494 



CONGRESSIONAL PROCEEDINGS. 



C. — Staiemctd nhowiruj the amount of interest received and disbursed on account of the 

 Smithsonian Institution, under the act of Congress approved August 10, LS.jG, v)hich act 

 fixed the principal of the Smithsonian fund at ^515,169. 



D. — Statement of the Smithsonian fund as it regards interest on stocks. 



To amount of interest received 



To interest now due, viz: 

 From the State of Ar- 

 kansas 8361, 636. 32 



From the State of 



Michigan 960. 00 



From the State of 

 Ohio 6,720.00 



S223, 756. 01 



369, 316. 32 



593,072.33 



By amount of interest which has ac- 

 crued on stocks purchased, viz: 

 On stock of the State of Arkansas. 

 On stock of the State of Michigan. 

 On stock of the State of Illinois . . 



On stock of the State of Ohio 



On stock of the United States 



$492,079.57 



7,520.00 



45,420.00 



13, 500. 00 



34,552.76 



593, 072. 33 



Shortl}^ after the receipt of the above statements by the chairman 

 of the committee, there was presented to the House of Representatives 

 the memorial of March 10, 1854, from the Smithsonian Institution. 



The statement made to the select committee by the Secretary of the 

 Treasury shows that the Government, by an act of Congress, set apart 

 as the capital of the Smithsonian fund the sum of $515,169; regarding 

 those States that have failed to make payment of principal or interest 

 of the sums loaned to them from the fund received from England as 

 debtors to the Treasury of the United States, leaving the fund unencum- 

 bered with accounts against the borrowers and equal to the amount 

 left by the testator. 



What disposition should be made of the evidences of debts which 

 the Government of the United States holds against the borrowers of 

 the original fund did not form a part of the inquiries which the com- 

 mittee was authorized to make. But as those funds evidentl}' belong 

 to the Government of the United States, the committee will feel itself 

 justified in suggesting such a di.sposal thereof as will release the books 

 of the Treasury Department of the continued and increasing accounts. 

 And at the close of the report a resolution will be added recommend- 

 ing the sale of all such assets, and that the net proceeds be carried to 

 the general fund. 



