274 CONGKESSIONAL PROCEEDINGS. 



with perpetual succession, and the usual powers, duties, and liabilities incident to 

 corporations. 



Sec. 2. And be it further enacted, That the corporation so constituted shall have 

 power to appoint, from citizens of the United States other than members of the 

 board, a secretary and a treasurer, to hold their oflBces during the pleasure of the 

 board, and removable at their pleasure, and others to be appointed in their places, 

 and to fix from time to time their compensations. And the secretary and treasurer 

 only shall receive pecuniary compensation for their services, and those of the mem- 

 bers of the board of trustees shall be gratuitous. And the offices of secretary and 

 treasurer may, at the discretion of the board of trustees, be held by the same person. 

 The secretary and treasurer shall be sworn to the faithful discharge of the duties of 

 their respective offices; and the treasurer shall give bond, under the penalty of 

 $50,000, with sureties to the satisfaction of the Secretary of the Treasury, for the 

 safe custody and faithful application of all the funds of the institution which may 

 come to his hands or be at his disposal. 



Sec. 3. And be it further enacted, That the sum of $800,000 be, and the same is 

 hereby appropriated, by investment of that sum in certificates of stock to that amount 

 of the United States, bearing interest at the rate of six per cent a year, from and after 

 the passage of this act, redeemable at the pleasure of Congress by the substitution of 

 other funds of equal value and yielding the same income, the said interest being 

 payable half-yearly on the first Mondays of January and July. The said stocks to 

 be applied in manner following: First, to constitute a fund of $500,000, bearing 

 interest as aforesaid, to supply the place of the same sum received at the Mint of 

 the United States at Philadelphia, in gold, on the first day of September, of the year 

 1838, and on the fourth day of the same month invested, for account of the United 

 States, in five hundred bonds of the State of Arkansas, of one thousand dollars each, 

 bearing interest at the rate of six per cent a year, payable half-yearly, and the prin- 

 cipal of which is redeemable on the second of October, 1860. Secondly, to constitute 

 a fund of $300,000, bearing interest as aforesaid, to supply the place of an equal sum 

 invested in one hundred and forty bonds of the States of Arkansas, Michigan, Illinois 

 and Ohio, and of interest which has accrued, and may hereafter accrue, to the said 

 amount of $300,000, from the said sum deposited at the Mint of the United States at 

 Philadelphia on the first day of September, 1838; the said fund to be applied to the 

 execution of the purpose of the testator, "the increase and diffusion of knowledge 

 among men," in manner following: 



Of the said fund, there shall be applied for the erection and establishment, at the 

 city of Washington, of an astronomical observatory, adapted to the most effective and 

 continual observations of the phenomena of the heavens; to be provided with the 

 necessary, best, and most perfect instruments and books, for the periodical publica- 

 tion of said observations, and for the annual composition and publication of a nauti- 

 cal almanac, thirty thousand dollars. 



Of the said fund there shall be reserved in the stock thus invested the sum of 

 $60,000, from the yearly interest of which the compensation shall be paid of an astro- 

 nomical observator, to be appointed by the board of overseers, removable at their 

 discretion, and another to be appointed whenever the said office may be vacant; 

 and his compensation shall be at the rate of $3,000 a year, and $600 a year shall be 

 reserved for the incidental and contingent expenses of repairs upon the buildings as 

 they may be required. 



Also $120,000, from the yearly interest of which shall be paid the compensation 

 of four assistants to the astronomer and of laborers necessary for attendance on him, 

 and for the care and preservation of the buildings. The compensation of the four 

 assistants to be at the rate of $1,500 a year each; and the compensation of the labor- 

 ers not to exceed in amount, for the whole of those found necessary, $1,200 a year; 

 the assistants and laborers to be appointed and removable by the said board of 

 trustees at their discretion. 



