this transaction is as follows: In 1830, James Smithson, an eminent and
wealthy citizen of London, in the kingdom of Great Britain, died,
bequeathing, by his last will and testament, the whole of his property
to the United States of America, in trust, to found at Washington, under
the name of 'The Smithsonian Institution,' an establishment 'for the
increase of diffusion of knowledge among men.' After some delay, the
Congress of the United States, in 1836, passed an act, accepting the
trust, and pledging the faith of the Government for the faithful
application of the money to the noble purpose designated by the
illustrious donor. Under this act, Richard Rush, one of our most
distinguished citizens, who had been minister to England and to France,
and had held the position of Secretary of State and of the Treasury, at
Washington, was sent by the Government to London, to obtain from the
Court of Chancery the fund, amounting to over $500,000. It is usual in
the proceedings of the English Court of Chancery, when funds, under
circumstances like these, are bequeathed to trustees for scientific or
charitable purposes, not to part with the money to the trustee, except
upon his filing in court absolute security for the faithful fulfilment
of the trust. In this case, however, the High Court of Chancery in
England, considering that to imply any laches or neglect of a trust so
sacred, on the part of the Government of the United States, was an idea
not to be entertained, did, by their decree, without any security, hand
over all the money to the Government of the United States, to be
appropriated to the purpose designated by the donor, receiving only the
pledge given by the Congress of the United States, for the faithful
appropriation of the money. Now, if there ever was any obligation, that
would be considered sacred by the whole civilized world, it was this,
and most faithfully has the Government of the United States executed
this trust. Nay, it has done much more; it has granted forty acres of
ground, belonging to the Government, in the city of Washington,
gratuitously, for the erection of the buildings upon them, erected by
the Government, are worth largely more than the whole bequest. Not only
has the Government done this, but, upon the whole fund received from Mr.
Smithson, it has always punctually paid an interest of six per cent. in
gold upon the whole sum, and pledged its faith for a similar perpetual
payment. It has also large