EIGHTH ANNUAL REPORT OF 



PROCEEDINGS 



BOARD OF REGENTS 



SEVENTH ANNUAL SESSION OF THE BOARD OF REGENTS. 



[Continued from last Report.] 



Washington, March 12, 1853. 



The Board of Regents met this day at 10 o'clock, A. M. Present : 

 Messrs. Colcock, Fitch, Mason, Maury, Totten, the Secretary, and W. 

 W. Seaton, Tfeasurer. 



The proceedings of the last meeting were read and approved. 



The Secretary brought before the Board the subject of the disposi- 

 tion of the surplus fund, and stated that Messrs. Corcoran & Riggs had 

 offered to allow interest at five per cent, if the deposit was continued 

 with tliem. 



]Mr. Fitch offered the following resolution, which was adopted t 



Resolved, That the surplus fund of $208,000 now on deposit with 

 Corcoran & Riggs, be continued with them for twelve months, on their 

 proposition to pay interest thereon at five per cent; provided, that a 

 ])art thereof, not exceeding $58,000, may be withdrawn for building 

 expenditures during the year, and that they deposit the same or 

 equivalent securities to those now held therefor, to be approved by the 

 Regents then in Washington and the Secretary. 



Mr. Colcock offered the following resolution, which was adopted : 



Resolved, That during the year 1853 the sum of thirty thousand dol- 

 Inrs ($30,000) out of the Smithsonian income be, and is hereby, appro- 

 priated, to be expended under the direction of the Secretary, and with 

 The advice of the Executive Committee, to defray the expenses of the 

 Institution, and to carry out the several parts of the programme. 



The Secretary brought before the Board the question of a new divi- 

 sion of the income of the Institution, rendered necessary by the increase 

 of the general expenses, of the addition to the sum contemplated for 

 finishing the centre building tor the library and collections, and other 

 causes. 



Mr. Fitch offered the following resolution, which was adopted: 



Resolved, That the subject of the distribution of the income of the 

 Institution in the manner contemplated by the original plan of organiza- 

 tion, be referred to a Select Committee, to consist of Messrs. Pearce, 

 Mason, Rush, Bache, Choate, Totten, and Maury, for a report at the 

 next session of the Board of Regents of such changes, if any, as in their 

 ooinion are desirable; and that the same Committee be instructed to 

 report fixed regulations relative to the reception of donations, &c. 



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