120 SMITHSONIAN BEQUEST. 



Levi Woodbury to the President. 



Treasury Department, Bee. 3, 1838. 



Sir : I have the honor to report to 3^011 that, under the 

 act of Congress approved 1st July, 1836, in relation to the 

 legacy bequeathed to the United States by James Smithson, 

 th'e sum of $508,318.46 has been received, and paid into the 

 Treasury of the United States, 



In compliance with the provisions of the sixth section of 

 the act of Congress for the support of the Military' Academy 

 of the United States, and for other purposes, approved Ttli 

 July, 1838, the sum of $499,500 has been expended in the 

 purchase of five hundred bonds of the State of Arkansas^ 

 for one thousand dollars each, bearing six per cent, interest, 

 payable semi-annually, on the first days of January and July 

 in each year, from the fourth day of September last, (the 

 period of their purchase.) The further sum of $8,270.67 

 has been applied to the purchase of eight bonds of the State 

 of Michigan, bearing six per cent, interest, payable semi- 

 annually hereafter, on the first Mondays in Jaimarj^ and 

 July, from the 1st of May last. The interest on all these 

 bonds is payable at the city of New York. 



There is still left in the Treasury the sum of $547.79 

 whicli has not yet been invested, but will be as soon as a 

 favorable opportunity otters. 



The amount received in London by the agent of the 

 United States, under the decree of the court of chancery 

 of England, was the gross sum of £106,490 lis. 9c/., includ- 

 ing the sum of £110 25. 2c/., for costs refunded. This was 

 reduced, by the payment of commissions, insurances, &c., 

 to the sum of £104,960 8^. 9c/., which was brought into the 

 United States in gold, and produced at the Mint the sura of 

 $508,318.46, before mentioned. 



This department having doubts as to what constituted the 

 amount of the Smithsonian fund, consulted the Attorney 

 General, and he has given his opinion (hereto annexed. A,) 

 that the proper construction to be given to the legislation 

 of Congress on this subject requires that the gross amount 

 of the payment made to the agent of the United States, 

 after deducting the costs refunded, as before stated, shall 

 constitute the fund, "and all expenses, of whatever kind or 

 nature, should be paid out of the appropriation made by Con- 

 gress." That appropriation, however, not being sutHeient, an 

 estimate will accordingly be submitted to the House of Rep- 

 resentatives, to enable the Department to compl^^ with the 



