S. Mis. 53. 13 



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

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

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

 with, the Smitljsonian Institution. The charge, however, of such be- 

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

 to meet ihe 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 hundn^d thousand volumes offered, it 

 \vouhl 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, 1S50, a new system of accounts w^as introduced, which has 

 been continued to the present time. According to this sj'^stem, every 

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

 in turn, gives his check on Corcoran & Kiggs, with whom the semi-an- 

 nual interest and the otlier income of the Institution are deposited. As 

 oi'ten as once a quarter all the bills are examined and referred to their 

 appropriate classes, in presence of all the officers of the Institution 

 After the accounts are posted, the}^ are referred to the Executive Com- 

 mittee lor 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 though during the 

 past year 814,047 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 $200,000 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 jiidncipal, so that it can neither be lost nor expended. 

 There are no other means of effectually accomplishing this result ex- 

 cept b}^ funding it in the treasury of the United States. Tlie proposition 

 should be pn^ssed upon Congress, thougli there may be, at present, no 

 very certain prospect of success ; for, if the petition be refus(xl, and 

 the money be afterwards lost by improper investment or injudicious 

 expenditure, the responsibility would, in part, rest with the govern- 

 ment. 



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

 Avitli 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 

 wln'ch the Institution is under to W. W. Corcoran, esq., for the aid 

 which he has, in all cases, afforded in the management of the funds, 

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

 investment. 



From the 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 rectangulai- 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 



