8 REPORT OF THE SECRETARY. 



iu auy previous year, and the expenses correspondingly increased, yet 

 the entire cost to the Institution has been only $7,407.84:. A consider- 

 able amount of printing, also, which might have been chargeable to the 

 Smithsonian fund, has been carried on at the expense of the printing- 

 fund of the National Museum. 



The appropriations for the year by Congress, for the National Mu- 

 seum have been liberal, and the results of the expenditure entirely sat- 

 isfactory, as I trust will be shown in considering this charge of the 

 Smithsonian Institution. 



Virginia bonds. — At the meeting of the Board of Regents, January 

 19, 1881, the Executive Committee was authorized, at its discretion, to 

 dispose of the Virginia securities owned by the Institution and deposit 

 the proceeds in the Treasury of the United States as a part of the per- 

 manent fund. 



The Executive Committee, after the adjournment of the board, took 

 this subject into consideration, and, after consultation with Mr. Geo. 

 W. Kiggs and others qualified to give an opinion on the matter, decided 

 that the time was opportune for the disposal of the Virginia securities, 

 and directed their sale accordingly. The following is a statement of the 

 results of this sale : 



$58,700.00 ijar value in Virginia consolidated bonds, sold at 



an average of about 79 per cent., yielded $1G, 417 87 



$29,375.07 Virginia deferred certificates, at ISf per cent 4, 039 08 



$50.13 Virginia consolidated scrip, at 15f per cent 58 03 



50,514 98 



The Executive Committee deposited this amount in the Treasury of 

 the United States, adding to it from the sale of the coupons of Virginia 

 bonds due 1st Jaunary, 1881, $985.02, so as to make the whole sum, 

 $51,500, to be added to the permanent Smithson fund, which was thus 

 increased to $703,000, and on which C per cent, interest will be paid 

 perpetually. 



The fluctuations of the stock market, the anticipations of loss from 

 improper legislation and other causes, have thus been removed from 

 the anxieties of the managers of the Institution, the funds are now se- 

 cure in one investment, and that as enduring as the nation itself. 



Condition of the fund January^ 1882. 



The amount received as the bequest of James Smithson, 

 deposited in the Treasury of the United States, in ac- 

 cordance with the acts of Congress of August 10, 184C, 

 and February 8, 1867 $515, 169 GO 



Resichiary legacy of Smithson, added to the fund by act 

 of Congress, February 8, 1867 26, 21 63 



