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164 



nishing of the same ; lighting and heating, ventilating and draining the 

 same; supplying the same with water ; laying out in grass and planting 

 with trees and shrubs the lot; fencing the same, both with the present 

 temporary fence and the final permanent one ; also all expenses for super- 

 intendence of erection, includmg the cost of arciiitect's office, and other 

 incidentals, so as, in fact, to cover all expenses whatever that have been 

 incurred arjd are to be incurred on the building, and on the lot on which 

 it stands, until the completion of the building ar:d of the preparation of 

 the lot, up to the 19th of March, 1852 — shall not exceed tico hundred and 

 fifty til ov sand dollars ; of which the balance unexpended on the 19th 

 of March, 1848, shall be expended in nearly equal proportions in each 

 of the four years next following that date. 



The second condition is, that the current expenses of the institution, 

 exclusive of those just enumerated, but including the expenses of the 

 board and its committees; the salaries of otticers, including messenger; 

 the expense of all publications, researches, or other similar undertakings ; 

 the purchase of books and apparatus; and all incidentals whatever, not 

 enumerated in the foregoing paragraph, shall not exceed, for each one of 

 the four years next after the 19th of March, iS^'S^JiJteen thousand dol- 

 lars. 



The committee proceed to furnish the details necessary to substantiate 

 the position here taken. 



In pursuance of instructions contained in a resolution of the board of 

 the 28th of January last, this committee, after certifying to the Chancellor 

 and Secretary the auiount of contracts entered into and authorized by the 

 board, received the said amount, to wit: the sum of two hundred and fifty 

 thousand doll;irs, in treasury notes, payable to the order of the Chan- 

 cellor of the Smithsonian Institution, dated the 17ih of February, 1847, 

 and bearing six per cent, interest, payable semi-annually thereafter. 

 These treasury notes are deposited for safekeeping with the Treasurer of 

 the United States; and the board will recollect that, by its resolution of 

 the 28th oi January last, they can be drawn out only upon checks or 

 warrants signed by the Chancellor, the Secretary, and the chairman of 

 the Execuiive Committee. Of these treasury notes, ten thousand dol- 

 lars were ihus drawn out on the 30th of October last, to pay the con- 

 tractor and other expenses. The remainder, to wit: the sum ot two hun- 

 dred and forty thousand dollars, still remains invested in said treasury 

 notes. The ten thousand dollars sold netted $'10,121 67, being par, with 

 interest added to the day of sale. 



By this arrangement, very favorable to the finances of the institution, 

 the whole of its funds, both original, principal, and accumulated interest, 

 at present amounting to the sum of $755,169, become productive ; bearing, 

 under the safest possible investment, six per cent annual interest, payable 

 semi-annually. 



So long as no more treasury notes are sold, the annual income of the 

 institution, from the above sum thus invested, will be on original princi- 

 pal $30,910, and on treasury notes $14,400 — iogeiher, forty -five thousand 

 three hundred and ten dollars annually. 



If the entire annual expenses of the institution, for building and all 

 other purposes, could be restricted to the above sum of forty-five thou^sand 

 three hundred and ten dollars, it is evident that the annual income of the 

 institution would remain permanently at that amount. 



