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[[preprinted]] SMITHSONIAN INSTITUTION 651 [[preprinted]] The Secretary of the Treasury is authorized and directed to receive into the Treasury, on the same terms as the original bequest of James Smithson, such sums as the regents may, from time to time, see fit to deposit, not exceeding, with the original bequest, the sum of one million dollars. Provided, that this shall not operate as a limitation on the power of the Smithsonian Institution to receive money or other property by gifts, bequest, or devise, and to hold and dispose of the same in promotion of the purposes thereof. The financial statement of the Institution, included with the papers submitted, indicates that the maximum sum of $1,000,000 is now on deposit in the Treasury of the United States. Section 5591, however, does not place a limitation on the amount which the Institution may receive, but only limits the amount upon which the Treasury of the United States is authorized to pay interest at the rate of six per centum per annum. While the principal of the endowment funds may not be appropriated by the Board of Regents, the accumulated interest thereon may be used by the board in promotion of the purpose of the endowment. (Secs. 5592, Revised Statutes). The Board of Regents is charged with the duty, as trustee, of administering the trust and furthering the purpose of the endowment for the "diffusion of knowledge among men". The methods of achieving that purpose are left largely to the discretion of the board. There is no statutory prohibition against receiving additional endowments, gifts, or bequests without the consent of Congress, and it is my opinion there is none. It is stated in a letter received from Dr. Walcott, dated December 13, 1924, that the approximate cost of employing a firm of experts to assist in the securing an additional endowment of $1,000,000 will be $50,000, but that it is understood this amount will be contributed by friends of the Insitution and that it will not be paid from the accumulated interest on the present endowment fund. If a fund of $50,000 is contributed by friends of the Institution for the purpose indicated, there is no objection, statutory or otherwise, why it should not be expended in accordance with the wishes of the donors. I, therefore, have the honor to advise you that there exists no legal objection to the employment by the Board of Regents of the Smithsonian Institution of such firm of experts as the Board may designate to assist in increasing the endowment of the Smithsonian Institution, said firm to be paid out of contributions donated for that purpose. Respectfully, (Signed) Harlan F. Stone Attorney General. The President, The White House. [[initialed]] CDW [[initialed]]
