440 JOURNAL OF EXECUTIVE COMMITTEE. 



As it is not at all likely that we shall require, next year, even to expend the inter- 

 est accruing since 1st of July last, the increase to the income of the Institution for 

 the year 1847, will, by this single operation, be $14,400 ; and, instead of its income 

 for that year being about $31,000, it will be nearly $45,500. 



If your reply, and that of the other Eegents, should favor this view — and that it will 

 the committee entertain no doubt — then, the chairman of the Executive Committee will 

 consider himself authorized immediately to endeavor to negotiate the matter with 

 the Treasury Department. 



As the amount of interest now lost, under the present posture of things, is large, 

 (being about $40 a day,) you will perceive the importance of favoring us with a re- 

 ply, without unnecessary delay. 



I am, sir, very respectfully, your obedient servant, 



W. W. SEATON, 

 For Himself and in Behalf of Joseph O. Totten and Robert Dale Owen. 



On motion of Mr. Owen — 



Resolved, That the chairman of this committee, on behalf of the committee, ad- 

 dress to each member of the Board of Kegents a copy of the above letter. 



The chairman submitted certain accounts, which were approved,, 

 and ordered to be paid. 



And, on motion, the committee adjourned. 



SECOND MEETING. 



October 31, 1846. 



Present, Messrs. Seaton (Chairman) and Totten. 



The chairman submitted to the committee the replies he had 

 received from the several members of the Board, to the letter 

 addressed to them, under date the 12th of September last, regard- 

 ing the investment of the accrued interest of the Institution. The- 



replies are as follows : 



Philadelphia, September 18, 1846. 



Sir: Your letter, dated the 12th instant, but postmarked the 17th, reached me this 

 morning ; and attracts my immediate attention. It is written on behalf of the Exec- 

 utive Committee of the Smithsonian Institution, and proposes that a request should 

 be made " to the Secretary of the Treasury, that he will issue United States stocks in 

 the name of the Smithsonian Institution to the amount of $240,000." The object, as- 

 you explain it, of this operation is to increase the income. 



After attentively considering this proposition, I am unable to give it my sanction ; 

 and I hasten to apprize you of that fact, without entering at large upon the reason* 

 on which my opinion rests. The Executive Committee will, I hope, abstain from 

 acting on the subject. To me, the act of Congress seems almost expressly to provide, 

 1. That the custody of the $242,129 shall remain with the National Treasury ; 2. 

 That it shall not be converted into stocks of any sort ; and I cannot perceive where 

 the Secretary would iind his authority to issue such certificates, or where the Kegents 

 would find their authority to accept them. 3. That it can be drawn from the Treas- 

 ury in no other manner than the one prescribed in the last clause, but one, of the 

 third section of the act ; that is to say : 



"When money is required for the payment of debts or performance of contracts, 

 incurred or entered into, in conformity with the provisions of this act, or for making 

 the purchases and executing the objects authorized by this act, then, the Eegents, or 

 tbe Executive Committee, certify to the Chancellor and Secretary that such money is 

 required ; whereupon they examine the same, and if they approve, they shall certify 

 the same to the proper officer of the Treasury for payment." 



I would also specially refer to the provisions of the fifth section, as to contracts, the 

 claims upon them, and their settlement and payment at the Treasury of the United 

 States. If the stocks were taken as suggested, it is quite clear that, as these forms 



