United States Statutes at Large/Volume 5/27th Congress/1st Session/Chapter 25
Chap. XXV.—An Act to repeal a part of the sixth section of the act, entitled “An act to provide for the support of the Military Academy of the United States for the year eighteen hundred and thirty-eight, and for other purposes,” passed July seventh, eighteen hundred and thirty-eight.
Act of July 7, 1838, ch. 169.
That part thereof relative to the investment of the interest on the Smithsonian bequest, repealed.
Said interest to be invested in United States stock.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That so much of the sixth section of an act entitled “An act to provide for the support of the Military Academy of the United States for the year eighteen hundred and thirty-eight, and for other purposes,” as requires the Secretary of the Treasury to invest the annual interest accruing on the investment of the money arising from the bequest of the late James Smithson, of London, in the stocks of States, be, and the same is hereby, repealed. And the Secretary of the Treasury shall, until Congress shall appropriate said accruing interest to the purposes prescribed by the testator for the increase and diffusion of knowledge among men, invest said accruing interest in any stock of the United States bearing a rate of interest not less than five per centum per annum.
Funds held in trust by U. S. &c. to be invested in U. S. stock.Sec. 2. And be it further enacted, That all other funds held in trust by the United States, and the annual interest accruing thereon, when not otherwise required by treaty, shall in like manner be invested in stocks of the United States, bearing a like rate of interest.
Clerks authorized by act of 23d June 1836, ch. 115, to be returned.Sec. 3. And be it further enacted, That the three clerks, authorized by the act of June twenty-third, eighteen hundred and thirty-six, “to regulate the deposits of the public money,” be, and hereby are, directed to be retained and employed in the Treasury Department, as provided in said act, until the state of the public business becomes such that their services can be conveniently dispensed with.
Approved, September 11, 1841.