250 CONGRESSIONAL PROCEEDINGS. 



on the lirst of September, 1838, was deposited in gold at 

 the mint of the United States at Philadelphia, amounting 

 to five hundred and eight thousand three hundred and 

 eighteen dollars and fortj-six cents. 



By the sixth section of the act of Congress for the sup- 

 port of the Military Academy of the United States and for 

 other purposes, approved on the 7th of July, 1838, it was 

 provided that all the money arising from the bequest of the 

 late James Smithson, of London, for the purpose of found- 

 ing at Washington, in this District, an institution to be 

 denominated the Smithsonian Institution, Vvdiich might be 

 paid into the Treasury, was appropriated, and should be in- 

 vested by the Secretary of the Treasury, with the approba- 

 tion of the President of the United States, in stocks of 

 States, bearing interest at the rate of not less than five per 

 centum per annum ; which said stocks should be held by 

 the said Secretary in trust for the uses specified in the last 

 will and testament of said Smithson, until provision should 

 be made by law for carrying the purpose of said bequest 

 into eflect : and that the annual interest accruing on the 

 stock aforesaid shall be in like manner invested for the ben- 

 efit of said institution. 



Under the authority and the requisition of this act, im- 

 mediately after the deposit at the mint of the United States 

 at Philadelphia of the moneys recovered by the decree of 

 the court of chancery in England, the Secretary of the 

 Treasury invested in stocks of the State of Arkansas five 

 hundred thousand dollars, and eight thousand dollars in 

 stocks of the State of Michigan, all at the interest of six 

 per cent.; since which time, by the same authority, $3,800 

 of the stocks of the State of Arkansas, |3,600 of the State 

 of Illinois, $18,000 of the State of Ohio, have been invested 

 in like manner, until the 11th of September last, when the 

 provision of the law which authorized and required the 

 Secretary of the Treasury to invest the accruing interest on 

 the principal fund in the stock of the States was repealed, 

 and he was directed, until Congress shall appropriate said 

 accruing interest to the purposes described by the testator, 

 for the increase and dift'usion of knowledge among men, to 

 invest said accruing interest in any stock of the United 

 States bearing a rate of interest not less than five per cent- 

 um per annum. Under this authority the Secretary of the 

 Treasury did invest the sum of $1,291.86, at the rate of 5|- 

 per cent, a year — a rate of interest more parsimonious for 

 the benefit of the Treasury than liberal for the benefit of 

 this generous and bountiful fund. 



