the use of them.

Competent to do research, but foregoing it for the sake of aiding others in it. Concerned not with the accumulation of personal repute for scholarship or connoisseurship, but with a service to the public of the results of scholarship or connoisseurship.

"Where, as in the three chairs already provided, the endowment attaches to an existing position involving also some administrative duties, the honorarium will read as to the incumbent of that position; and, as it supplements a salary already provided by appropriation, a fund of $75,000, whose yield may be about $3,200 annually, will suffice. Where there is no such existing position or stipend, $150,000 will be needed, for the compensation as a whole should be equivalent to that paid to the higher group in the faculties of universities.

"In any case the 'chair' may fitly carry the name of its donoror any name selected by him. The chair of American history, for instance, will naturally be entitled 'The William Evarts Benjamin chair of American history.' And it is peculiarly fitting that it should be, in view of Mr. Benjamin's proved interest in American history, his special familiarity with the sources-especially the autograph sources-and his long association with them as a collector, and for many years as a merchant of them. In this endowment he has brought to a fine fruition the knowledge and the enthusiasms gained from these experiences.

"The grant from the Carnegie Corporation has also special elements of interest. One is that it exemplifies the distinction already noted; that endowments of the Library for such purposes are not subsidies to a governmental enterprise-since neither the Carnegie nor any of the foundations subsidizes governmental projects as such-but the utilization of a governmental establishment for the promotion of an interest of general concern; and another is in the mere fact of a grant from such an authority as a certificate to the soundness of our aims and the competence of the agencies (including the Trust Fund Board) provided.

"Our division of prints (which includes not merely the half million items in our print collection, but the books on the fine arts, and is therefore, our department of the fine arts) has been without a head since the death of Prof. Richard A. Rice, in 1925. Our division of manuscripts (which as a collection of source material for American history is the appropriate care of a specialist in American history) has been without a permanent head since we released Dr. Gaillard Hunt to the State Department (in whose service he died, in 1924); for Dr. Charles Moore, who then consented to assume the duties temporarily did so only as locum tenens and until a satisfactory permanent provision could be made. He has prolonged the arrangement, to the great profit of the collections in the remarkable gifts of material which his skill, enterprise, and influence have induced. But his other in

terests—including his important public service as chairman of the Commission of Fine Arts-require now his entire attention. "Both endowments are, therefore, extremely apposite to our present situation. Their direct results will certainly be of great consequences. And I believe their example will be widely influential."

APPENDIX V

THE ACT OF CONGRESS CREATING THE LIBRARY OF CONGRESS TRUST FUND BOARD

Recommended unanimously by the Joint Committee on the Library, passed both Houses by unanimous consent at the second session of the Sixty-eighth Congress, approved by the President March 3, 1925; as amended by act (S. 90) approved January 27, 1926

[Public, No. 541-68th Congress. S. 3899]

AN ACT To create a Library of Congress Trust Fund Board, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a board is hereby created and established, to be known as the Library of Congress Trust Fund Board (hereinafter referred to as the board), which shall consist of the Secretary of the Treasury, the chairman of the Joint Committee on the Library, the Librarian of Congress, and two persons appointed by the President for a term of five years each (the first appointments being for three and five years, respectively). Three members of the board shall constitute a quorum for the transaction of business, and the board shall have an official seal, which shall be judicially noticed. The board may adopt rules and regulations in regard to its procedure and the conduct of its business.

No compensation shall be paid to the members of the board for their services as such members, but they shall be reimbursed for the expenses necessarily incurred by them, out of the income from the fund or funds in connection with which such expenses are incurred. The voucher of the chairman of the board shall be sufficient evidence that the expenses are properly allowable. Any expenses of the board, including the cost of its seal, not properly chargeable to the income of any trust fund held by it, shall be estimated for in the annual estimates of the librarian for the maintenance of the Library of Congress.

The board is hereby authorized to accept, receive, hold, and administer such gifts or bequests of personal property for the benefit of, or in connection with, the Library, its collections, or its service, as may be approved by the board and by the Joint Committee on the Library.

The moneys or securities composing the trust funds given or bequeathed to the board shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments

as the board may from time to time determine. The income as and when collected shall be deposited with the Treasurer of the United States, who shall enter it in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified; and the Treasurer of the United States is hereby authorized to honor the requisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Provided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to securities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Columbia, except that it may make any investments directly authorized by the instrument of gift, and may retain any investments accepted by it.

Should any gift or bequest so provide, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at the rate of 4 per centum per annum, payable semiannually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $5,000,000.

SEC. 3. The board shall have perpetual succession, with all the usual powers and obligations of a trustee, including the power to sell, except as herein limited, in respect of all property, moneys, or securities which shall be conveyed, transferred, assigned, bequeathed, delivered, or paid over to it for the purposes above specified. The board may be sued in the Supreme Court of the District of Columbia, which is hereby given jurisdiction of such suits, for the purpose of enforcing the provisions of any trust accepted by it.

SEC. 4. Nothing in this act shall be construed as prohibiting or restricting the Librarian of Congress from accepting in the name of the United States gifts or bequests of money for immediate disbursement in the interest of the Library, its collections, or its service. Such gifts or bequests, after acceptance by the librarian, shall be paid by the donor or his representative to the Treasurer of the United States, whose receipts shall be their acquittance. The Treasurer of the United States shall enter them in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified.

SEC. 5. Gifts or bequests to or for the benefit of the Library of Congress, including those to the board, and the income therefrom, shall be exempt from all Federal taxes.

SEC. 6. Employees of the Library of Congress who perform special functions for the performance of which funds have been intrusted to the board or the librarian, or in connection with cooperative undertakings in which the Library of Congress is engaged, shall not be subject to the proviso contained in the act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1918, and for other purposes, approved March 3, 1917, in Thirtyninth Statutes at Large, at page 1106; nor shall any additional compensation so paid to such employees be construed as a double salary under the provisions of section 6 of the act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1917, as amended (Thirty-ninth Statutes at Large, page 582).

SEC. 7. The board shall submit to the Congress an annual report of the moneys or securities received and held by it and of its operations.

Approved, March 3, 1925.