TWENTY-EIGHTH CONGRESS, 1843-45. 281 



proposals, under the act of the 7th July, authorizing the investment of the 

 money bequeathed by James Smithson, Esq., " in stocks of the States bear- 

 ing an interest at the rate of not less than five per cent, per annum." 



I have the honor to propose to your acceptance, under the act, one hun- 

 dred and fifty thousand dollars of the stock of the Commonwealth of Vir- 

 ginia, bearing an interest of five per cent., payable semi-annually, and the 

 principal redeemable at the end of twenty years from the 18th June last. 

 This I offer at par. 



Should the number of proposals, or other reasons, lead you to decline 

 taking the whole of the stock, then such portion of it as you maybe willing 

 to take is offered to yonr acceptance. 



Begging to be apprized of your decision, I have the honor to be your 

 obedient servant, &c., WM. H. MACFARLAND, President. 



Hon. LEVT WOODBURT, Secretary of the Treasury. 



D 15. 



NEW YORK, August 9, 1838. 



DEAR SIR : We observe that you advertise for proposals for State stocks 

 to invest the Smithsonian fund in. We are unable to determine whether 

 the matter will be open for negotiation, or whether you will accept the best 

 offer made under seal. We hold one hundred and seventy thousand dollars 

 five per cent, stock of a northern State, which we would like to propose or 

 negotiate for ; or, if within the limits of the law directing the disposal of 

 the fund, we would pay interest for the money, and give the stock as col- 

 lateral. 



If your time will permit, we shall feel obliged by an explanation on these 

 points ; and will become applicants for one hundred and seventy thousand 

 dollars of the fund, in the way we think will be most satisfactory to the 

 Government. 



Respectfully, your obedient servants, PARKER & Co. 



Hon. LEVI WOODBURY, Washington, D. C. 



D 16. 



ALBANY, August 9, 1838. 



SIR : I will let you have $33,000 New York State five per cent, stock, 

 redeemable in 1855, at two per cent, premium, and interest from the last 

 dividend say 1st July. The last five per cent, stock issued by this State 

 was sold at public auction, in the city of New York, about forty days since, 

 and the highest price bid was one per cent, and T 6 ^ Q -. Since which, I have 

 sold in New York fifty thousand dollars of the same stock offered to you at 

 two per cent, advance, being precisely what I offer it to you for. 



Allow me to request an early answer, as I am unwilling, by locking up 

 the stock, to forego the chance of doing as well, or better, should an oppor- 

 tunity present. 



I have the honor to be, your obedient servant, 



THOS. W. OLCOTT. 

 Hon. LEVI WOODBURY, Secretary of the Treasury. 



D 17. 



AUGUST 9, 1838. 



SIR : In the Washington Globe, of date 6th instant, I notice an official 

 invitation to the holders of State stock to make an offer of sale, for the in- 

 vestment of the funds obtained under the Smithsonian bequest. I have one 

 hundred thousand dollars of Indiana internal improvement State stock, 

 payable twenty-five years from 1st July, 1838, bearing an interest of five 

 per cent., payable semi-annually in the city of New York ; which I offer 

 to the Department at 98 cents on the 100 cents of the principal. Your 



