116 SMITHSONIAN BEQUEST. 



tors in England, authorizing them to collect the money and pa}^ it to 

 the order of the Secretar}?- of the Smithsonian Institution. The pro- 

 ceeds from this, deducting the expenses of collection, were £5,262 3d., 

 which were temporarily deposited with George Peabody & Co., who 

 not only transacted the business without charge, but allowed 4 per 

 cent interest on the money while it remained in their hands. The 

 total amount of this residuary legacy received by the Institution, 

 including the interest, £153 19s. 4d., was $26,210.63 in gold, which 

 being sold at the current premium (about 107), yielded $64,165.38 in 

 United States currency. This sum was invested in Government bonds 

 bearing interest at 7.3 per cent, and deposited for safe-keeping with 

 ■General Spinner, the Treasurer of the United States. 



From, Report of the Executive Committee for tJie year 1865. 



It appears from the statement of the Secretary and the accounts 

 rendered by Riggs & Co., bankers of the Institution, that the remain 

 der of the legacy of Smithson, which amounted to $26,210.63 in gold, 

 was sold at a premium from 105 to 107i per cent, yielding, after 

 deducting the cost of sale and United States tax, $54,165.38. This 

 amount was expended in the purchase of United States bonds bearing 

 7.3 per cent interest at par. 



The following is a detailed statement of the whole transaction: 



1864. 

 June 11. The amount received from Fladgate, Clarke & Finch, attor- 

 neys, London, as the residuary legacy of James Smithson, £ s. d. 



was 5,262 3 



This amount was deposited with George Peabody & Co., 

 bankers, London, who allowed interest on it to the 5th of 

 March, 1865 153 19 4 



5,415 19 7 



This amount was equivalent to $26,210.63 in gold, which was sold 

 by Riggs & Co., under the direction of the Seci'etary of the Insti- 

 tution, as follows: 



$10, 000. GO at 207i $20, 725. 00 



15, 000. 00 at 2061 31, 031. 25 



] , 000. 00 at 207 2, 070. 00 



210. 63 at 205 431. 79 



26,210.63 54,258.04 



Less brokerage, one-fourth $65. 53 



Less United States tax, one-twentieth 27. 13 



92. 66 



Net amount realized from sale of gold $54, 165. 38 



1865. 

 Feb. 17. United States bonds bearing 7.3 per cent interest were purchaaed 



at par for 54,150.00 



Balance, which could not be invested on account of there 

 being no bonds for less than $50 15. 38 



