JOURNAL OF PROCEEDINGS. 173 



House appointed Hon. S. Colfax, of Indiana, Hon. S. S. Cox, of 

 Ohio, and Hon. E. McPherson, of Pennsylvania, as Regents for the 

 term of two years. 



In addition to the foregoing, Hon. Richard Wallach having been 

 chosen Mayor of the city of Washington, in place of Mr. Berret, 

 resigned, has become ex officio a member of the Board. 



The Secretary made a statement relative to the present condition 

 of the Institution and its operations, but as several of the Regents 

 were obliged to leave on account of Congressional duties the Board 

 adjourned to meet on Saturday, February 8. 



February 8, 1862. 



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

 Regents' room. 



Present, Hon. H. Hamlin, Vice-President of the United States ; 

 Hon. James A. Pearcc, Hon. Lyman Trumbull, Hon. S. Colfax, 

 Hon. S. S. Cox, Hon. Edward McPherson, Hon. R. Wallach. In 

 the absence of the Chancellor, Hon. Mr. Hamlin was called to the 

 chair. 



Mr. Pearce presented the report of the Executive Committee, 

 containing an account of the receipts and expenditures for the year 

 1861, and estimates for 1862, which was read and approved. 



Mr. Pearce also gave an account of the financial arrangements 

 of the Institution, the care exercised in expenditures, the examina- 

 tion of vouchers, &c. 



1. The disbursements are authorized by the Secretary, in accord- 

 ance with the appropriations made by the Board. 



2. The accounts are audited by the Chief Clerk, and in the more 

 important cases are examined by experts as to the reasonableness 

 of the charges. 



3. The bills are next presented to the Secretary for approval and 

 for orders on the Treasurer to pay them. 



4. They are then copied in detail into a day-book in chronological 

 order, and the amounts posted in a ledger under the heads of the 

 different appropriations. 



5. The accounts and vouchers are semi-annually placed in the 

 hands of Mr. W. B. Randolph, (Chief Clerk of the Treasurer of 

 the United States,) for critical and final revision, and for the prep- 

 aration of a general statement of receipts and expenditures during 

 the year. 



6. At the end of the year all the books and accounts are carefully 



