THIRTY-EIOHTH CONGRESS, 1863-1865. 655 



entitled to receive, and hence this proposition to pay the interest in 

 coin. I shall move an amendment to the proposition to make up the 

 difference between the currency which the Institution has received and 

 the coin to which they were entitled iii order that they ma}^ have the 

 means to repair the building. I think the Government is bound to 

 pay it by every obligation, and particularh" b}^ the obligation which 

 it took upon itself when it accepted this fund. 



But the Senator from Iowa brings in here the fact that this fund 

 was invested in Arkansas bonds. Was that the fault of Smithson, who 

 made the bequest? Whose fault was it if an improAddent use was 

 made of the funds of the Institution;* But that question is not now 

 to be settled. The Government of the United States has assumed the 

 control of this monev, has incorporated this Institution, has agreed 

 to pay the interest forever at 6 per cent upon the mone}^ that was 

 placed in its Treasury, and unless it means to repudiate this obliga- 

 tion it is bound to pay it, and it is bound to pay it in the same cur- 

 rency that it pays to other creditors similarl}^ situated. That is all 

 that the Institution asks. They probably would not have pressed at 

 this time for the payment in coin but for the misfortune of the fire 

 which has recently occurred. I move to amend the section which is 

 pending by adding to it the following: 



And in case the interest lieretofore paid to said Institution has been paid in a dif- 

 ferent currency, or of less value, than that paid bj' the Government on other perma- 

 nent debts or trust funds, that the Secretary be directed to make up the difference 

 to said Smithsonian Institution. 



Mr. Jacob Collamer. Mr. President, I do not wish to confine my 

 remarks to the amendment now under consideration. I can see no 

 good reason for the amendment of the Senator from Illinois. So far 

 as this Institution have received their interest in any money that was 

 satisfactory to them when they received it I consider it paid. In 

 relati'on to what has not Ijeen paid them, it undoubtedly should be paid 

 them, as I think, in coin, as is the case with all the trust funds in the 

 hands of the Government. 



But, sir, I rose more particularly to make one remark. I feel a 

 good deal gratified at the speeches that have been made on this subject 

 this evening, and from this consideration: Congress, b}'^ the votes of 

 many of the gentlemen who have spoken on this subject to-night, 

 passed a law nearly four years ago to enable individuals to pay off their 

 old notes in depreciated paper at half price, and we called it a legal 

 tender. These gentlemen voted for that measure, by which people 

 were enabled to cheat their creditors and b_v which the Government 

 never got anything, and never will. But what particularly gratifies 

 me is this: That while they were willing to make a law, and it is a 

 standing law now, to enable individuals to cheat their creditors by 

 paying them off' in money at half price thej^ are ashamed to do it on 



