Page:Popular Science Monthly Volume 60.djvu/479

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CARNEGIE INSTITUTION, OF WASHINGTON.

by the said Trustees to enable them to carry out the purposes hereafter expressed. I hereby confer on the Trustees all the powers and immunities conferred upon Trustees under the law, and without prejudice to this generality the following powers and immunities, viz.: Power to receive and realize the said bonds, and the principal sums therein contained and the interest thereof, to grant discharges or receipts therefor, to sell the said bonds, either by public sale or private bargain, at such prices and on such terms as they may deem reasonable, to assign or transfer the same, to sue for payment of the principal sums or interest, to invest the sums which from time to time may be received from the said bonds on such securities as trustees are authorized by the law of the State of New York, Pennsylvania, or Massachusetts, to invest trust funds, and also on such other securities as they in the exercise of their own discretion may select, and to alter or vary the investments from time to time as they may think proper; and I hereby expressly provide and declare that the Trustees shall to no extent and in no way be responsible for the safety of the said bonds, or for the sums therein contained, or for the securities upon which the proceeds of the said bonds may be invested, or for any depreciation in the value of the said bonds, or securities, or for the honesty or solvency of those to whom the same may be entrusted, relying, as I do, solely on the belief that the Trustees herein appointed and their successors shall act honorably; and I further hereby empower the Trustees to administer any other funds or property which may be donated or bequeathed to them for the purposes of the trust; and I also empower them to appoint such officers as they may consider necessary for carrying on the business of the trust, at such salaries or for such remuneration as they may consider proper, and to make such arrangements, and lay down from time to time such rules as to the signature of deeds, transfers, agreements, cheques, receipts, and other writings, as may secure the safe and convenient transaction of the financial business of the trust. The Committee shall have the fullest power and discretion in dealing with the income of the trust, and expending it in such manner as they think best fitted to promote the objects set forth in the following clauses:

The purposes of the trust are as follows, and the revenues therefrom are to be devoted thereto:

It is proposed to found in the city of Washington an institution which, with the cooperation of institutions now or hereafter established, there or elsewhere, shall in the broadest and most liberal manner encourage investigation, research, and discovery; show the application of knowledge to the improvement of mankind; provide such buildings, laboratories, books, and apparatus, as may be needed; and afford instruction of an advanced character to students properly qualified to profit thereby.