454 JOURNAL OF EXECUTIVE COMMITTEE. 



In corroboration of the calculations made in the foregoing report, touching the 

 amount which, on the scale of expenditure proposed, would be withdrawn from the 

 original funds of the Institution, to complete the building, with its contingencies, 

 Mr. Totten laid before the committee a table of estimates, exhibiting, by a somewhat 

 different process, results similar to those set forth in that report. 



These estimates are as follows : 



Mr. Totten' s Estimates. 



Principal $515,169. — Interest thereon per annum. $30,910 (a) 



Treasury notes 240,000. 



Total $755,169. 



Sum proposed to make applicable to the building $250,000 



Deduct amount which will have been expended up to 19th March, 1848 42,000 



Dividing the remainder by 4 will give $52,000 X 4 = 208,000 



for the amount to be expended, each year, for four 



years, upon the building. 

 But it is proposed, to expend besides, the sum of $15,000 annually, for the 



same period, on other objects ; making expenditure per annum 67,000 



Which sum may be provided for, as follows : 



FIRST YEAR. 



12 months interest on the principal of $515,169, (called a) $30,910 



6 " " on $240,000 of Treasury notes 7,200 



22,370 " " sold at end of 6 months— 22,370 



6 months interest on $217,630 of Treasury notes 6,528 



$67,008 



SECOND TEAR. 



12 months interest on the principal (a) $30,910 



6 " " on $217,630 of Treasury notes.. 6,528 



23,750 " " sold at end of 6 months.. 23,750 



6 months interest on $193,880 of Treasury notes 5,816 



$67,004 



THIRD YEAR. 



12 months interest on principal (a) $30,910 



6 " « on $193,880 of Treasury notes 5,816 



25,215 " " sold at end of 6 months.. 25,215 



6 months interest on $168,665 of Treasury notes 5,059 



$07,000 



FOURTH YEAR. 



12 months interest on the principal (a) $30,910 



6 " " on $168,665 of Treasury notes 5,059 



26,780 " " sold at end of 6 months.. 26,780 



6 months interest on $141,885 of Treasury notes 4,256 



♦ $67,005 



Treasury notes sold — First year $22 370 



Second year 28,760 



Third year 25,215 



Fourth year 26,780 



Total Treasury notes sold $98,115 



