TWENTY-SIXTH CONGRESS, 1839-41. 243 



The motion was negatived. 



Mr. SEVIER then moved its reference to the Committee 

 on Indian Affairs. Lost. 



The motion of Mr. PRESTON was then agreed to, and the 

 bill referred to the Committee on Finance. 



SENATE, September 8, 1841. 



Mr. EVANS, from the Committee on Finance, reported, 

 with an amendment, the bill from the House to repeal the 

 sixth section of the act for the support of the Military 

 Academy at West Point for 1838, and to prohibit the in- 

 vestment of trust funds of the United States in the stocks 

 of the several States. 



The Senate proceeded to consider the same, and the bill 

 was amended, so as to strike out all after the enacting 

 clause, and insert : 



" That so much of the sixth section of the act to provide for the support of 

 the Military Academy of the United States for 1838 as requires the Secre- 

 tary of the Treasury to invest the annual interest accruing on the invest- 

 ment of the money arising from the bequest of the late James Smithson, of 

 London, in the stocks of the States, be, and the same is hereby, repealed ; 

 and the Secretary of the Treasury shall invest said accruing interest in any 

 stock of the United States, bearing a rate of interest not less than five per 

 cent, per annum." 



Mr. SEVIER made some observations in relation to the 

 amendment not distinctly heard in the gallery. 



Mr. EVANS remarked that the repeal affected that portion 

 only of the bill of 1838 which related to the investment of 

 the funds of the institution, and accruing interest in State 

 stocks; the investment to be changed to United States 

 stock. 



Mr. CALHOUN requested the bill and amendments would 

 be read. 



The bill was then read. 



Mr. CALHOUN wished to know what was to be done with 

 the funds when there \vas no United States stock to be had? 

 If all authority to invest them and the accruing interest in 

 other stocks was repealed, and there should be no United 

 States stock in the market, or in existence, what was to be 

 done with the money? 



Mr. EVANS replied that all that had been taken into con- 

 sideration in committee, and it was the unanimous impres- 

 sion that there would be a sufficient supply of United 

 States stock in existence for the next three years at least, 

 and that no difficulty could arise in that way. If, however, 

 any difficulty of that nature should arise, provision could 

 be made by Congress in time to meet it. 



