JOURNAL OF PROCEEDINGS. 63 



Resolved, That the Board decline the proposition of accepting the deposit with the 

 Tiew to a future purchase. 



T3ie Secretary stated that the portrait of James Smithson, which 

 was ordered to be purchased at a previous meeting, had been re- 

 ceived from England; and also, that five volumes of an Encyclopedia, 

 formerly the property of James Smithson, had been purchased 

 through the Hon. Abbott Lawrence. 



On motion of Mr. Davis, it was — 



Resolved, That the thanks of the Board he returned to the Hon. Abhott Lawrence, 

 for the attention he has given to the interests of the institution abroad. 



On motion of Mr. Seaton, it was — 



Resolved, That the Secretary and chairman of the Executive Committee be ap- 

 pointed a committee, whose duty it shall be to report a system of keeping and disburs- 

 ing the funds of the institution. 



The Secretary next brought before the Board a proposition to ask 

 Congress to receive from the institution $150,000, to be funded as 

 an irredeemable 6 per cent, stock, to be added to the principal of 

 the Smithsonian bequest. 



The following resolutions in reference to this, offered by Mr. 

 Seaton, were adopted : 



Resolved, That the Chancellor and Secretary be authorized to sell $200,000 of stock 

 of accrued interest, or any part thereof, not less than $150,000, the proceeds to be de- 

 posited to the credit of the Chancellor and Secretary, subject to be drawn at any time, 

 with Corcoran & Biggs, at not less than 4 per cent., provided that they shall give secu- 

 rity therefor, in United States stock. 



Resolved, That whatever the premium on the above stock, when sold, shall amount 

 to, it be deposited, subject to be drawn for the current expenses of the institution, on 

 requisition in the usual form. 



Resolved, That it is expedient to enlarge the permanent fund of this institution, by 

 the investment of such sums, not exceeding $200,000, as may have been or shall be 

 received for accrued interest, or otherwise, in addition to the principal sum of the 

 Smithsonian bequest, augmenting the principal sum to that amount; and that appli- 

 cation be made to Congress to receive such sums, not exceeding $200,000, as may have 

 been or shall be received for accrued interest, or otherwise, into the United States 

 Treasury, upon the same terms on which the original bequest has been received. 



On motion of Mr. Pearce — 



Resolved, That the Secretary be requested to communicate a copy of this resolution 

 to Congress, and to request that provision be made by law, in accordance therewith. 



The Secretary next brought forward the subject of the contract 

 for the building. The letter of J. M. Carlisle, Esq., the counsel 

 employed to give an opinion of it, was read. 



On motion of General Totten, it was — 



Resolved, That the committee on the building be authorized to negotiate a compro- 

 mise with the contractor, relative to the defective work and materials in the Smithso- 

 nian building, and also with regard to a modification of the contract, subject to the 

 approval of the Board of Begents at their next meeting. 



The Secretary laid before the Board a volume of magnetical and 

 meteorological observations, made at Toronto, Canada, and pre- 

 sented to the institution by the British Government. The Board 



