PROCEEDINGS OF THE REGENTS. 93 



chosen Mayor of the city of Washington, in place of Mr. Berret, re- 

 signed, has become ex officio a member of the Board. 



The Secretary made a statement relative to the present condition 

 of the Institution and its operations, but as several of the Regents 

 were obliged to leave on account of congressional duties, the Board 

 adjourned to meet on Saturday, February 8. 



Saturday, February 8, 1862. 



The Board of Regents met this day at 10 o'clock a. m. in the Re- 

 gents' room. 



Present : Hon. H. Hamlin, Vice-President of the United States; 

 Hon. James A. Pearce, Hon. Lyman Trumbull, Hon. S. Colfax, Hon. 

 S. S. Cox, Hon. Edward McPherson, Hon. R. Wallach. In the ab- 

 sence of the Chancellor, Hon. Mr. Hamlin was called to the chair. 



Mr. Pearce presented the report of the Executive Committee, con- 

 taining an account of the receipts and expenditures for the year 1861. 

 and estimates for 1862, which was read and approved. 



Mr. Pearce also gave an account of the financial arrangements of 

 the Institution, the care exercised in expenditures, the examination 

 of vouchers, &c. 



1. The disbursements are authorized by the Secretary, in accord- 

 ance with the appropriations made by the Board. 



2. The accounts are audited by the Chief Clerk, and in the more 

 important cases are examined by experts as to the reasonableness of 

 the charges. 



3. The bills are next presented to the Secretary for approval and 

 for orders on the Treasurer to pay them. 



4. They are then copied in detail into a day-book in chronological 

 order, and the amounts posted in a ledger under the heads of the 

 different appropriations. 



5. The accounts and vouchers are semi-annually placed in the 

 hands of Mr. W. B. Randolph, (Chief Clerk of the Treasurer of the 

 tJnited States,) for critical and final revision, and for the preparation 

 of a general statement of receipts and expenditures during the year. 



6. At the end of the year all the books and accounts are carefully 

 examined by the Executive Committee, and the result reported to 

 the Board of Regents. 



The Secretary presented his annual report of the operations of the 

 Institution during the year 1861, which Avas read and approved. 

 The Board then adjourned to meet at the call of the Secretary. 



