THE SMITHSONIAN INSTITUTION. 235 



particular subjects, annual reports on special branches of knowledge, 

 provision for certain lines of research, and libraries for general use or 

 special reference, may be founded under the name of those who be- 

 stow the funds, and be placed under the direction of, and incorporated 

 with, the Smithsonian Institution. The charge, however, ot" such be- 

 quests ought not to be accepted unless they are sufficient in themselves 

 to meet the expenses of the object contemplated by them, and would 

 not encumber or impede the legitimate operations of the Institution. 

 For example: were a library of a hundred thousand volumes offered, it 

 would be unwise to accept it were it not accompanied by the funds 

 necessary to the erection of a building and to the proper support of the 

 collection. 



In July, 1850, a new system of accounts was introduced, which has 

 been continued to the present time. According to this system, every 

 payment is made by an order of the Secretary on the Treasurer, who, 

 in turn, gives his check on Messrs. Corcoran & Riggs, with whom the semi- 

 annual interest and the other income of the Institution are deposited. 

 As often as once a quarter all the bills are examined and referred to 

 their appropriate classes, in presence of all the officers of the Institu- 

 tion. After the accounts are posted, the}^ are referred to the Executive 

 Committee for final examination. 



By a reference to the report of the Executive Committee, it will be 

 seen that the funds are in a good condition, and that, although during the 

 past year $14,047 have been paid on the building, there is still on hand, 

 after all the expenditures for publications and other purposes, besides 

 the original bequest, upwards of S200,000 of accrued interest. It is to 

 be regretted that Congress has not yet acted on the petition requesting 

 the perpetual funding of $150,000 of the last-mentioned sum. It is 

 highly important that this money should be permanently invested 

 as a part of the principal, so that it can neither be lost nor expended. 

 There are no other means of effectually accomplishing this result 

 except by fimding it in the treasury of the United States. The propo- 

 sition should be pressed upon Congress, though there may be, at 

 present, no very certain prospect of success; for, if the petition be 

 refused, and the money be afterwards lost by improper investment or 

 injudicious expenditure, the responsibility would, in part, rest with the 

 government. 



The charge of this fund, and of all the disbursements, is attended 

 with much solicitude. It involves a degree of responsibility which, 

 to a person unaccustomed to large financial transactions, is very oner- 

 ous. I beg leave, however, in this place, to mention the obligation 

 which the Institution is under to W. W. Corcoran, Esq., for the aid 

 which he has, in all cases, afR)rded in the management of the funds, 

 and the judicious advice which he has always given relative to their 

 investment. 



From tlie report of the Building Committee it appears that the con- 

 tract for finishing the interior of the wings and ranges, and the rooms 

 of the towers, has been completed. The whole interior of the main 

 building, comprising a rectangular space of two hundred feet long, 

 fifty wide, and about sixty high, remains to be finished with fire-proof 

 materials. It is proposed to divide this space into two stories and a 



