was addressed betimes, and the consequence was a sufficiently sonorous
act of date March 3, 1871, assuming in the title to "provide for
celebrating the one hundredth anniversary of American independence."
It made, however, no provision at all for that purpose financially. On
the contrary, it provided very stringently that the Federal treasury
should not be a cent the worse for anything contained in the bill. It
furnished, however, the stamp wanted. It "created" the United States
Centennial Commission, and it directed the President, as soon as
the private corporators should have perfected their work, to address
foreign nations, through their diplomatic representatives and our
own, in its behalf. A commissioner and alternate were appointed by the
President, on the nomination of the respective governors, from each
State and Territory, who should have "exclusive control" of the
exhibition.

Subsequently, an act of June 1, 1872, established a Centennial Board
of Finance, as a body corporate, to manage the fisc of the exhibition,
provide ways and means for the construction of the buildings according
to the plans adopted by the commission, and after the close of the
exhibition to convert its property into cash and divide the same,
after paying debts, _pro rata_ among the stockholders. This was to be
done under the supervision of the commission, which was to wind up
the board, audit its accounts, and make report to the President of the
financial outcome of the affair. An inroad on the terms of this act
is made by the law of last winter, which makes preferred stock of
the million and a half then subscribed by the Federal government--a
provision, however, the literal enforcement of which, by the covering
back of so much money into the treasury of the United States, is,
in our opinion, not probable. It will doubtless be made a permanent
appropriation, in some form, for the promotion of the arts of industry