r A.D. 1861, and in
consideration of the promises and undertakings of the said American
Missionary Association, hereinafter set forth, does hereby give,
transfer and deliver unto the said American Missionary Association the
following bonds and property in trust, viz.: (Here follows a list of
the property transferred, amounting at par value to $1,000,894.25. The
market value is more than that sum.) Said bonds and property to be
received and held by said American Missionary Association, _upon
trust_, and for the following purposes, viz.: To safely manage the said
trust fund, to change investments whenever said Association may deem it
necessary or advisable to reinvest the principal of said trust fund in
such securities, property and investments as said Association may deem
best, and to use the _income thereof only_ for the education of colored
people of African descent residing in the recent slave States of the
United States of America hereinbefore specified.

"Such income to be applied for the education of such colored people as
are needy and indigent and such as by their health, strength and vigor
of body and mind give indications of efficiency and usefulness in after
life.

"Said American Missionary Association and the proper officers thereof,
shall have the right, while acting in good faith, to select from time
to time such persons from the above described class as are to receive
aid from the income of said trust fund, hereby confiding to said
Association the selection of such persons as it shall deem most worthy
and deserving of such aid, but I would limit the sum of $100 as the
largest sum to be expended for any person in any one year from this
fund. I impose no restrictions upon said Association as to the manner
in which they shall use such income for the education of such colored
people, whether by establishing schools for that purpose, and
maintaining the same, or by furnishing individual aid; trusting to said
Association and the officers thereof the use of such means in the
execution of said trust as in their judgment will be most for the
advantage of that class of people.

"Said trust fund shall be set apart and at all times known as the
'Daniel Hand Educational Fund for Colored People.' And the said
Association shall keep separate accounts of the investment of this
fund, and of the income derived therefrom, and of the use to which such
income is applied, and shall publish monthly statements of the receipts