242 CONGRESSIONAL PROCEEDINGS. 



and tli(> iunount of interest ,so withheld; and stating what measures 

 had been taken to recover the interest withheld; also, accompanied 

 with copies of the correspondence in relation to the purchase of State 

 stocks for the fund; which letter and accompanying documents were, 

 on motion of Mr. John Quincy Adams, referred to a select committee 

 of nine members. 



Mr. John Quincy Adams, Mr. Geo. S. Houston, Mr. A. H. Chappell, 

 Mr. Richard French, Mr. Wm. Lucas, Mr. Francis Brengie,^ Mr. Jacob 

 S. Yost, Mr. E. D. Potter, and Mr. John Wethered^ were appointed 

 the said committee. 



Trea.sury Department, February 17, 1844- 



Sir: In compliance with the resolution of the Hou.se of Representatives of the 3d 

 of January last, I have the honor to transmit the accompanying statements A, B, C, 

 showing "the present state and condition of the funds bequeathed by James Smith- 

 son to the United States, for the establishment of an institution for the increase and 

 diffusion of knowledge among men; the payments of interest that have been received, 

 and what have been refused or withheld on the State stocks in which the said funds 

 were invested, and the amount of interest so withheld." 



I have the honor further to report, in compliance with the resolution, that the 

 only measures taken to recover the interest so withheld were, by retaining in the 

 Treasury the amounts stated in statement C, under the i)rovisions of the fourth sec- 

 tion of the act of 4th September, 1841; there being no other means by which the 

 department could compel the payment of interest then in arrear. 



The resolution also requires to be reported "by whose agency the said investments 

 were made, with copies of any correspondence of the Treasury Department with 

 such agents relating thereto." 



In reply to this, I have the honor to state that it does not appear that any agent 

 was ever appointed to make these investments. The correspondence in relation to 

 the purchase of State stocks, for the fund, appears to have been principally with 

 stockbrokers; and copies are annexed, marked from D No. 1 to D No. 63. 



I have the honor to be, very respectfully. 



Your (obedient servant, J. C. Spencer, 



Secretary of the Treasury. 



Hon. J. W. Jones, 



Speaker of the House of Representatives. 



^This committee, though ordered, was not actually appointed until Mr. Brengle 

 and Mr. Wethered took their seats. 



