, REPORT OF THE SECRETARY. 15 
really rendered to the government by the Institution, I may here state 
the fact that a large share of my time—all, indeed, which could be 
spared from official duties—has been devoted for the last four years to 
investigations required by the public exigencies. Within this period 
several hundred reports, requiring many experiments, and pertaining 
either to proposals purporting to be of high national importance, or 
relating to the quality of the multifarious articles offered in fulfilment 
of legal contracts, have been rendered. The opinions advanced in 
many of these reports not only cost much valuable time, but also in- 
volved grave responsibilities. While, on the one hand, the rejection 
of a proposition would be in contravention to the high importance 
claimed for it by its author, on the other the approval of it would per- 
haps incur the risk of the fruitless expenditure of a large amount of 
public money. It is not necessary, I trust, to say that the labor thus 
rendered was entirely gratuitous, or that in the judgment pronounced 
in any case no regard was paid to the interested solicitations or per- 
sonal influence of the parties concerned; on the contrary, it has in 
some instances resulted from the examination of materials sold to the 
government that attempted fraud has been exposed and the baffled 
speculator received his due reward in condemnation and punishment. 
These facts, it is thought, will be deemed a sufficient answer to 
those who have seemed disposed to reproach the Institution with the 
want of a more popular demonstration, but far less useful or efficient 
aid in the support of the government. 
At the close of 1864 the affairs of the Institution were in a highly 
prosperous condition. It will be seen by a reference to the report 
of the executive committee that— 
First. The whole amount of money originally derived from the 
bequest of Smithson is still in the treasury of the United States, 
bearing interest at six per cent., paid semi-annually, and yielding 
_ $30,910. 
Second. Seventy-five thousand dollars of an extra fund are in 
bonds of the State of Indiana, at five per cent. interest, also paid 
semi-annually, yielding $3,750. 
Third. Fifty-three thousand five hundred dollars of the same fund 
are in bonds of the State of Virginia, twelve thousand in those of 
Tennessee, and five hundred in those of Georgia, from which nothing 
has been derived since the commencement of the war. 
Fourth. A balance of upwards of $29,000 is now in the hands of 
the treasurer of the Institution. The only difference in this state- 
