THE SMITHSONIAN INSTITUTION. 227 



particular subjects, annual reports on special branches of knowledge, 

 provision for certain lines of research, and libraries for. general use or 

 special reference, may be founded under the name of those who be- 

 stow the funds, and be placed under the direction of, and incorporated 

 with, the Smithsonian Institution. The charge, however, of such be- 

 quests ought not to b^p accepted unless they are sufficient in themselves 

 to meet the expenses of the object contemplated by them, and would 

 ■not incumber oi^mpede the legitimate operations of the Institution. 

 For example : were a library of a hundred thousand volumes offered, it 

 would be unwise to accept it were it not accompanied by the funds 

 necessary to the erection of a building and to the proper support of the 

 collection. 



In July, 1850, a new system of accounts was introduced, which has 

 been continued to the present time. According to this system, every 

 payment is made by an order of the Secretary on the Treasurer, who, 

 an turn, gives his check on Messrs. Corcoran & Riggs, with whom the 

 semi-annual interest and the other income of the Institution are de- 

 posited. As often as once a quarter all the bills are examined and re- 

 ferred to their appropriate classes, in presence of all the officers of the 

 Institution. After the accounts are posted, they are referred to the 

 Executive Committee for final examination. 



By a reference to the report of the Executive Committee, it will be 

 •seen that the funds are in a good condition, and that, although during 

 ike past year $14,047 has been paid on the building, there is still on 

 hand, after all the expenditures for publications and other purposes, 

 besides the original bequest, upwards of $200,000 of accrued interest. 

 It is to be regretted that Congress has not yet acted on the petition re- 

 questing the perpetual fending of $150,000 of the last-mentioned sum. 

 It is highly important that this money should be permanently invested 

 as a part of the principal, so that it can neither he lost nor expended. 

 There are no other means of effectually accomplishing this result, ex- 

 cept by funding it in the Treasury of the United States. The propo- 

 sition should be pressed upon Congress, though there may be, at present, 

 sio very certain prospect of success ; for, if the petition be refused, and 

 the money be aiterwards lost by improper investment or injudicious 

 •expenditure, the responsibility would, in part, rest with the govern- 

 ment. 



The charge of this fund, aad of all the disbursements, is attended 

 with much solicito.de. It involves a degree of responsibility which, to 

 a person unaccustomed to large financial transactions, is very onerous. 

 I beg leave, however, in this place to mention the obligation whicii the 

 Institution is under to W. W. Corcoran, esq., for the aid which he has, 

 m all cases, afforded in the management of the funds, and the judicious 

 advice which he has alwa} 7 s given relative to their investment. 



From the report of the Building Committee it appears that the con- 

 tract for finishing the interior of the wings and ranges, and the rooms 

 of the towers, has been completed. The whole interior of the main 

 building, comprising a rectangular space of two hundred feet long, 

 fifty wide, and about sixty high, remains to be finished with fire-proof 

 materials. It is proposed to divide this space into two stories and a 



