What was the source of funds that were used to establish the Smithsonian Institution?
The Smithsonian Institution is the world's largest museum and research complex, with 19 museums, 9 research centers and affiliates around the world.
It was established in 1846, thanks to a bequest from James Smithson, a British chemist, who never visited the U.S.
Upon his death in 1829, the bulk of his estate was passed on to his nephew, but when he died childless in 1835, in accordance with Smithson's will, the estate was then given to the United States "to found at Washington, under the name of the Smithsonian Institution, an Establishment for the increase & diffusion of knowledge among men".
The bequest was approximately $500,000, which was equivalent to about $11,491,000 in 2017.
The money was invested in Arkansas bonds, but they defaulted. With the intervention of ex-president John Quincy Adams, the money was restored by Congress and finally in 1846, President Polk signed legislation that created the Institution as a trust instrumentality of the United States, to be administered by a Board of Regents and a Secretary of the Smithsonian.
The vague wording of Smithson's will caused much debate about what form the Institution would take. It was finally agreed that it would become a center for scientific research and a depository for Washington and U.S. government collections. The first building, (pictured) 'the Castle', opened in 1855.
There were more than 30 million visits in 2017.
Admission to all Smithsonian museums in Washington, D.C. is free.
More Info:
en.wikipedia.org
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