JOURNAL OF EXECUTIVE COMMITTEE. 449 



By this arrangement, very favorable to the finances of the Institution, the whole 

 ■of its funds, both original principal and accumulated interest, at present amounting 

 to the sum of $755,169, become productive ; bearing, under the safest possible invest- 

 ment, six per cent, annual interest, payable semi-annually. 



So long as no more Treasury notes are sold, the annual income of the Institution 

 from the above sum thus invested will be, on original principal, $30,910 ; and on 

 Treasury notes, $14,400 ; together, forty-jive thousand three hundred and ten dollars 

 annually. 



If the entire annual expenses of the Institution, for building and all other purposes, 

 could be restricted to the above sum of forty-five thousand three hundred and ten 

 dollars, it is evident that the annual income of the Institution would remain perma- 

 nently at that amount. 



Whenever any amount of Treasury notes is sold, the interest from that source, of 

 course, ceases. Whatever annual amount, therefore, beyond the above $45,310, shall, 

 in the course of four years, after the 19th of March, 1848, be expended by the Insti- 

 tution ; that amount, together with six per cent, interest on each item of Treasury 

 notes sold, from the date of the several sales to the 19th of March, 1852, will be so 

 much deducted from the present investment ; that is to say, from the sum of $755 - 

 169. 



It remains to be seen, what the annual excess beyond the above annual income will 

 be, in each of the four years next following the 19th of March, 1848; if the sug- 

 gested scale of expenditure be adopted ; and how much of the present capital of the 

 Institution, the said excess will absorb. 



The balance on hand, to meet current expenses on the 1st instant, as will appear by 

 reference to the bank-book of the institution, herewith submitted, was $2,991. The 

 amount of interest which will be received by the Institution previously to the 19th of 

 March next, is $22,655, to wit: on the 1st of January next, $15,455 ; and on the 17th 

 of February next, $7,200. These two items, added to the balance in hand, give $25,- 

 646 ; being the amount available, without encroaching on the present investment, up 

 to the 19th of March next ; that is to say, up to the termination of the first year of 

 the building contract. 



The committee, after consultation with the Secretary of the Institution, as to the 

 several amounts which may be required in the course of the winter and spring, for 

 the various objects entrusted to him ; after carefully calculating, also, the expenses 

 to arise from this time to the 19th of March, have introduced a series of resolutions, 

 appropriating the above amount of $25,646. 



The committee learned from the Secretary that the expense of the first volume of 

 the Transactions of the Institution would be considerable, on account of the number 

 of plates ; and, at his suggestion, they have put the appropriation for that object, out 

 of the above fund, at $2,000 instead of $1,000, as formerly voted. At his suggestion, 

 also, they have set apart, for apparatus, one thousand dollars. In accordance with a 

 request made in the report of the Building Committee to the Board, they have also 

 increased the appropriation for the forthcoming volume on Public Architecture, from 

 one thousand dollars to two thousand dollars. The item for contingencies, including 

 the expenses of the Board and its committees, they have put at $1,646. If, as the 

 committee recommended, a resolution be passed, that there be hereafter but one an- 

 nual meeting of the Board, its expense will not exceed $500 or $600, which will leave 

 a margin of upwards of one thousand dollars, for incidentals and contingencies, in- 

 cluding the seal of the Institution not yet paid for. 



After these various items have been, as the committee think, all fully provided for, 

 so that they shall not fall upon the current expenses of the year commencing on the 

 19th of March next ; there still remains, out of the above $25,646, the sum of seven- 

 teen thousand dollars, to be appropriated to the building fund ; as by the following 

 synopsis of receipts and appropriations will more clearly appear : 



Proposed Appropriations, viz: 



For first number of Transactions $2,000 



For work on "Public Architecture" 2,000 



For experiments on building materials heretofore ordered by the Board 500 



For part salary of Secretary 1,500 



For apparatus 1,000 



For the building fund 17,000 



For contingencies, including expenses of the Board and of its committees 1,646 



Total $25,646 



29 



