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ought to be. He raised this matter with the National Board of Smithsonian Associates at its May 2 meeting and invited Mr. Dickey to give the Regents the sense of the National Board's discussion. Mr. Dickey reported that the National Board felt that raising money for endowment would have little appeal to individuals, foundations, and corporations and there would be a tendency for an endowment contribution to preempt further funding from the same source. The National Board also felt that the Smithsonian's individual museums and bureaus would have greater appeal for endowment purposes than would a pan-Institutional campaign and that there were significant differences between the constituencies of a university and the Smithsonian.

In discussion the Regents pointed out that many people with experience in fund raising argue that searching for funds for the endowment of fellowships, curatorships, or professorships only increases the interest of people in supporting other things; the best way to obtain support for very specific projects is to build a base of interest in the Institution as a whole by making the case for annual support for programs of endowments. It was recognized that the Institution has been slow to develop such strategies and that it takes exceptional talent to plan and manage a program of sufficient appeal. Such a capital campaign, it was argued, is critically important to the Secretary's objective of enhancing the Smithsonian's intellectual power.

Mr. Adams thanked the Regents for their encouragement and stated that he planned on that basis to proceed in a deliberate way and will keep the Regents informed.

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While many technical considerations have not yet been fully explored, it appears that there is a strong case for entering upon a