TWENTY-EIGHTH CONGRESS, 1843-1845. 255 



D 18. Louisville, August IS, 18.38. 



Sir: I have this moment seen, over your official signature, a notice to the pubhc 

 stating that you are ready to receive propositions relative to the investment in State 

 stocks of the fund (say half a million) bequeathed by James Smithson, esq., for the 

 purpose of founding an institute in the city of Washington, which fund you are 

 authorized to dispose of in this way by act of July 7, 1838. 



Application is hereby made, in behalf of the Mississippi Union Bank, for a loan or 

 purchase of the whole amount of this fund when in your hands for disposal. The 

 bank offers, as security or equivalent, the Ijonds of the State of Mississippi, bearing 

 interest at the rate of 5 per cent per annum — interest and principal made payable at 

 such places as may suit the convenience of the purchaser — which bonds she holds to 

 the amount of $15,000,000, with ample power to negotiate and sell the same as pre- 

 scribed in the first section of the original act incorporating said institution, by the 

 directors of the bank themselves, or as expressed in the 9th section of the supple- 

 mental act thereto appended, by the agency of commissioners appointed for that 

 purpose. 



For the nature of the security, the general terms of the negotiation, the form and 

 condition of the bonds, &c., you are respectfully referred to the 4th, 5th, 6th, 7th, 

 8th, and 9th sections of the original act above referred to, a copy of which, with the 

 supplement, is herewith transmitted for your inspection. 



This letter is not official from the bank, as the board of directors have not been in 

 session since the publication of your notice, and consequently could have no action 

 upon the subject. It will be recognized, however, as such by the board at their first 

 regular meeting (the 10th of September next) , when a copy of it will be laid before 

 them. 



For any information which may be required, should there be a prospect of effecting 

 this negotiation, please address president and directors, or Hon. H. G. Runnels, presi- 

 dent of the Mississippi Union Bank, at Jackson, Mississippi; and, if necessary, an agent 

 will be immediately appointed by the bank who will see you in person, on the sub- 

 ject of the negotiation, at Washington. The acknowledgment of the receipt of this 

 communication, directed as above so as to meet the board of directors of the bank 

 by the 10th of September next, will confer a favor on them, and oblige, 

 Very respectfully and truly, your obedient servant, 



John J. McRae, 

 Member of Board of Directors of 3Iississippi Union Bank. 



Hon. Lkvi WooiJBURY, 



Sejyretaru of the IVeasuri/. 



J) 19. Eastern Bank, Bangor, Maine, August 13, 1838. 



Dear Sir: I have noticed a paragraph in the public papers of the day upon the 

 subject of the Smithsonian bequest where, after alluding to the act of Congress 

 directing the Secretary of the Treasury to invest the same "in stocks of States 

 bearing interest at the rate of not less than 5 per cent per annum," it is stated that 

 you are now prepared to receive proposals from persons who have stocks of this 

 description to dispose of. 



I am directed to say to you that this bank has a Maine State scrip, issued agreeably 

 to law, dated March 23, 1838, for the sum of $4,500, payable in five years from date, 

 with interest annually at the rate of 5 per centum, which we offer for your 

 consideration. 



Very respectfully, your obedient servant, 



W. H. Mills, Cashier. 



Hon. Levi Woodbury, 



Secretary of the Treasury. 



