided. To such schools $300 was to be given: to those having an attendance of 200, $600 was given; and to those having an attendance of 300, $1000 was given. All grants were made on condi
tion that the district contributed twice as much as the Peabody Board, and in all cases the board worked in unison with State and local school authorities. Especial attention was given to the support of normal schools, particularly those on independent foundations. Scholar:flips were granted to numerous students of $200 in value. later of $100 and traveling expenses. In 1575 the Peabody Normal School was established at Nashville, Tennessee. The annual distribution of the products of the funds averages about $75.000 per year, and in the thirty of the Fund, terminating in 1895, a total of more than $2,500.000 was distributed. The States benefited were Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas, Tennessee, Virginia, and West Virginia.
Consult: Reports of the Peabody Educational Fund (1867 to date), and Dr. J. L. M. Curry's History of Peabody Educational Fund (Cam bridge, :Mass., 1898).