116 SMITHSONIAN BEQUEST. 



27, in addition to brokerage and other charges, such as the 

 expenses on transfers and stamps; besides that, I should 

 have had to part with the possession of the stock to such 

 mercantile or banking-house whilst the sales were going 

 on. I was also given to understand that this latter step 

 would probably lay a foundation for a further mercantile 

 commission on receiving and paying. 



Weighing all these circumstances, I came to the conclu- 

 sion to keep the operation of selling the stock in my own 

 hands. Nevertheless, I felt, as already intimated, that I 

 could conduct it with neither skill nor safety unless under 

 the counsel and co-operation of a person well informed in 

 these matters, and trustworthy. To the consul of the 

 United States in London I applied as to such a person, and 

 received from him, as my No. 27 informed you, this aid and 

 co-operation, in the fullest and most efficient manner, daily, 

 throughout the months of June and July, until all the sales 

 were effected; and effected, I may be allowed to add, with 

 favorable results not to have been surpassed, as I have 

 already reported to you, and as the public records of the 

 London stock market on each of the days that I sold will 

 attest. Into his hands I also put the other mercantile busi- 

 ness necessary to the shipment of the gold. These included 

 the obtaining, verifying, arranging, packing, and securing 

 it for shipment, contracting for freight, entering and clear- 

 ing at the custom-house, effecting insurance, (which was 

 done at five principal offices and with thirty-two private 

 underwriters,) and, finally, shipping the gold. For these 

 services, of whatever kind, (and I had many incidental 

 ones from him, not here enumerated,) I allowed and paid 

 him a commission of three-fourths of one per cent, which 

 amounted to 797 155. 6d. 



I speak from good information when expressing a belief 

 that an equal amount of assistance and services to me, 

 under all the heads rendered, could not have been com- 

 manded through the usual agency of banking and com- 

 mercial houses, on so heavy and responsible a moneyed 

 operation, at a less charge to the fund than a commission 

 of from two to two and a half per cent, on the whole 

 amount of it; and that this falls below rather than goes 

 beyond what it might be expected to have been. 



I enclose the consul's account, signed T. Aspinwall, 

 together with his voucher for a charge of 6 195. 4d. for 

 expenses paid by him on shipping the fourteen Smithsonian 

 boxes. 



The. premium for insurance was one half of one per cent, 



