CARNEGIE INSTITUTION OF WASHINGTON. 41 1 



by the said Trustees to enable them to carry out the purposes hereafter 

 expressed. I hereby confer on the Trustees all the powers and immuni- 

 ties conferred upon Trustees under the law, and without prejudice to 

 this generality the following powers and immunities, viz. : Power to 

 receive and realize the said bonds, and the principal sums therein con- 

 tained and the interest thereof, to grant discharges or receipts therefor, 

 to sell the said bonds, either by public sale or private bargain, at such 

 prices and on such terms as they may deem reasonable, to assign or 

 transfer the same, to sue for payment of the principal sums or interest, 

 to invest the sums which from time to time may be received from the 

 said bonds on such securities as trustees are authorized by the law of 

 the State of JSTew York, Pennsylvania, or Massachusetts, to invest trust 

 funds, and also on such other securities as they in the exercise of their 

 own discretion may select, and to alter or vary the investments from 

 time to time as they may think proper; and I hereby expressly provide 

 and declare that the Trustees shall to no extent and in no way be re- 

 sponsible for the safety of the said bonds, or for the sums therein con- 

 tained, or for the securities upon which the proceeds of the said bonds 

 may be invested, or for any depreciation in the value of the said bonds, 

 or securities, or for the honesty or solvency of those to whom the same 

 may be entrusted, relying, as I do, solely on the belief that the Trustees 

 herein appointed and their successors shall act honorably ; and I further 

 hereby empower the Trustees to administer any other funds or property 

 which may be donated or bequeathed to them for the purposes of the 

 trust ; and I also empower them to appoint such officers as they may con- 

 sider necessary for carrying on the business of the trust, at such salaries 

 or for such remuneration as they may consider proper, and to make such 

 arrangements, and lay down from time to time such rules as to the sig- 

 nature of deeds, transfers, agreements, cheques, receipts, and other writ- 

 ings, as may secure the safe and convenient transaction of the financial 

 business of the trust. The Committee shall have the fullest power and 

 discretion in dealing with the income of the trust, and expending it in 

 such manner as they think best fitted to promote the objects set forth in 

 the following clauses : 



The purposes of the trust are as follows, and the revenues therefrom 

 are to be devoted thereto: 



It is proposed to found in the city of Washington an institution 

 which, with the cooperation of institutions now or hereafter established, 

 there or elsewhere, shall in the broadest and most liberal manner en- 

 courage investigation, research, and discovery; show the application of 

 knowledge to the improvement of mankind; provide such buildings, 

 laboratories, books, and apparatus, as may be needed; and afford in- 

 struction of an advanced character to students properly qualified to 

 profit thereby. 



