SMITHSONIAK BEQUEST. 117 



After the Secretary had purchased these bonds and deposited them 

 for safe-keeping with the Treasurer of the United States, it was 

 claimed by the Secretary of the Treasury that this money was not 

 under the control of the Regents of the Institution, inasmuch as the 

 original 'act of Congress of 1816, establishing the Institution, referred 

 to only so much of the bequest of Smithson as was tljen in the Treas- 

 ury of the United States, and that a special act of Congress would be 

 required to apply this money, or the interest on it, to the uses of the 

 Institution. The executive committee would therefore reconmiend 

 that an application be made to Congress for such a disposition of this 

 money. 



From Proceedings of the Board of Regents, March ^^, 1866. 



The subject of the disposition of the money in possession of the Sec- 

 retary of the Treasury, resulting from the residuary legac}^ of Smith- 

 son, was next considered. The Secretary suggested that so much of 

 this sum as was received from England, independent of the premium 

 on the coin, viz, $26,210.63, should be added to the amount originally 

 deposited in the Treasury of the United States by Mr. Rush, making 

 $541,379.63 as the total bequest of Smithson, and that the premium 

 and the interest since accrued be applied to the current uses of the 

 Institution, and to assist in defraying the cost of the restoration of the 

 building. By this arrangement the interesting fact could be stated 

 that, after all the Institution has done in the way of increasing and 

 diffusing knowledge, the entire sum derived from the bequest of 

 Smithson is still undiminished in the Treasury of the United States. 



The Chancellor recommended that the sum thus added to the money 

 now in the Treasury of the United States should be sufficient to make 

 up the amount to $550,000. 



On motion of Mr. Wallach, it was 



Resolved., That the Secretary be directed to apply to Congress for 

 an act by which the residuary legacy of James Smithson, now in the 

 possession of the Secretary of theTreasmy, amounting to $26,210.63, 

 be added to the sum originally received; and that also from the income 

 of the above-mentioned residuary legacy the further sum of $8,620.37 

 be added, making the total amount deposited in the Treasury of the 

 United States $550,000 as the trust fund, the interest on which alone 

 is to be applied to the maintenance and uses of the institution; and 

 further, that the Regents be authorized to apply the remainder of the 

 income of the residuary legacy to the current expenses of the Institu- 

 tion and the reconstruction of the building. 



