SITES FOR COURT-HOUSES AND POST OFFICES. MARCH 3, 1855-Laid upon the table and ordered to be printed. Mr. WITTE, from the Select Committee, made the following REPORT. The Select Committee to whom was referred the message of the President of the United States, accompanied by a list of the prices asked for sites for court-houses and post offices for the United States in the cities of New York, Philadelphia, and Boston, ask leave to submit the following report: That the following sums be appropriated for the purchase of sites and the erection of buildings for the use of the courts of the United States and post offices: for the city of New York, five hundred and fifty thousand dollars; for the city of Philadelphia, four hundred and seventyfive thousand dollars; for the city of Boston, four hundred thousand dollars; the same to be expended under the direction of the President of the United States, Secretary of the Interior, and Postmaster General, and they appoint such commissioners as they deem expedient to carry the object into effect. With a view also to carry into effect the act providing for a courthouse and post office in the city of Baltimore, your committee recommend that four hundred thousand dollars be appropriated, subject to the like conditions provided herein for the cities of New York, Philadelphia, and Boston. SMITHSONIAN FUND. MARCH 3, 1855.-Laid upon the table and ordered to be printed. Mr. CHANDLER, from the Select Committee, made the following REPORT. The Special Committee to whom was referred the following action of the House of Representatives: "Resolved, That a Select Committee, consisting of nine members, be appointed and instructed to inquire into the expediency of withdrawing from the treasury of the United States the Smithsonian fund, and investing the same in sound stocks, or in such other way as may be to the interest of said fund," respectfully report: That immediately after the, appointment of a committee the chairman addressed a letter to the Secretary of the Treasury, inquiring into the history and present state of the Smithsonian fund. To that letter the following answer was received: TREASURY DEPARTMENT, March 6, 1854. SIR: I duly received your letter of the 4th of January last, enclosing a copy of the following resolution, adopted by the House of Representatives on the 3d of that month: "Resolved, That a select committee, consisting of nine members, be appointed and instructed to inquire into the expediency of withdrawing from the treasury of the United States the Smithsonian fund, and investing the same in sound stocks, or in such other way as may be to the interest of said fund," and requesting a statement of the amount of the Smithsonian fund in possession of the department, or under its control, and the amount of interest accruing thereon, with any other information that may assist the committee in the discharge of the duty enjoined by said resolution. In compliance with your request, I have the honor to transmit herewith the accompanying statements, marked A, B, C, and D. The sum received in London from the bequest of Mr. Smithson by the agent of the United States appointed in pursuance of the act of July 1, 1836, was $515,169. But the sum actually received into the treasury was $508,318 46, the difference between the two sums having been absorbed by certain expenses in collecting and transferring the money to the United States. By the sixth section of the act of July 7, 1838, it was provided that the money so received should be invested by the Secretary of the Treasury, with the approbation of the President of the United States, in stocks of States, bearing not less than five per cent. interest, and that the said stocks should be held by the said Secretary in trust for the uses specified in the last will and testament of James Smithson, until provision should be made by law for carrying the purposes of the said bequest into effect, and the annual interest accruing on the stock aforesaid should, in like manner, be invested for the benefit of the said institution. By the act of September 11, 1841, so much of the before mentioned act as authorized investments in stocks of the States was repealed, and the Secretary of the Treasury was required thereafter to invest in stocks of the United States. But between the dates of these two acts the sum of $508,318 46, together with the interest accruing on the first purchase, was invested in stock of the State of Arkansas, upon which the State, in the sequel, failed to pay interest, and upon which, from the time of such failure, nothing has been realized, except certain sums which have accrued to the State from the sale of public lands under what is commonly called the five per cent. fund. In this condition of the fund, the act of August 10, 1846, was passed, entitled "An act to establish the Smithsonian Institution, for the increase and diffusion of knowledge among men." The act recognized as a debt due from the United States the sum so received and invested. It fixed the said sum at $515,169, the sum received by the agent in London, thus assuming the expenses incurred, and leaving the original bequest unimpaired for the use of the institution. It provided for the payment of interest on the said sum from the time of receipt, at six per cent., payable on the 1st January and 1st July of each year, appropriating the interest which had so far accrued, amounting to $242,129, for the erection of suitable buildings, and the interest thereafter to accrue for the maintenance and support of the institution. But the act at the same time provided "that all the stocks which have been or may hereafter be received into the treasury of the United States on account of the fund bequeathed by James Smithson be, and the same are hereby, pledged to refund to the treasury of the United States the sums hereby appropriated." With this brief explanation of the history of the fund, including the legislation thereon, the committee, it is hoped, will find the statements referred to sufficiently intelligible. A is a statement showing on the one hand, 1st, the amount origi nally received into the treasury; 2d, the amounts received for interest; and 3d, the amount of United States stock redeemed, this amount ($5,523 21) being part of the sum of $106,184 85, mentioned in same statement; and, on the other hand, 1st, the investments made for the benefit of the institution; 2d, an expense incurred in the management of the fund; and 3d, the balance remaining on hand. Statement B shows the amount of stock now held, and the different descriptions of which it is composed. It shows also the present market value of said stocks, with the exception of the Arkansas, which is, perhaps, not worth more than forty cents in the dollar. C is a statement showing on the one hand the interest which has rued on these stocks, and on the other hand, 1st, the interest which has been received, and 2d, the interest which is due and uncollected. D is a statement of the interest which has accrued on the sum of $515,169 under the act of August 10, 1846, all of which has been paid up to the 31st December, 1853, 1st, for the erection of the building, and 2d, for the support of the institution in pursuance of the terms of said act. From these statements it appears that the fund which is pledged to reimburse to the treasury the amount appropriated by the act of August 10, 1846, may be stated as follows: 1. Stocks on hand of the par value of... $720,661 64 18,646 83 369,316 32 1,108,624 79 It is estimated that by authorizing the Secretary of the Treasury to redeem the stocks of the United States held in trust for the institution at the rates of premium offered for said stocks, and to sell the stocks of the States of Illinois, Ohio and Michigan, at their market price, the sum of $199,844, may be realized and applied towards the reimbursement of the said appropriations, and I respectfully recommend that authority may be given to pursue this course. I have the honor to be, very respectfully, Hon. Jos. R. CHANDLER, JAMES GUTHRIE, Chairman Select Committee on Smithsonian Fund. |