115 



The Trustees shall keep a record of their doings, and shall annu- 

 ally prepare a report setting forth the condition of the Trust and 

 Funds, and the amount of income received and expended by them dur- 

 ing the previous year. This report shall be signed by the Trustees, 

 and made public in such manner as they shall think expedient. 



I give to said Trustees the liberty of obtaining from the Legisla- 

 ture an Act of Incorporation, if they shall deem it desirable ; to make 

 all necessary By-laws, and all such regulations and restrictions as 

 shall be necessary, in their judgment, for the preservation and main- 

 tenance of the Trust, and of all property or collections held under it ; 

 and generally to do whatever may be proper and necessary to carry 

 into effect the provisions of this Trust. 



I am, with great respect, 



Your humble servant, 

 (Signed) GEORGE PEABODY. 



REPLY OF THE TRUSTEES. 



SALEM, MASS., March 2, 1867. 

 GEORGE PEABODY, Esquire : 



SIR, We have the honor to acknowledge the receipt of your letter 

 of the 26th of February, and the accompanying Instrument of Trust ; 

 and while fully appreciating this evidence of your confidence, and 

 deeply sensible of the honorable and important duties we assume, we 

 accept the appointment of Trustees of the sum of One Hundred and 

 Forty Thousand Dollars, placed in our hands by you for the promo- 

 tion of Science and Useful Knowledge in the County of Essex. 



So wise and munificent a gift cannot fail to advance the general in- 

 terests of sound learning, and to be productive of vast benefit to the 

 people of this County. 



The announcement will fill their hearts with the deepest sense of 

 gratitude, not unmixed with pride, that the giver is one of themselves, 

 born and educated upon their soil. They will read with pleasure your 

 kind allusions to them, and your reference to the many illustrious sons 

 of Essex, whose memory they cherish with tender regard. 



And while you would perpetuate to future generations the good 

 name of the County of Essex, be assured that yours will be cherished 

 by her people, and be handed down to their children, not only as 

 among the most distinguished of her sons, but as among the great 

 benefactors of mankind. 



On their behalf, and in behalf of the great cause of science and 

 letters for which you have everywhere done so much, we tender most 

 cordial thanks. 



