JOURNAL OF PROCEEDINGS. 91 



missions — one to report upon the literary advantages of the plan, and the other upon 

 the practicability of the means proposed for its execution : 



And whereas, on the recommendation of these commissions, the Smithsonian Insti- 

 tution has incurred the expense of procuring type and apparatus, of educating work- 

 men, and of developing and perfecting processes to be employed, so that all arrange- 

 ments are now made for the successful prosecution of the work : 



And whereas the first commission appointed to examine the plan, in their report, 

 recommended that, " in order that a beginning might be made in the execution of 

 the plan under circumstances highly favorable to its success, the undersigned take the 

 liberty of suggesting that it would be advisable for the Eegents of the Smithsonian 

 Institution to obtain the requisite authority to prepare a catalogue of the library of 

 Congress on the above described plan:" Therefore — ■ 



Resolved, That the Secretary of the Institution be requested to call the attention of 

 the Library Committee of Congress to the above described plan, to inform them that 

 the institution is now ready to execute the proposed work, and to invite their co-opera- 

 tion in aid of an enterprise so important to the library of Congress, to all the libra- 

 ries in the country, and to the great object of this institution, " the increase and diffu- 

 sion of knowledge." 



Mr. Pearce, as chairman, presented from the Executive Commit- 

 tee their annual report in relation to the finances aud expenditures 

 of the institution during the year 1852. 



The Board then adjourned to meet at the call of the Secretary. 



March 12, 1853. 



The Board of Regents met this day at 10 o'clock, a. m. 



Present, Messrs. Colcock, Fitch, Mason, Maury, Totten, the Sec- 

 retary, and W. W. Seaton, treasurer. 



The proceedings of the last meeting were read and approved. 



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

 sition of the surplus fund, and stated that Messrs. Corcoran & Kiggs 

 had offered to allow interest at five per cent, if the deposit was 

 continued with them. 



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



Resolved, That the surplus fund of $208,000 now on deposit with Corcoran & Eiggs, 

 be continued with them for twelve months, on their proposition to pay interest thereon 

 at five per cent ; provided, that a part thereof, not exceeding $.38,000, may be with- 

 drawn for building expenditures during the year, and that they deposit the same or 

 equivalent securities to those now held therefor, to be approved by the Eegents then 

 in Washington, and the Secretary. 



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



Resoived, That during the year 1853 the sum of thirty thousand dollars ($30,000) 

 out of the Smithsonian income be, and is hereby, appropriated, to be expended under 

 the direction of the Secretary, and with the advice of the Executive Committee, to 

 defray the expenses of the institution, and to carry out the several parts of the pro- 

 gramme. 



The Secretary brought before the Board the question of making 

 a new division of the income of the institution, rendered necessary 

 by the increased expenditure contemplated for finishing the centre 

 building to hold the library and collections, and other causes. 



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



Resolved, That the subject of the distribution of the income of the institution in 

 the manner contemplated by the original plan of organization, be referred to a Select 



