448 JOURNAL OF EXECUTIVE COMMITTEE. 



expressed by various members of tbe Board during former meetings, tbat tbe erection 

 of the Institution building, though necessarily spacious on account of the special re- 

 quirements of the act organizing the Institution, should not withdraw, from the 

 funds of the Institution, more than a moderate portion even of that accumulated 

 interest, which the appropriation by Congress authorizes to be thus employed ; re- 

 membering, also, that the Chancellor, and one of the members of the Board have 

 heretofore introduced resolutions embodying their wish that the sum thus withdrawn 

 should not, if possible, exceed one hundred thousand dollars ; but, more especially, 

 calling to mind the fact that, a certain prospective plan of finance and scale of ex- 

 penditure, throughout the years in which the building shall be in progress, has been 

 heretofore submitted to the Board by one of its members, and though not spread for- 

 mally upon its minutes, did, in fact, receive the sanction of the Board ; ask leave 

 here to submit a scheme of expenditure, for four years from the 19th of March next, 

 based upon that plan of finance, and differing from it only in some details, suggested 

 by the present state of the financial affairs of the Institution ; by which the above 

 objects may substantially be accomplished, so that on the 19th of March, 1852, when 

 the building shall be completed, including its fitting up, furnishing, lighting, and 

 heating, and the lot belonging to the Institution shall be laid out, planted, and per- 

 manently fenced ; and when, in a word, everything shall be prepared, so that the 

 Institution can go into full operation, without any necessity to take from its current 

 income, thereafter, any amount to add to its buildings or to secure or adorn its 

 grounds, there shall still remain, as a permanent fund, bearing six per cent, interest, 

 payable semi-annually, the original capital of $515,169, and the interest that had 

 accumulated on the same, specified in the second section of the act organizing the 

 Institution, to wit: the sum of $242,129, deducting from these two sums about one 

 hundred thousand dollars only ; or, in other words, so that the sum of $657,398, or 

 thereby, should remain, on the 19th of March, 1852, as the permanent fund of the 

 Institution. 



To carry out a plan having this desirable object in view, two conditions, both 

 within the power of the Board, are necessary : the first, that the entire cost of the 

 building, including the complete fitting up and furnishing of the same ; lighting and 

 heating, ventilating and draining the same ; supplying the same with water ; laying 

 out in grass, and planting with trees and shrubs the lot ; fencing the same, both with 

 the present temporary fence, and the final permanent one ; also, all expenses for su- 

 perintendence of erection, including the cost of architect's office, and other incidentals ; 

 so as, in fact, to cover all expenses whatever that have been incurred, and are to be 

 incurred, on the building and on the lot on which it stands, until the completion of 

 the building and of the preparation of the lot up to the 19th of March, 1852, shall 

 not exceed two hundred and fifty thousand dollars ; of which the balance unexpended, 

 on the 19th of March, 1848, shall be expended in nearly equal proportions in each of 

 the four years next following that date. 



The second condition is, that the entire current expenses of the Institution, exclu- 

 sive of those just enumerated, but including the expenses of the Board and its com- 

 mittees ; the salaries of officers, including messenger ; the expense of all publications, 

 researches, or other similar undertakings ; the purchase of books and apparatus, and 

 all incidentals whatever, not enumerated in the foregoing paragraph, shall not exceed, 

 for each one of the four years next, after the 19th of March, 1%±$i, fifteen thousand 

 dollars. 



The committee proceed to furnish the details necessary to substantiate the position 

 here taken. 



In pursuance of instructions contained in a resolution of the Board of the 28th of 

 January last, this committee, after certifying to the Chancellor and Secretary the 

 amount of contracts entered into, and authorized, by the Board, received the said 

 amount, to wit: the sum of two hundred and fifty thousand dollars, in Treasury 

 notes, payable to the order of the Chancellor of the Smithsonian Institution, dated 

 the 17th of February, 1847, and bearing six per cent, interest, payable semi-annually 

 thereafter. These Treasury notes are deposited for safe keeping with the Treasurer 

 of the United States ; and the Board will recollect that, by its resolution of the 28th 

 of January last, they can be drawn out only upon checks or warrants, signed by the 

 Chancellor, the Secretary, and the Chairman of the Executive Committee. Of these 

 Treasury notes, ten thousand dollars were thus drawn out, on the 30th of October 

 last, to pay the contractor and other expenses. The remainder, to wit : the sum of 

 two hundred and forty thousand dollars, still remains invested in said Treasury notes. 

 The ten thousand dollars sold netted $10,121.67; being par, with interest added to 

 the day of sale. 



