86 PROCEEDINGS OF THE REGENTS. 



JOURNAL OF PROCEEDINGS 



OP THE 



BOARD OF REGENTS 



Of 



THE SMITHSONIAN INSTITUTION. 



JUNE 18, 1856. 



The Board of Regents met this day at 11 o'clock, in the hall of the 

 Institution. 



Present : Hon. R. B. Taney, Chancellor, Hon. J. A. Pearce, W. 

 H. English, H. Warner, A. D. Bache, Wm. B. Magruder, and the 

 Secretary, and by special invitation Mr, W. W. Corcoran. The Sec- 

 retary stated that Dr. W. B. Magruder, having been elected Mayor 

 of the city of Washington, is ex officio a Regent of the Institution, 

 and therefore takes his seat in the Board. 



Mr. English, from the Finance Committee, made the following 

 report. 



The Committee on Finance charged by the resolution of March 8, 

 1855, with the duty of enquiring into and reporting upon the pro- 

 priety and manner of permanently investing the money of the Insti- 

 tution now in the hands of Messrs. Corcoran and Riggs, respectfully 

 report : 



1st. That in the judgment of the committee the best disposition to 

 make of said fund would be to add it to the funds of the Institution 

 already in the treasury of the United States, and to that end, your 

 committee recommend that application be made to Congrese for an 

 act authorizing such addition. 



2d. As the money is at present yielding the Institution no interest, 

 your committee further recommend, that for the time being, and until 

 favorable action can be procured by Congress in relation to receiving 

 said extra fund into the United States treasury, the same be invested, 

 under the direction of theFinance Committee, in the stocks and bonds of 

 such sound interest paying States, and at such rates as the Board of 

 Regents may select and determine. 



All of which is respectfully submitted. 



The following resolutions were offered : 



Resolved, That the report of the Committee on Finance be con- 

 curred in, and that the Chancellor appoint a committee to make ap- 

 plication to Congress for an act authorizing the receijit of the extra 

 fund into the treasury of the United States. 



And further he it resolved, That until such action by Congress can 



