REPORT OF THE EXECUTIVE COMMITTEE. M4 
continued with unabated energy ; that notwithstanding the depreciation of the 
value of the income, the expenditures have but little exceeded the current re- 
ceipts, and that provision had been made even for this contingency by the pre- 
vious accumulations in the hands of the treasurer. 
The Executive Committee are informed by the Secretary that the remainder 
of the legacy of Smithson, amounting to about $26,000, has been received in 
coin, and deposited with the Treasurer of the United States. 
In conclusion, it may be stated that the whole amount of the Smithsonian 
fund, including the original legacy and the additions which have since been 
made to it, together with the balance in the hands of the treasurer, and the State 
stocks estimated at their present market value, amounts to about $690,000. 
The committee agree with the Secretary in opinion that, as far as possible, the 
active operations of the Institution should be continued, and the curtailments 
rendered necessary by the depreciation of the currency be made in expenditures 
for those objects which can most readily be postponed. For the year 1865 the 
same estimates are submitted as those for 1864, with such diminution as the 
Secretary may deem it advisable to make. 
The committee have carefully examined the accounts of the Institution and 
the books as posted by Mr. Randolph for the past year, and find them to be 
correct. 
Respectfully submitted. 
RICHARD WALLACH, Chairman. 
Fepruary, 1865. ’ 
