TWENTY-SEVENTH CONGRESS, 1841-43. 251 



The five hundred bonds, of $1,000 each, of the State of 

 Arkansas, issued to the Bank of the State of Arkansas, are 

 not redeemable before the 26th of October, 1860 ; and the 

 thirty-eight bonds subsequently issued to the Real Estate 

 Bank of the State of Arkansas not before the 1st of Janu- 

 ary, 1861. 



The eight bonds of the State of Michigan are not redeem- 

 able before the first Monday of July, 1858. 



Twenty-three thousand dollars of the bonds of the State 

 of Illinois are not redeemable before the end of 1860 ; and 

 thirty-three thousand dollars not before the Ist of January, 

 1870. 



Eighteen thousand dollars of the bonds of the State of 

 Ohio are not redeemable before the 1st of January, 1861. 



The sum of one thousand two hundred and ninety-one 

 dollars and eighty-six cents, due by the United States, is 

 redeemable at their pleasure after the 31st of December, 

 1844. 



In the bill herewith reported, it is proposed to settle three 

 fundamental principles for the administration and manage- 

 ment of the fund in all after time. 



1st. That the principal fund shall be preserved and main- 

 tained unimpaired, with an income secured upon it at the 

 rate of 6 per cent, a year, from which all appropriations for 

 the purposes of the founder shall be made. 



2d. That the portions of the income already accrued, and 

 invested in stocks of the States of Arkansas, Michigan, Illi- 

 nois, and Ohio, shall be constituted funds, from the annual 

 interest of which an astronomical observator, \yith four 

 assistants, and necessary laborers, shall be appointed and 

 maintained, without expense to this nation, and with a con- 

 siderable increase of the principal fund and of its annual 

 income — a principle susceptible of extension to future appli- 

 cation, which may continually increase at the discretion of 

 Congress the means and capabilities of the institution to 

 promote and accomplish the great purposes of the founder. 



The establishment of this principle will have the further 

 advantage of relieving the board of overseers from the 

 necessity of using the bonds of the States of Arkansas, 

 Michigan, Illinois, and Ohio, none of which are redeemable 

 before the year 1858. The annual interest upon them, it 

 cannot be doubted, will be hereafter, as it has been hitherto, 

 punctually paid ; and, independent of the faith of the seve- 

 ral States, respectively pledged to this punctuality, the 4th 

 section of the act of 4th September, 1841, to appropriate 

 the proceeds of the sales of the [)ul)]ie lands and to grant 



