128 SMITHSONIAN BEQUEST. 



principal of an annuity payable totlie motlier of Smithsou's 

 nephew. The annuitant having died, a power of attorney 

 signed by Abraham Lincoln, President of the United States, 

 was sent to Fladgate, Clarke & Finch, solicitors, in England, 

 authorizing them to collect the money and pay it to the 

 order of the Secretary of the Smithsonian Institution. The 

 proceeds from this, deducting the expenses of collection, 

 were £5,262 05. Sd., which were temporarily deposited with 

 George Pcabody & Co., who not only transacted the busi- 

 ness without charge, but allowed four per cent, interest on. 

 the money while it remained in their hands. The total 

 amount of this residuary legacy received by the Institution, 

 including the interest, "'£153 19^. 4d., was ^26,210.63 in 

 gold, which being sold at the current premium, (about 107,) 

 yielded $54,165.38 in United States currency. This sum 

 was invested in Government bonds, bearing interest at 7yV 

 per cent., and deposited for safe keeping with General 

 Spinner, the Treasurer of the United States. 



From. Report of the Executive Committee for the year 1865. 



It appears from the statement of the Secretary, and the 

 accounts rendered by Riggs & Co., bankers of the Institu- 

 tion, that the remainder of the legacy of Smithson, which 

 amounted to $26,210 03 in gold, was sold at a premium 

 from 105 to 107| per cent., yielding, after deducting the 

 cost of sale and United States tax, §54,165 38. This 

 amount was expended in the purchase of United States 

 bonds bearing 7^^ per cent, interest at par. 



The following is a detailed statement of the whole trans- 

 action : 



1864. 

 Juno 11. Til'? amount received from Fladgate, Clarke & 



Finch, attorneys, London, as the residuary legacy £, s. d. 



of James Smithson, was 6,2G2 8 



This amount was deposited with George Peabody & 

 Co., bankers, London, who allowed interest on it 

 to the 5th of March, 1865 — 15cJ 19 4 



5,416 19 7 



This amount was equivalent to $26,210 63 in gold, which 

 was sold by Riggs & Co., under the direction of the Secre- 

 tary of the Institution, as follows : 



