294 CONGRESSIONAL PROCEEDINGS. 



Smithsouian Institution, an establishment for the increase and diffusion of 

 knowledge among men : to which application of the said moneys, and other 

 funds, the faith of the United States is hereby pledged." 



Under an authority conferred by this act, the President 

 of the United States appointed Richard Rush the agent to 

 recover the property held in trust in the English court of 

 chancery — a commission laithfully and successfully exe- 

 cuted ; and on the 1st of September, 1838, Mr. Rush depos- 

 ited in the mint of the United States, at Philadelphia, the 

 sum, in gold, of five hundred and eight thousand three 

 hundred and eighteen dollars and forty-six cents ; which, 

 together with sundry articles of furniture and books, of 

 small and indefinite pecuniary value, constituted the whole 

 of the bequest of James Smithson to the United States. 



Before the time of this deposit at the mint, the sixth sec- 

 tion of the act of Congress of July 7, 1838, entitled "An 

 act to provide for the support of the Military Academy of 

 the United States, for the year eighteen hundred and thirty- 

 eight, and for other purposes," had disposed of the fund as 

 follows : 



" Sec. 6. And be it further etiacied, That all the money arising from the 

 bequest of the late .lames Smithson, of London, for the purpose of found- 

 ing at "Washington, in this District, an institution to be denominated the 

 Smithsonian Institution, which may be paid into the Treasury, is hereby 

 appropriated, and shall be invested by the Secretary of the Treasury, with 

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

 bearing interest at the rate of not less than livo per centum per annum, 

 which said stocks shall be held by the said Secretarj' in trust for the uses 

 specified in the last will and testament of said Smithson, until provision ia 

 made by law for carrying the purpose of said bequest into effect; and that 

 the annual interest accruing on the stock aforesaid shall be in like manner 

 invested for the benefit of said institution." 



Under the authority- of this provision, ^499,500 of the 

 money received at the mint on the 1st of September, 1838, 

 were, on the 4th of the same month, invested in five hun- 

 dred bonds of the State of Arkansas, of $1,000 each, bear-1 

 ing interest at the rate of six per cent, per annum, payable 

 half-3'early, on the first days of January and July of each 

 year, until the payment of the principal, on the 26th day of 

 October, 1861. 



Under the same authority, subsequent investments were 

 made in bonds, of the same State of Arkansas, as follows : 



Dec. 29, 1838.— $10,000, in 10 bonds, payable Jan. 1, 1868 $10,000 00 



Julv 6, 1839.— $13,000, in 13 bonds, payable Jan. 1, 1868 13,000 00 



Sept. 21, 1840.— $15,000, in 15 bonds, payable Jan. 1, 1868 15,000 00 



Upon these bonds there had been paid, for interest, on the 31st 



December, 1843 ., 93,591 73 



And there was then due for interest on the same 75,687 84 



Whence it appears that from and after July, 1841, all 



