652 CONGRESSIONAL PROCEEDINGS. 



among men from that Institution be useful or not 1 do not care now 

 to discuss. If 1 were to judge from the number of applications I have 

 for the reports of that Institution, I should say it is useful knowledge. 



Then, sir, if the Institution is rich, it has cost his constituents and 

 mine nothing; but if it were poor to-day and we refused to make up 

 the entire fund, it would cost bis constituents and mine something it 

 would cost their honor. 



Now, sir, upon the leading question I do not agree with the Senator 

 from New Hampshire. This Institution does not belong to us; it is 

 not the property of the United States. The United States, in respect 

 to that Institution and the funds that endowed it, is but the trustee. 

 We are not the beneficiaries, in its language. The people- of the 

 world are the beneficiaries; all who can be instructed by the diffusion 

 of useful knowledge are the beneficiaries. 



The Senator from New Hampshire spoke also of a loss because of a 

 purchase of bonds of the State of Arkansas. If we purchased bonds 

 that were not a sure investment, in law, or rather in equity, we are 

 bound to make it good. If the United States, as a trustee, makes a 

 bad investment, she must make that investment good. If the Senator 

 held funds for me, or if, as a guardian, he held funds for some of his 

 minor constituents, and made a bad investment, would he not be com- 

 pelled to make it up? If he made a bad investment he would be 

 compelled to make it good, unless he used due care and acted under 

 the direction of the court. I admit if entire diligence is used, perhaps 

 he would not be responsible in a court of equity. But I understand 

 the facts to be that the Institution has lost nothing from the Arkansas 

 bonds. That has been made up; they have been paid, and there has 

 been no loss resulting from that investment. 



Mr. HALE. The Senator is mistaken. 



Mr. HENDRICKS. I was so told the other day. I am not fully 

 informed, except as the committee were informed by Professor Henry, 

 who has this business in charge. That is the way I understand it. 

 The interest has been paid. 



Mr. HALE. The bonds have not been paid. 



Mr. HENDRICKS. Whether the bonds have been paid or not is not 

 important. We got gold, and were to use it as a trustee to establish 

 an institution that would be an ornament to the country as well as 

 useful to the world. Now, sir, Avhat is the obligation of the United 

 States in respect to that a gold investment endowing an institution 

 not for the benefit of the United States, but for the benefit of man- 

 kind generally ? I understand the decision of the Treasury Depart- 

 ment has been that all trust funds are to be paid in gold and that all 

 the debts against the Government prior to the commencement of the 

 war are to be paid in gold. 



Both the Senators have asked why we pay gold to this Institution 



