THIRTY-FIRST CONGRESS, 1849-1851. 481 



INCREASE OF SMITHSON FUND. 

 January 23, 1851 Senate. 



Mr. J. A. PEARCE. I have a memorial from the Regents of the 

 Smithsonian Institution which I ask to be referred to the Finance 

 Committee. Referred. 



To the honorable the Senate and House of Representatives in Congress assembled: 



GENTLEMEN: The Board of Regents of the Smithsonian Institution have directed 

 me to transmit to your honorable body the resolutions appended to this letter, and 

 to solicit the passing of a law in accordance therewith. 



It is known to your honorable body that the original sum received into the United 

 States Treasury from the Smithsonian bequest was a little more than $515,000, and 

 that at the time of the passage of the act incorporating the Institution $242,000 had 

 accrued in interest, which sum, or so much of it as might be deemed necessary, the 

 Regents were authorized to appropriate to a building. It is also known to your hon- 

 orable body that the act of incorporation directed that provision should be made for 

 the establishment of a library and museum, together with the erection of a building 

 on a liberal scale to contain them. 



While the Regents in their plan of organization obeyed these instructions, they 

 also, by virtue of the power invested in them and in conformity with the terms of 

 the bequest, adopted additional plans for the more immediate promotion of the 

 increase and diffusion of knowledge among men by means of researches, publica- 

 tions, lectures, etc. 



In order, however, to carry out the several parts of this more extended plan, it 

 was found absolutely necessary that the annual income of the Institution should be 

 increased. To accomplish this it was resolved, instead of expending at once the 

 $242,000 on a building, carefully to husband the same and to erect the building in 

 the course of several years, in part out of the proceeds of the sum before mentioned 

 and in part out of such portions of the income of the original fund as could be 

 spared from the ordinary operations of the Institution. This scheme has been 

 effectually carried out, and the Regents now ask to be allowed to place in the Treas- 

 ury of the United States, alongside of the original bequest and upon the same terms, 

 never to be expended, the sum of $150,000 of accrued interest, and to be allowed to 

 add to this from time to time such other sums as may come into their possession, by 

 donation or otherwise, until it, with the sums thus added, shall amount to $200,000, 

 making in all a principal fund of a little more than $715,000. 



After this deposit of $150,000 the Regents will still have sufficient money on hand 

 to finish the whole exterior of the building and such portions of the interior in addi- 

 tion to those now completed as may be wanted for several years to come; they then 

 propose gradually to finish the remainder, in such portions as may be wanted, out 

 of the annual accruing interest. 



The sole object of the request is the permanent investment and perpetual security 

 of the accumulated fund, and when your honorable body is assured that the organi- 

 zation and operation of the Institution have received the approbation of the wise 

 and good, not only in this country, but in every part of the world where literature 

 and science are cultivated, the undersigned trusts that the request will be granted. 



And your petitioner will ever pray, etc., 



JOSEPH HENRY, 

 Secretary of the Smithsonian Institution. 



H. Doc. 732 31 



