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Transcribe page 72 of 488
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Download PDF for SIA-SIA_000001_BORMTG_1920-1931_072 (project ID 11810)
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[[preprinted]] SMITHSONIAN INSTITUTION 522 [[/preprinted]] [[preprinted left margin]] MADE BY BAKER-VAWTER CO. [[/preprinted left margin]] have given the matters to which it refers careful consideration. You say that, in order to avoid selling a portion of the Parke Davis & Company stock at a sacrifice, for the purpose of paying the tax levied upon Freer's Estate by the State of Michigan, the Executors have worked out a scheme, which is set out in a letter addressed to the Smithsonian Institution. This scheme, as I understand it, is that the Executors shall borrow from the Detroit Trust Company, on their note, a sufficient sum to pay the said tax, putting up as collateral a sufficient amount of the Parke Davis and Company stock. The next step proposed is, that the American Security & Trust Company, of Washington, shall take the note from the Trust Company in Detroit (which it is willing to do), the Executors stipulating that, upon its transfer to the Washington Company, the Smithsonian, through its proper official channels, shall release the Executors from all liability on such note. The plan seems to be a well considered one, and if it can be carried out, under the circumstances will doubtless be of advantage to the Institution. The question whether the Smithsonian is competent or has authority to give such release, is a delicate and important one. The legal status of the Smithsonian is [[underlined]] sui generis [[/underlined]]. It is neither a civil nor a private corporation, in the full sense of those terms. Its attributes are more those of a Governmental Department, used as an instrument to achieve certain purposes consonant with the will of James Smithson. Though Section 5591 of the Revised Statutes may not give authority to the Smithsonian Institution to borrow money (as I suggested in my letter to Prof. Abbot of July 6th last), in its second paragraph it does recognize the right of the Smithsonian to "receive money or other property, by gift, bequest or devise, and to hold and dispose of the same in promotion of the purposes thereof". The Smithsonian has already properly accepted the Freer bequest, and in pursuance of that bequest I do not see why it is not authorized to enter into this arrangement, for it is practically receiving the balance of the Parke Davis & Company stock thus bequeathed [[underlined]] cum onere [[/underlined]], - that is to say, the stock is burdened with the collateral obligation, and pledged for the payment of the loan. I am assuming now that the Washington Company will take the stipulation of the Institution, that it will be responsible for this loan, - that is, for the amount of the note and its interest, and I am also assuming that the Executors will be satisfied with this stipulation and the release that the Smithsonian will give them for the Freer bequest. If the assumptions I have made are correct, who is there to object to them? [[initialed]] CDW [[/initialed]]
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