JOURNAL OF PROCEEDINGS. 129 



English, Hon. B. Stanton, Hon. George E. Badger, Hon. W. B. 

 Magruder, Professor C. C. Felton, and the Secretary. 



In the absence of the Chancellor, Mr. Pearce was called to the 

 chair. 



The minutes of the meetings of June 18, 1856, July 9, 1856, and of 

 January 21, 1857, were read and approved. 



Hon. Mr. English, from the Committee on Finance, presented 

 the following report : 



The Committee on Finance, charged by resolutions of the Board of Regents with 

 the duty of permanently investing the extra fund of the institution, beg leave to re- 

 port that, in accordance with the resolution of July 9th, 1856, there have been pur- 

 chased stocks and bonds of the States of Indiana, Virginia, and Tennessee, amounting 

 in the aggregate to §135,500, and at a cost of $119,400, from which should be deducted 

 the interest, accrued at date of purchase, say $1,000, leaving the net cost to the insti- 

 tution $118,400. 



The annual interest upon these stocks and bonds amounts to $7,380, whereas, the 

 interest upon the purchase money, as heretofore invested, was but $5,920, making an 

 annual gain to the institution in the item of interest of $1,460. 



For further and full particulars, the committee refer to the following report made 

 to them by the Secretary of the Institution : 



To the Committee on Finance of the Board of Regents of the Smithsonian Institution. 



Gentlemen : In accordance with the resolution of the Board of Regents, adopted 

 July 9th, 1856, authorizing the Secretary, under the direction of the Committee on 

 Finance, to purchase State stocks for the institution with the extra fund, I respect- 

 fully submit the following report : 



With the assistance of the Hon. Mr. English, and under the direction of the Com- 

 mittee on Finance, there have been purchased — 



Indiana five per cent, bonds, amounting to $75,000 for $63,000 00 



and under the direction of the committee and through 



the agency of Messrs. Riggs & Co., 

 Virginia six per cent, bonds, amounting to 53,500 for 49,832 50 



including commission, and also of 



Tennessee six per cent, bonds 7,000 for 6,567 50 



There remains of the extra fund in the hands of Riggs & Co., $600, which, together 

 with the $5,000 drawn from this fund in 1855, to meet pajmients on the building, and 

 which may be repaid from the balance now in the Treasury, will make the $125,000 

 intended to be invested. 

 The interest for six months received at the beginning of this year on these 



State stocks was $3,690 00 



The interest received from Messrs. Corcoran & Riggs on the extra fund 



previous to the investment was 2,533 33 



Total interest on the extra fund, during 1856 $6,223 33 



The stock now owned by the institution will yield, during the present year, (1857,) 

 an interest of $7,380. 



All of which is respectfully submitted. 



JOSEPH HENRY, Secretary. 

 January 21, 1857. 



On motion of Dr. Magruder, the report was accepted and adopted. 



The statement of the treasurer, for 1856, was presented and re- 

 ferred to the Executive Committee. 



Hon. Mr. English presented the report of the Building Commit- 

 tee, which was accepted. 



On motion of Dr. Magruder, the Secretary was authorized to 

 9 



