1654 CONGRESSIONAL PROCEEDINGS. 
ment striking out so much thereof as provides for the printing of 
thirteenth annual report, as same has heretofore been ordered printed, 
The estimated cost of fourteenth report is $12,000. 
Resolution passed. 
June 12, 1894—Senate. 
Referred to Committee on Printing. 
UNIVERSITY OF THE UNITED STATES. 
September 6, 1893—House. 
Mr. James W. Covert introduced bill (H. 389): 
That there shall be, and is hereby, established in the District of Columbia a uni- 
versity of the United States, which is hereby incorporated by such name, with seal, 
and subject to the acts of Congress at any time hereafter to be made. 
Src. 2. The trustees of such corporation, in whom shall vest in trust all property, 
real and personal, and all power to receive, collect, convert, invest, and apply said 
property, shall be the Board of Regents of the Smithsonian Institute, who may 
appoint a committee of ten of such regents to serve for five years, and preside over 
and direct the proceedings of said university. 
Sec. 3. That said committee of ten of said regents shall be the governors and trustees 
of said university during their term of appointment, and shall have exclusive charge 
and control thereof. They may select and nominate to the Board of Regents for 
appointment as professors and assistant professors, direct the studies, provide the 
apparatus and library, preside over examinations and admission of students, and 
prescribe rules and discipline, and enforce the same, and shall report all their acts 
and proceedings herein at the first meeting of the Board of Regents thereafter, and 
if the same be confirmed by said board, such acts and proceedings of said commit- 
tee of governors shall be valid, or may be amended or repealed by said board, but 
until said order of said board all said acts and proceedings of said governors shall be 
valid; that each acting member of said committee of governors shall be paid the 
same compensation as Members of the House of Representatives, monthly, except 
mileage allowance, for his services during said term of office. 
Src. 4. That there shall be granted’ to the said university, as a perpetual endow- 
ment, so many sections of public land, with no subdivision less than quarter sections, 
and excepting mineral lands, at $1.25 per acre, as shall amount to at least $5,000,000; 
said lands to be selected by said regents, subject’ to the control of the Secretary of 
the Interior, who is hereby directed to issue to the said university all patents or 
script as may be required to vest valid title in said land. Said lands shall be gradu- 
ally sold by said university at the highest market value, and said university is 
hereby authorized to receive further perpetual endowments from any sources, by 
gifts, bequest of property. 
Sec. 5. All moneys derived from the sale of said lands or from any other sources 
at any time, shall by said regents be invested without delay in the stocks of the 
United States, or other safe public securities yielding at least 5 per cent per annum 
interest on their par value, with power to said regents, with approval of the Secre- 
tary of the Treasury, at any time when necessary, to change said securities. All 
said investments shall be made under the direction of the Secretary of the Treasury, 
and all said securities shall be deposited by said regents and kept on special deposit, 
separate from the public funds in the Treasury of the United States, and said regents 
shall every three months make to the Secretary of the Treasury a sworn statement 
by their secretary or committee duly appointed therefor of the amount of capital to 
date, its investment in detail, and its net income and accumulations thereof to date 
