SMITHSONIAN BEQUEST. 129 



i 10.000 00 at 207^ $20,725 00 



15,000 00 at 206^ 31,031 25 



1,000 00 at 207 2,070 00 



210 63 at 205 431 79 



26,210 63 54,258 04 



Less brokerage, \ $65 53 



Less United States tax, -^tj 27 13 



92 66 



Net amount realized from sale of gold $54,165 38 



1865. 

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



were purchased at par for 54,150 00 



Balance, which could not be invested on account 

 of there being no bonds for less than $50 15 38 



After the Secretary had purchased these horids and de- 

 posited them for safekeeping with the Treasurer of the 

 United States, it was claimed by the Secretary of the Treas- 

 ury 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 Treas- 

 ury of the United States, and that a special act of Congress 

 w^ould be required to apply this money, or the interest on 

 it, to the uses of the Institution. The Executive Commit- 

 tee would therefore recommend that an application be made 

 to Congress for such a disposition of this money. 



From Proceedings of the Board of Regents, March 24, 1866. 



The subject of the disposition of the money in possession 

 of the Secretary of the Treasury, resulting from the residu- 

 ary legacy of Smithson, was next considered. The Secre- 

 tary suggested that so much of this sum as was received 

 from England, independent of the premium on the coin, viz : 

 ^26,210 63, should be added to the amount originally de- 

 posited in the Treasury of the United States by Mr. Kush, 

 making ^541,379 Q'd as the total bequest of Smithson, and 

 that the premium and the interest since accrued be api:)lied 

 to the current uses of the Institution, and to assist in defray- 

 ing the cost of the restoration of the building. By this 

 arrangement the interesting fact could be stated that, after 

 all the Institution has done in the way of increasing and 

 difiusing knowledge, the entire sum derived from the be- 



