exhibition.

Subsequently, an act of June 1, 1872, established a Centennial Board
of Finance, as a body corporate, to manage the fisc of the exhibition,
provide ways and means for the construction of the buildings according
to the plans adopted by the commission, and after the close of the
exhibition to convert its property into cash and divide the same,
after paying debts, _pro rata_ among the stockholders. This was to be
done under the supervision of the commission, which was to wind up
the board, audit its accounts, and make report to the President of the
financial outcome of the affair. An inroad on the terms of this act
is made by the law of last winter, which makes preferred stock of
the million and a half then subscribed by the Federal government--a
provision, however, the literal enforcement of which, by the covering
back of so much money into the treasury of the United States, is,
in our opinion, not probable. It will doubtless be made a permanent
appropriation, in some form, for the promotion of the arts of industry
and taste.

Ten millions of dollars was the authorized capital of the new board.
Events have proved the amplitude of this estimate.

As early as the third day of July, 1873, the President was enabled,
by the notification of the governor of Pennsylvania, to make formal
proclamation that provision had been made for the completion of the
exposition structures by the time contemplated. Nearly three years was
thus allotted for preparation to home and foreign exhibitors. A
year later (June 5, 1874) an act of a single sentence requested the
President "to extend, in the name of the United States, a respectful
and cordial invitation to the governments of other nations to be
represented and take part in" the exposition; "_Provided, however_,
that the United States shall not be liable, directly or indirectly,
for any expenses attending such exposition, or by reason of the same."
The abundant caution of this _italically_ emphatic reservation will
scarcely preclude the extension to the representatives of foreign
governments of such measure of hospitality, on occasion, as they may
have in the like case offered our own.

Acts permitting the Centennial medals to be struck at the mint, and
admitting free of duty articles designed for exhibition, were passed
in June, 1874. The Secretary of the Treasury gave effect to the
latter by a clear and satisfactory schedule of regulations. Under its
operation foreign ex