228 CONGRESSIONAL PROCEEDINGS. 



Secretary of the Treasury did invest the sum of $1,291.86, at the rate 

 of 5 per cent a year a rate of interest more parsimonious for the 

 benefit of the Treasury than liberal for the benefit of this generous 

 and bountiful fund. 



The 500 bonds, of $1,000 each, of the State of Arkansas, issued to 

 the Bank of the State of Arkansas, are not redeemable before the 26th 

 of October, 1860; and the 38 bonds subsequently issued to the Real 

 Estate Bank of the State of Arkansas not before the 1st of January, 

 1861. 



The 8 bonds of the State of Michigan are not redeemable before the 

 first Monday of July, 1858. 



Twent\'-three thousand dollars of the bonds of the State of Illinois 

 are not redeemable before the end of 1860; and $33,000 not before 

 the 1st of January, 1870. 



Eighteen thousand dollars of the bonds of the State of Ohio are not 

 redeemable before the 1st of January, 1861. 



The sum of $1,291.86, due by the United States, is redeemable at 

 their pleasure after the 31st of December, 1844. 



In the bill herewith reported, it is proposed to settle three funda- 

 mental principles for the administration and management of the fund 

 in all after time. 



First. That the principal fund shall be preserved and maintained 

 unimpaired, with an income secured upon it at the rate of 6 per cent 

 a year, from which all appropriations for the purposes of the founder 

 shall be made. 



Second. That the portions of the income already accrued, and invested 

 in stocks of the States of Arkansas, Michigan, Illinois, and Ohio, shall 

 be constituted funds, from the annual interest of which an astronom- 

 ical observator, with four assistants, and necessary laborers, shall be 

 appointed and maintained, without expense to this nation, and with a 

 considerable increase of the principal fund and of its annual income 

 a principle susceptible of extension to future application, which may 

 continually increase at the discretion of Congress the means and capa- 

 bilities of the institution to promote and accomplish the great purposes 

 of the founder. 



The establishment of this principle will have the further advantage 

 of relieving the board of overseers from the necessity of using the 

 bonds of the States of Arkansas, Michigan, Illinois, and Ohio, none 

 of which are redeemable before the year 1858. The annual interest 

 upon them, it can not bo doubted, will be hereafter, as it has been 

 hitherto, punctually paid; and, independent of the faith of the several 

 States, respectively pledged to this punctuality, the 4th section of the 

 act of 4th September, 1841, to appropriate the proceeds of the sales 

 of the public lands and to grant preemption rights, has furnished to 



