PROCEEDINGS OF THE BOARD OF REGENTS. 245 



Resolved, That a committee be appointed to make the necessary arrange- 

 ments with the Library Committee of Congress for the proposed transfer. 



Mr. Patterson, Mr. Trumbull, Mr. Garfield, and Professor Henry were ap- 

 pointed the committee. 



Professor Henry presented his annual report of the operations of the Institu- 

 tion during 1865, which was read in part. 



On motion, the Board adjourned to meet at the call of the Secretary. 



Washinuton, March 24, 1866. 



A meeting of the Board of Regents was held this day in the laboratory of the 

 Institution, at 7£ o'clock p. m. 



Present : Chief Justice Chase, Chancellor ; Hon. G. Davis, Hon. J. A. Gar- 

 field, Hon. R. Wallach, General Richard Delafield, and the Secretary, Professor 

 Henry. 



The minutes of the last meeting were read and approved. 



The Secretary stated that the Secretary of the Treasury had granted the re- 

 quest made by the Board relative to the payment of the interest in coin on the 

 Smithsonian fund, in the following manner : The amount which had been paid 

 to the Institution for six instalments of interest, from January, 1862, to July, 

 1864, in currency, was repaid into the treasury of the United States by Riggs 

 & Co., bankers of the Institution, who received in exchange for it the same amount 

 in coin. This coin was sold immediately in New York, as follows : 



March 14, 1866, $50,000 at 129| $64,875 00 



5, 000 at 129} 6, 475 00 



• . 37, 730 at 129$ 48, 813 73 



92, 730 120, 163 73 



Less brokerage and tax 351 98 



119,811 75 



The profit, therefore, to the Institution by the change of the currency to coin, 

 and the sale of the latter, is $27,081 75. 



The report of the Executive Committee was presented by the chairman, Mr. 

 Wallach, and after explanations in detail by Generald Delafield, on motion of 

 Mr. Davis, was adopted. 



General Delafield, chairman of the Building Committee, presented plans and 

 estimates for the reconstruction of the building. 



The subject of the disposition of the money in possession of the Secretary of 

 the Treasury, resulting from the residuary legacy of Smithson, was next con- 

 sidered. The Secretary suggested that so much of this sum as was received 

 from England, independent of the premium on the coin, viz : $26,210 63, should 

 be added to the amouut originally deposited in the treasury of the United 

 States by Mr. Rush, making $541,379 63 as the total bequest of Smithson, and 

 that the premium and the interest since accrued be applied to the current uses 

 of the Institution, and to assist in defraying the cost of the restoration of the 



