172 CONGRESSIONAL PROCEEDINGS. 



SEC. 3. And be it further enacted, That all expenditures made by the said board shall 

 be subject to the approval of the President of the United States; and all the accounts 

 thereof shall be reported to the Secretary of the Treasury, and audited, under his 

 direction, by the proper officers of the Treasury Department; and the said board 

 shall report to Congress, at every session thereof, the state of the Smithsonian fund, 

 and a fall statement of their receipts and expenditures during the preceding year. 



SEC. 4. And be it, further enacted, That the said trustees be, and they are hereby, 

 specially authorized and directed to prepare such a charter of incorporation, and such 

 a plan of an institution for the increase and diffusion of knowledge among men, as to 

 them may appear best adapted to carry into effect the bona fide intention of the tes- 

 tator, the said James Smithson, and to report the same for the consideration and 

 action of Congress at the next session thereof. 



[S. 293.] 



Be it enacted, etc., That the Vice- President of the United States, the Chief Justice 

 of the United States, the Secretaries of State and of the Treasury, the Attorney- 

 General of the United States, and the mayor of the city of Washington, all during 

 the time when they shall hold their respective offices, together with three members 

 of the Senate and four members of the House of Representatives, to be annually 

 elected by their respective Houses on the fourth Wednesday of December, shall be, 

 and hereby are, constituted a body politic and corporate, by the style and title of the 

 trustees of the Smithsonian Institution, for the increase and diffusion of knowledge 

 among men, 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 offices during the pleasure of the 

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

 and to fix their compensations. And the secretary and the treasurer only shall 

 receive pecuniary compensation for their services, and those of the members 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 secre- 

 tary and treasurer shall be sworn to the faithful discharge of the duties of their 

 respective offices, and the treasurer shall give bond, with 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 placed in the Treasury of the 



United States on the day of as the proceeds in part of the bequest of 



James Smithson to the United States, together with all sums which may hereafter be 

 realized, shall be passed hereafter to the credit of a fund, to be denominated the 

 Smithsonian fund, in the Treasury of the United States. And the faith of the 

 United States is hereby pledged for the preservation of the said fund undiminished 

 and unimpaired, to bear interest at the rate of six per centum a year, payable on the 

 first days of January and July to the treasurer of the board of trustees of the Smith- 

 sonian fund, to be applied to the purposes of the fund, conformably to the laws and 

 subject to the revision and regulation of the board of trustees. 



SEC. 4. And be it further enacted, That no part of the said Smithsonian fund, prin- 

 cipal or interest, shall be applied to any school, college, university, institute of edu- 

 cation, or ecclesiastical establishment. 



SEC. 5. And be it further enacted, That the appropriations to be made from time to 

 time by Congress to the purposes of the Smithsonian Institution, as declared by the 

 testator, shall be exclusively from the accruing interest, and not from the principal of 



