163 [ 23 ] 



No. 5. 



Rf'port of the Exeadive Coynmittee of the Smilhson'mn Instifntin?,, em- 

 bodijiiis^a proposed scale of expenditure for four years from, the \9lh of 

 March, 1S47 ; being- the remainder of the term of the contract for the 

 erection of the institution building. 



The contract for the institution building has been made; the building 

 itself is considerably advanced ; and the building committee have had an 

 opportunity of ascertaining, with some degree of accuracy, the entire 

 amount of expenditure made, or authorized, or necessarily to be incurred, 

 on the said building, and on the lot on which it stands, until the same 

 shall be completed— say on the 19th of March, 1852. 



Some progress has also been made in the preparation of transactions, 

 and in carrying out other measures in fulfilment of the will of the testa- 

 tor, to "increase and diffuse knowledge among men." 



At this point of progress, the Executive Committee — knowing the great 

 desire often expressed by various members of the board during former 

 meetings, that the erection of the institution building, though necessarily 

 spacious on account of the special requirements of the act organizing the 

 institution, should not withdraw from the funds of the institution more 

 than a moderate portion even of that accumulated interest wliich the ap- 

 propriation by Congress authorizes to be thus employed ; remembering, 

 also, that the Chancellor and one of the members of tlie board have here- 

 tofore introduced resolutions embodying their wish that the sum thus 

 withdrawn shojuld not, if possible, exceed one hundred thousand dollars ; 

 but more especially calling to mind the fact that a certain prospective 

 plan of finance and scale of expenditure, throughout the years in which 

 the building shall be in progress, has been heretofore submitted to the 

 board by one of its members, and, though not spread formally upon its 

 minutes, did, in fact, receive the sanction of the board — ask leave here to 

 submit a scheme of expenditure for four years from the 19th of March 

 next, based upon that plan of finance, and differing from it only in some 

 details suggested by the present state of the financial affairs of the insti- 

 tution, by which the above objects may substantially be accomplished ;. 

 so that, on the 19ih of March, 1852, when the buikhng shall be com- 

 pleted, including its fitting up, furnishing, lighting and heating, and the 

 lot belonging to the institution shall be laid out, planted, and permanently 

 fenced ; and when, in a word, everything shall be prepared, so that the 

 institution can go into full operation, without any necessity to take from 

 its current income thereafter any amount to add to its buildings or to 

 secure or adorn its grounds, there shall still remain as a permanent fund, 

 bearing six per cent, interest, payable semi-annually, the original capital 

 of $515,169, and the interest that had ac2umulated on the same, specified 

 in the second section of the act organizing the institution, to wit : the 

 sum of $242,129, deducting from these two sums about one hundred 

 thousand dollars only ; or, in other words, so that the sum of §657,398, 

 or thereabouts, should remain on the 19th March, 1852, as the permanent 

 fund of the institution. 



To carry out a plan having this desirable object in view, two condi- 

 tions (both within the power of the board) are necessary : tlie first, that 

 the entire cost of the building— including the complete fitting up and fur- 



