Imatges de pàgina
PDF
EPUB

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:

of....

1. Stocks on hand of the par value of.
2. Balance of cash in the treasury.
3. Balance of interest uncollected...

$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,

Secretary of the Treasury.

Chairman Select Committee on Smithsonian Fund.

A.

Statement of the Smithsonian fund, for investment in stocks, on the 1st of January, 1854, under the 6th section of the act of Congress of July 7, 1838, and act of September 11, 1841.

To amount of stocks purchased by the Secretary of the Treasury

for the benefit of the Smithsonian fund, viz:

State of Arkansas..

By amount received from the estate of James Smithson, deceased

......

[blocks in formation]

$508,318 46

State of Michigan.
State of Illinois.
State of Ohio.....

[blocks in formation]

$130,443 25

8,270 67

56,000 00

42,403 00

[blocks in formation]

6,560 00

38,700 00

18,000 00

16,980 00

From State of Ohio....

13,500 00

United States loan.

106,184 85

117,329 68

From United States stocks.

34,552 76

223,756 01

726,184 85

.....

To amount paid to June 30, 1853, as compensation to the clerk in charge of the fund, as authorized by the late Secretary of the Treasury

[blocks in formation]

To balance to the credit of the fund.

15,646 83

5,523 21

737,597 68

737,597 68

B.-Statement showing the description and amount of stocks held by the Secretary of the Treasury in trust on account of the Smithsonian fund, including their market price and value at such price.

Description of stock.

Amount of
stock.

Present market price.

Value at mar-
ket price.

[blocks in formation]

Interest due on these bonds January 1, 1854, $361,636 32.
No interest is paid on these bonds other than what is
received on account of certain amounts which, from
time to time, are ascertained to be due the State of
Arkansas on account of the 5 per cent. fund accruing
to said State from the net proceeds of lands sold with-
in said State; which amounts, when ascertained, are
applied to the payment of interest due on these bonds,
as authorized under the provisions of a joint resolu-
tion of Congress, approved March 3, 1845.
$8,000 00 Interest due on this stock January 1, 1854, $960. Inte-
rest paid and applied as authorized under the joint re-
solution of Congress of March 3, 1845, from the net
proceeds of sales of public lands in said State, and the
amount now due may be expected to be paid when the
next adjustment of these sales is made the ensuing
spring.
52,000 00 Interest due on this stock January 1, 1854, $6,720. In-
terest paid and applied as authorized under the joint
resolution of Congress of March 3, 1845, from the net
proceeds of sales of public lands in said State, and the
amount now due may be expected to be paid when
the next adjustment of these sales is made the ensuing
spring.

Interest paid by the State of Ohio as it becomes due in
January and July of each year.

Interest paid by the United States as it becomes due in
January and July of each year.

[graphic]
[graphic]
[blocks in formation]

19,500 00
59,050 00

Loan of 1846.

19,200 00

106 & int. 2 ms.

20,544 00

Loan of 1848.

33,400 00

[blocks in formation]
« AnteriorContinua »