566 REPORT OF THE EXECUTIVE COMMITTEE. 



The Virginia bonds originally puchased by the Institution were as 

 follows : 



Five bonds of $10,000 each, (Nos. 146 to 150;) one bond of $5,000, 

 (No. 201,) ; three bonds of $1,000 each, (Nos. 3497 to 3499 ;) one bond of 

 $500, (No. 658;) two bonds of $100 each; making in all $58,700. 



On the 9th December^ 1871, the above bonds were exchanged for Vir- 

 ginia coupon-bonds, consolidated debt, (see Eeport, 1871, page 105,) as 

 follows : 



Fifty-eight bonds, at $1,000 each, (Nos. 11521 to 11578) $58, 000 



One bond, at $500, (No. 13S0) 500 



Two bonds, at $100 each, (Nos. 4192 and 4191) . . 200 



58, 700 

 These bonds are in the cashier's vault of the United States Treasury, 

 in charge of General Spinner. Coupons due July 1, 1873, and January 

 1, 1874, are still attached to these bonds. 



In addition to the above bonds the institution holds a certificate of 

 indebtedness, (No. 4,543,) deposited with Biggs & Co., from the State of 

 Virginia, (dated July 1, 1871,) for one-third of the amount due for prin- 

 cipal and interest surrendered under the provisions of an act of the leg- 

 islature of 30th March, 1871, this amount having been reserved until an 

 adjustment is made between the States of Virginia and West Virginia 

 as to the old debt of Virginia, amounting to $29,375.07. 



There is also a certificate of indebtedness (No. 2,969) for $50.13 for an 

 odd amount of interest. 



The uninvested balance in the First National Bank at the beginning 

 of 1873 was $17,811.36. This balance would this year have been in- 

 creased by a saving of $172.73 had it not been for the suspension of the 

 First National Bank in September last, in which $5,757.41 still remain 

 unpaid, aud will probably be, to a considerable extent, a loss. 



In accordance with the law of Congress, the interest on the Smithson 

 fund is payable semi-annually, on the 1st of July and 1st January, and 

 from the beginning of the operations of the institution this semi annual 

 interest was deposited with Messrs. Biggs & Co., until at the meeting of 

 the Board of Begents on the 22d February, 1867, a resolution was 

 adopted directing the deposit of the income in " a national bank which 

 was an authorized Government depository." In accordance with this 

 direction of the Board, the money was deposited in the First National 

 Bank, which proved, however, to be an unsafe curator of the funds. 

 The whole amount on deposit at the time of the suspension of the bank, 

 19th September, 1873, was $8,224.87, on which, however, a dividend of 

 30 per cent., or $2,467.46 was paid on the 11th November last, leaving, 

 as stated above, $5,757.41 still due. 



