110 REPORT OF THE EXECUTIVE COMMITTEE. 



1865. 

 February 17. United States bonds bearing 7^^ per cent, interest 



were purchased at par for 54, 150 00 



Balance, whicli could not be invested on account of 



there being no bonds for less than $50 15 38 



After the Secretary had purchased these bonds and deposited them for safe- 

 keeping with the Treasurer of the United States, it was claimed by the Secretary 

 of the Treasury that this money was not under the control of the Regents of the 

 Institution, inasmuch as the original act of Congress of 1846, establishing the 

 Institution, referred to only so much of the bequest of Smithson as was then in 

 the treasury of the United States, and that a special act of Congress would be 

 required to apply this money, or the interest on it, to the uses of the Institution. 

 Tlie Executive Committee would therefore recommend that an application be 

 made to Congress for such a disposition of this money. 



It is impossible to make at this time an exact estimate of exj)enditures for the 

 year 1866. The committee would therefore recommend that $34,660, the reg- 

 ular income of the Institution, be devoted to the maintenance and current ex- 

 penses of the operations of the establishment, and that the $13,724 63, balance 

 in the hands of the treasurer on the 1st January, 1866, together with the pre- 

 miums which may be received for the sale of coin, be applied to the reconstruc- 

 tion of the building. 



The committee have carefully examined the accounts of the treasurer, and the 

 books as posted by Mr. Randolph for the past year, and find them to be correct. 



In conclusion, it appears that the entire bequest of Smithson remains undi- 

 minished in the treasury of the United States, and that all the expenditures, 

 from the organization of the establishment to the present time, have been made 

 exclusively from the interest of the original sum, and from the income on ac- 

 crued interest invested in State stocks. 



Eespectfully submitted. 



RICHARD WALLACE, 

 RICHARD DELAFIELD, 



Executive Committee. 



Washington, March, 1866. 



