Founding of the Institution 3 1 



The sum was subsequently increased by the repayment of 

 certain amounts expended in the prosecution of the claim, 

 freights, insurances, etc., so that the original trust amounted 

 in all to ,106,374, 95., yd., or $515,169. The sum of 

 .5015 sterling which was held back during the lifetime of 

 Madame de la Batut, after her death, in 1862, was added to 

 the fund, and in February, 1867, the Board of Regents was 

 informed that the amount of the Smithsonian Fund in the 

 Treasury had been increased to $55o,ooo. 1 



As soon as the trust fund reached the United States, in 

 1838, it was invested by the Secretary of the Treasury in 

 stocks of States, chiefly in 500 bonds of the State of 

 Arkansas for $1000 each, bearing six per cent, interest. 2 

 The State of Arkansas having failed to pay its interest 

 in 1846, Congress made good the deficiency from the 

 public funds, as in duty bound by the pledge given in the 

 bill approved July i, 1836, and has ever since paid interest 

 at six per cent, on the sum of $538,000, which was the total 

 amount at that time invested in Arkansas securities. 



Shortly after the convening of Congress in 1838, President 

 Van Buren, in a message dated December 6, informed both 

 Houses that the legacy had been received and invested, and 

 invited their attention to the obligation devolving upon the 

 United States to fulfil the object of the bequest. His mes- 

 sage was accompanied by several letters from " persons 

 versed in science and in matters relating to education," who 

 had been invited by the President to communicate their 

 views to aid his judgment in presenting the subject to 

 Congress. 



Eight years passed by before a definite plan of organiza- 



lRhees ( loc. cit., page 133. tion of the President, to invest all the money 



2 This was done in accordance with the arising from the bequest of Smithson in stocks 



Act, approved July 7, 1838, directing the of States. This Act was repealed September 



Secretary of the Treasury, with the approba- n, 1841, through the agency of Mr. Adams. 



