246 PROCEEDINGS OF THE BOARD OF REGENTS. 



building. By this arrangement the interesting fact could be stated that, after 

 all the Institution has done in the way of increasing and diffusing knowledge, 

 the entire sum derived from the bequest of Smithson is still undiminished in the 

 treasury of the United States. 



The Chancellor recommended that the sum thus added to the money now in 

 the treasury of the United States should be sufficient to make up the amount to 

 $550,000. 



On motion of Mr. Wallach, it was 



Resolved, That the Secretary be directed to apply to Congress for an act by 

 which the residuary legacy of James Smithson, now in the possession of the 

 Secretary of the Treasury, amounting to $26,210 63, be added to the sum 

 originally received; and that also from the income of the above-mentioned 

 residuary legacy the further sum of $8,620 37 be added, making the total 

 amount deposited in the treasury of the United States $550,000 as the trust 

 fund, the interest on which alone is to be applied to the maintenance and uses 

 of the Institution ; and further, that the Regents be authorized to apply the re- 

 mainder of the income of the residuary legacy to the current expenses of the 

 Institution and the reconstruction of the building. 



The Secretary stated that at the last annual session of the Board the disposal 

 of the State stocks held by the Institution was left to the discretion of the 

 Chancellor, Secretary, and Executive Committee ; it having been found that it 

 was not necessary, in order to meet the expenditures on the building during the 

 year, to make a sale, it had been concluded not to dispose of these stocks, it 

 being thought that the value of those of Virginia and Tennessee would increase, 

 and that the accumulated interest due would in time be paid. 



On motion of Mr. Garfield, it was 



Resolved, That the Secretary present a statement at the next meeting of the 

 value of the State stocks held by the Institution. 



In the absence of Hon. Mr. Patterson, chairman of the Committee on the 

 transfer of the Library, the Secretary stated that a bill had been presented in 

 the House of Representatives by Mr. Patterson, which had been referred to the 

 Library Committee of Congress, who had reported an act providing for the 

 transfer of the Smithsonian library on the terms agreed to by the Board at its 

 last meeting'. 



The reading of the annual report of the Secretary was then continued. 



On motion of Mr. Wallach, the report was accepted. 



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



Washington, April 28, 1866. 



A meeting of the Board of Regents was held this day, at 11 o'clock a. m., in the 

 laboratory of the Smithsonian Institution. 



Present: Chief Justice Chase, Chancellor; Hon. L. F. S. Foster, Vice-Pres- 

 ident United States; Hon. L. Trumbull, Hon. J. W. Patterson, Hon. J. F. 

 Farnsworth, Hon. R. Wallach, General Richard Delafield. Dr. T. D. Woolsey, 

 and Professor Henry, the Secretary. 



