76 BOARD OF REGENTS. 



On motion of Mr. Totten, it was — 



Resolved, That the Secretary be added as a member of the Building Committee. 



The letters of Messrs. Cameron and Renwick were then referred 

 to the Building Committee to be reported on at the next meeting. 



On motion, the Board adjourned to Saturday, the 24th instant, at 

 11 o'clock, a. m. 



January 24, 1852. 



The Board met at 11 o'clock, a. m. 



Present, Mr. Taney, Chancellor; Messrs. Bache, Colcock, Fitch, 

 Lenox, Meacham, Pearce, Push and Totten, of the Board; and 

 Mr. Seaton, treasurer. 



The Building Committee, to whom were referred the letter of 

 Gilbert Cameron, making application for an advance of $10,000 

 from the amount of percentage retained as security for the comple- 

 tion of his contract, and also the letter of James Pen wick, Jr., 

 architect, reported that they had examined the subject, and re- 

 quested to submit the following resolution ; which, on motion, was 

 adopted : 



Resolved, That in accordance with the recommendation of the architect, the Exec- 

 utive Committee be authorized to advance to the contractor the sum of $6,000 from 

 the amount retained as security for the completion of his contract. 



The Secretary brought before the Board the subject of the dispo- 

 sition of the accrued interest. He stated that, since the last meet- 

 ing of the Regents, he had conferred with Mr. Corcoran on the 

 subject, and had received from him the following proposition, viz : 

 Messrs. Corcoran & Riggs will give sixteen per cent, premium on 

 the stock belonging to the institution, will allow five per cent, inte- 

 rest on the whole sum including the premium, until an investment 

 can be made, and make a deposit of Government stocks as security 

 for the safe keeping of the money. 



Whereupon, Mr. Pearce offered the following resolution ; which 

 was adopted : 



Resolved, That the Chancellor and Secretary be requested to sell §180,000 of stock 

 of accrued interest upon the terms stated in the resolution of June 1st, 1850, and to 

 deposit the proceeds of such sale with Corcoran & Riggs for the purposes, and on the 

 security therein mentioned. 



Mr. Fitch offered the following resolution; which was adopted : 



Resolved, That Mr. Pearce be requested to have the memorial, relative to the re- 

 ception of the accrued interest by Congress, taken from the files of the Senate and 

 referred to the Committee of Finance. 



The reading of the Secretary's annual report was then continued, 

 including the report from Professor Jewett, in charge of the library, 

 giving the details of the operations in this department during the 



