46 MEMORIAL OF JOSEPH HENRY. 



all else, he was modest and without pretension, but firm and un- 

 flinching in the policy which he pursued, and which was crowned 

 with such prominent success. He was learned in the science of 

 finance, and his knowledge and opinions on important occasions 

 were sought and adopted by others. But in the administration of 

 the funds of the Institution his financial theory, in practice, was 

 reduced to two simple rules from which volumes of useful instruc- 

 tion may be drawn, and if wisely followed, how much of what 

 are called the misfortunes of the world would be averted. Indeed, 

 an approximate adherence to his rules, and the financial world 

 would hardly have been darkened by the floods of such light as has 

 been deluged upon it. PAY AS YOU GO. SPEND LESS THAN YOUR 

 INCOME. These were the two rules that he laid down for his course 

 of action, and he followed them without a single departure. There 

 were times of pressing necessity and great desirability of extending 

 the fields already occupied and of seeking new ones by the Institu- 

 tion. But Professor HENRY still held to his rules with an iron hand 

 and a Spartan will. The end again illustrates his wisdom. 



A condensed statement of the Smithsonian fund at the end 

 of Professor HENRY'S administration as its Secretary shows as 

 follows : 



The amount originally received as the bequest of 

 JAMES SMITHSON, of England, deposited in 

 the Treasury of the United States in accordance 

 with the act of Congress of August 10, 1846, 

 was $515, 169 00 



The residuary legacy of Smithson, received in 

 1865, deposited in the Treasury of the United 

 States in accordance with the act of Congress of 

 February 8, 1867 26, 210 63 



Total bequest of Smithson 541, 379 63 



