Exhibit 23

                          The Peoples Holding Company

                         Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statement (Form
S-3 No.  33-20108) of The Peoples Holding Company and in the related  Prospectus
of our report dated January 31, 2001, with respect to the consolidated financial
statements of The Peoples Holding  Company  included in this Annual Report (Form
10-K) for the year ended December 31, 2000.



                                           /s/ Ernst & Young LLP

Memphis, Tennessee
March 14, 2001