Founded of necessity due to damage 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 by strengthening existing schools. Because it was restricted from founding new schools, it did not benefit freedmen in the South, as there were no established schools for blacks.