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Excerpt from An Account of the Smithsonian Institution: Founder, Building, Operations, Etc;; Prepared From the Reports of Prof. Henry to the Regents, and Other Authentic Sources
The whole amount of money received from the bequest was 5 and, besides this, was left in England as the principal of an annuity to the mother of the nephew of Smithson. This sum will also come to the Institution. The Government of the United States accepted the bequest, or in other words, accepted the office of trustee, and the Hon. Richard Rush, of Pennsylvania, was charged with the duty of prosecuting the claim. He remained in attendance on the English courts until the money was awarded to him. He brought it over in sovereigns, deposited it in the Mint of the United States, where it was recoined into American eagles, thus becoming a part of the currency of the country.
At the time of the passing of the act establishing the Institution, in 1846, the sum of had accrued in interest, and this the Regents were authorized to expend on a building. But, instead of appropriating this sum immediately to this purpose, they put it at interest, and deferred the completion of the building for several years, until over should be accumulated, the income of which might defray the expenses of keeping the building, and the greater portion of the income of the original bequest be devoted to the objects for which it was designed. This policy has been rigidly adhered to, and the result is, that, besides the original sum, and after all that has been devoted to the building, the grounds, and other operations, there is now on hand, of accumulated interest, which has been invested in State stocks.
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