61 [ 120 ] 



tonrse to be pursued should it be found necessary to declare it void; and 

 that notice thereof be given to the contractor. 

 On motion of Mr. Bache, 



Resolved, That the thani\s of the Board of Regents be transmitted to 

 Hon. E. G. Squier, esq., United States charge d'affaires at Guatemela, for 

 ibe gift of aboriginal relics recently made by him to the Smithsonian In- 

 stitution. 



On motion, the board adjourned, to m.eet at the call of the Secretary. 



JuxE 1, 1850. 



The Board of Regents met this day, at the call of the Secretary, at 11 

 o'clock a. m., in the Smithsonian building. 



Present: Messrs. Fillmore, Pitch, Hilliard, Pearce, Seaton,and Totten. 



The Chancellor took the chair, and the proceedings of the last meeting 

 %vere read. 



The Secretary laid before the board a proposition from Francis Markoo, 

 -esq., relative to the deposite in the Smithsonian building of his cabinet 

 of minerals, with a view to their future purchase. 



Whereupon, on motion of Mr. Colcock, it Avas 



Resolved, That the board decline the proposition of accepting the de- 

 posite with the view to a future purchase. 



The Secretary stated that the portrait of Smithson, which was ordered 



to be purchased at a previous meeting, had been received from Eiigland; 



and also, that five volumes of an Encyclopedia, formerly the property of 



James Smithson, had been purchased through the Hon. Abbott Lawrence. 



On motion of Mr. Davis, it was 



Resolved, That the thanks of the board be returned to the Hon. Abbott 

 Lawrence, for the attention he has given to the interests of the institution 

 abroad. 



On motion of Mr. Seaton, it was 



Resolved, That the Secretary and chairman of tlie Executive Committee 

 be appointed a committee, whose duty it sliali be to report a system of 

 keeping and disbursing the funds of the institution. 



The Secretary next brought before the board a proposition to ask Con- 

 gress to receive from the institute $150,000, to be funded as an irre- 

 deemable 6 per cent, stock, to be added to tlie principal of the Smithso- 

 iiian bequest. 



'J'he following resolutions in reference to tliis, otfered by Mr. Seaton, 

 were adopted: 



Resolved, That the Chancellor and Secretary be authorized to sell 

 $200,000 of stock of accrued interest, or any part thereof, not less than 

 $150,000, the proceeds to be deposited to the credit of the Chancellor and 

 Secretary, subject to be drawn at any time, with Corcoran & Riggs> pt 

 not less than 4 per cent., provided they shall give security therefor, in 

 United States stock. 



Resolved, That whatever the premium on the above stock, when sold, 

 shall amount to, it be deposited, subject to be drawn for the current ex- 

 penses of the institution, on requisition in the usual form. 



Resolved, That it is expedient to enlarge the permanent fund of this 

 institution, by the investment of such sums, not exceeding §200,000, as 

 may have been or shall be received for accrued interests; or otherwise, in 



