^270 CONGRESSIONAL PROCEEDINGS. 



;of the same month invested in 500 bonds of the State of Arkansas of 

 $1,000 each, bearing interest at the rate of 6 per cent per annum, 

 payable half-yearly on the 1st days of January and July of each year 

 until the payment of the principal on the 26th day of October, 1861. 

 Under the same authority subsequent investments were made in 

 bonds of the same State of Arkansas as follows: 



Dec. 29, 1838, $10,000 in 10 bonds, payable January 1, 1868 $10,000.00 



July 6, 1839, $13,000 in 13 bonds, payable January 1, 1868 13,000.00 



Sept, 21, 1840, $15,000 in 15 bonds, payable January 1, 1868 15,000.00 



Upon these bonds there had been paid for interest on December 31, 1843. 93,591.73 



And there was then due for interest on the same 75,687.84 



Whence it appears that from and after July, 1841, all payments of 

 interest on said Arkansas bonds have ceased, and that the amount due 

 is accumulating at the rate of more than $32,000 a year amounting 

 at this day to more than $90,000. 



On the 23d of November, 1838, $8,000 were invested in bonds of the State of 

 Michigan, payable on the first Monday of July, 1858, bearing interest at 6 

 per cent, payable half-yearly at the Manhattan Bank, in the city of New 



York '. $8, 000 



On these bonds there was due on the 31st of December, 1843, one year's 



interest 480 



There were invested in bonds of the State of Illinois 



Feb. 3, 1840. 13 bonds, of $1,000 each, payable after the year 1860 13, 000 



3 bonds, of $1,000 each, payable after January 1, 1873 3, 000 



10 bonds, of 1,000 each, reimbursable at the pleasure of the State 



after the year 1860 10, 000 



Dec. 3, 1840. 6 bonds of the State of Illinois, of $1,000 each, payable 



after January 1, 1870 $6, 000 



Feb. 1, 1841. 24 bonds, payable after January 1, 1870 24, 000 



30,000 



On these bonds of the State of Illinois there was due on December 31, 1843, 



one year's interest 3, 360 



There were invested in the 6 per cent canal stocks of the State of Ohio 



Aug. 7, 1841. 13 bonds, of $1,000 each, payable after December 31, 1860 13, 000 



Aug. 10, 1841. 5 bonds, of $1,000 each, payable after December 31, 1860 5, 000 



Upon these bonds, on the 31st of December, 1843, no interest was 

 due. 



The first section of an act of Congress of September 11, 1841, repealed 

 so much of the sixth section of the act of July 7, 1838, as required 

 the Secretary of the Treasury to invest the annual interest accruing on 

 the investment of the money arising from the bequest of James Smith- 

 son in the stocks of the States; and the Secretary of the Treasury was 

 thenceforth required, until Congress shall appropriate said accruing 

 interest to the purposes prescribed by the testator for the increase and 

 diffusion of knowledge among men, to invest said accruing interest in 

 any stock of the United States bearing not less than 5 per cent per 

 annum. 

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