88 PROCEEDINGS OF THE REGENTS. 



JANUARY 24, 1857. 



The Board met this day at 11 o'clock a. m. 



Present : Hon James A. Pearce, Hon. S. A. Douglas, Hon. W. H. 

 English, ;Hon. B. Stanton, Hon. George E. Badger, Hon. W. B. 

 Magruder, Professor C. C. Felton. and the Secretary. 



In the absence of the Chancellor Mr. Pearce was called to the chair. 



The minutes of the meetings of June 18, July 9, 1856, and of Jan- 

 uary 21, 1857, were read and approved. 



Eon. Mr. English, from the Committee on Finance, presented the 

 following report. 



The Committee on Finance, charged by resolutions of the Board of 

 Eegents with the duty of permanently investing the extra fund of the 

 Institution, beg leave to report that, in accordance with the resolution 

 of July 9, 1856, there have been purchased stocks and bonds of the 

 States of Indiana, Virginia, and Tennessee, amounting in the n.ggre- 

 gate to $135,500, and at a cost of $119,400, from which shouldbe 

 deducted the interest, accrued at date of purchase, say $1,000, leaving 

 the nett cost to the Institution $118,400. 



The annual interest upon these stocks and bonds amount to $7,380, 

 whereas, the interest upon the purchase money, as heretofore invested, 

 was but $5,920, making an annual gain to the Institution in the item 

 of interest of $1,460. 



For further and full particulars, the committee refer to the follow- 

 ing report made to them by the Secretary of the Institution. 



To the Committee on Finance of the Board of Regents of the Sm,ith- 



sonian Institution. 



Gentlemen : In accordance with the resolution of the Board of Re- 

 gents, adopted July 9th, 1856, authorizing the Secretary, under the 

 direction of the Committee on Finance, to purchase State stocks for the 

 Institution with the extra fund, I respectfully submit the following 

 report: 



With the assistance of the Hon. Mr. English, and under the direc- 

 tion of the Committee on Finance, there have been purchased, 

 Indiana five per cent, bonds, amounting to.. $75,000 for $63,000 00* 

 and under the direction of the committee and 



through the agency of Messrs. Riggs & Co. 

 Virginia, six per cent, bonds, amounting to 53,500 for 49,832 50 

 including commission, and also of 

 Tennessee six per cent bonds 7,000 for 6,567 50- 



There remains of the extra fund in the hands of Riggs & Co., $600, 

 which, together with the $5,000 drawn from this fund in 1855 to meet 

 payments on the building, and which may be repaid from the balance 

 now in the treasury, will make the $125,000 intended to be invested. 



The interest for six months received at the beginning of this year 



on these State stocks, was -^ •• $3,690 00- 



The interest received from Messrs. Corcoran & Riggs on 



the extra fund previous to the investment was 2,533 33 



Total interest on the extra fund, during 1856 $6,223 33- 



