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Peabody Education Fund

The Peabody Education Fund was the first of several philanthropic foundations established by Northern industrialists during the late nineteenth and early twentieth centuries that focused on education in the Southern United States. George Peabody, a New England merchant and banker, established the fund in 1867 to support the growth of common schools throughout the South. Capitalized by bonds worth more than $1 million, the monies were to be distributed without restriction to those in need.

The fund initially supported state-controlled public education, granted scholarships to students who were preparing to be teachers, and promoted the Hampton-Tuskegee model of industrial education for Blacks. By 1871, the fund had established a racially based system of assistance to public schools. The fund's allocation to schools for African Americans was ...

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