Resolved unanimously—
That the Treasurer be required to lay out, from time to time, in public securities, such other sums in his hands, not requisite for the current expences of the Society.
The above minutes were read and admitted to be correct, April 14, 1820.
At this distance of time we can afford to regard with equanimity the action of Sir Joseph Banks, and to recall some circumstances which may remove any feeling of bitterness. He had had a long and distinguished reign of forty years over the Royal Society, but it had nearly come to an end. On 1820 May 18, age and illness led him to tender his resignation of the Presidency; but it was not accepted by the Council, and he accordingly withdrew it. The early R.A.S. Minutes have reminded us of the death of King George III. on January 29. When the Bishop of Carlisle and the Vice-Presidents of the Royal Society waited upon the new monarch with the book of signatures, he took occasion, after inscribing his name as Patron, to congratulate the Society that Sir Joseph Banks should have withdrawn his resignation and continue in office: and doubtless His Majesty represented public opinion. But the continuance was for a few months only, and on the death of the veteran, the new President, Sir Humphry Davy, was most cordial to the new Society. We need not make too much of the fears of an old and enfeebled man: nor need we regard unfavourably the action of his friend the Duke of Somerset in refusing to wound him at such a time. Their relations were apparently closely personal, as we may gather from the Duke's letter itself, but more definitely still on looking up his personal history. According to The Times for 1855 August 16, he named his third son Algernon Percy Banks Seymour (1813-94), doubtless out of regard for his friend. [The son of this third son ultimately succeeded to the title, following his father after all three sons had inherited in turn.] The Duke chosen as President was the eleventh (1775-1855), and succeeded to the peerage on his father's death in 1793. He was F.R.S., F.S.A., F.L.S.; President of the Royal Literary Fund (1801-38) and of the Royal Institution for some years; "an excellent landlord;" supported the repeal of the Corn Laws; and wrote books on the ellipse and circle (1842 and 1850). Our founders seem to have made a thoroughly good choice, and we may well regret that regard for an old friend's feelings, however mistaken they may have been, prevented so worthy a man starting us on our way.
The first impulse of the executive was to find a new President
