532 REPORT OF THE EXECUTIVE COMMITTEE. 



continued with unabated energy ; that notwithstanding the depreciation of the 

 value of the income, the expenditures have but little exceeded the current re- 

 ceipts, and that provision had been made even for this contingency by the pre- 

 vious accumulations in tbe hands of the treasurer. 



The Executive Committee are informed by the Secretary that the remainder 

 of the legacy of Smithson, amounting to about $^6,000, has been received in 

 coin, and deposited with the Treasurer of the United States. 



In conclusion, it may be stated that the whole amount of the Smithsonian 

 fund, including the original legacy and the additions which have since been 

 made to it, together with the balance in the hands of the treasurer, and the State 

 stocks estimated at their present market value, amounts to about $690,000. 



Tbe committee agree with the Secretary in opinion that, as far as possible, the 

 active operations of the Institution should be continued, and the curtailments 

 rendered necessary by the depreciation of the currency be made in expenditures 

 for those objects which can most readily be postponed. For the year 1865 the 

 same estimates are submitted as those for 1864, with such diminution as the 

 Secretary may deem it advisable to make. 



The committee have carefully examined the accounts of the Institution and 

 the books as posted by Mr. Randolph for the past year, and find them to be 

 correct. 



Respectfully submitted. 



RIOHA.RD WALLACH, Chairman. 



February, 1865. 



