AMERICAN INSTITUTE. 451 



western New York, said to have been one of the first erected, which is now 

 decomposed except under the letters, which were gilded. Wood from the 

 catacombs of Egypt shows the same preservative power of gilding. 



The Chairman cited cases within his observation of picture frames which 

 appeared to have been preserved mainly by gilding. 



Mr. Butler in alluding to the importance of gold as a medium of exchange 

 suggested, the bestowing of more ornamental workmanship upon our cir- 

 culating gold coin as the best method to prevent counterfeiting. 



Mr. A. H. Everitt, chemist, explained the advantage of the present 

 method of making gold coin, using only sufficient alloy to give it the 

 requisite hardness, and still retaining the distinguishing of great weight. 



Dr. Reuben said that although gold by reflected light is of a bright yel- 

 low color, yet it could be made so thin as to transmit light of various colors. 

 The extent to which it was malleable was most wonderful. Gold leaf is 

 made only 1-250, 000th of an inch in thickness, but Faraday, by means of 

 phosphorus, had dissolved oif so much that 280,000 leaves would measure 

 only one inch in thickness. He thought the alloy of gold used in surgery 

 was objectionable, and as doubts had been thrown upon the value of crys- 

 tallized gold in dentistry, he thought the metal aluminum, now attracting 

 general attention, might be substituted with advantage. 



The Chairman spoke of the social value ©f gold. It was originally 

 introduced on account of its beauty. The ancients, with all their show of 

 gold and precious stones, had but little wealth, and never could boast of 

 being properly clothed. The value of gold, although nominally fixed, is 

 constantly changing, as the cost of producing it changes. If one-half the 

 gold now in use were suddenly annihilated, the other half would purchase 

 all the materials which existed before, provided the people were aware of 

 the loss. In olden times gold was produced at uniform cost and in uniform 

 quantities, not so now, gold is more rapidly produced, therefore, more gold 

 is required to pay old debts. 



Mr. Tillman remarked, that although there was an increase in the pro- 

 duction of gold, it did not yet, by any means, exceed the healthy demand 

 of the country. We must have a currency that will keep pace with the 

 increasing mechanical and agricultural products. A certain amount of 

 some medium of exchange is absolutely essential to trade and commerce. 

 If it is not gold and silver it will be paper, made as safe and secure as pos- 

 sible. We can easily count the increase of gold dollars, but are we aware 

 that the increase pf our national resources are almost beyond computation. 

 Our water power and our coal power is quadruple that of all other nations 

 combined. These are real wealth, yet they would soon all be controlled by 

 foreign capitalists, could they but control the currency. Our railroads, 

 exceeding in extent those of all other countries, and although having only 

 bond holders, if estimated at one-half the value of foreign roads per mile, 

 are worth a thousand millions of dollars, and their full value should not 

 vary with the quantity of business done per month. Their value is really 

 to be estimated by capacity, not by temporary profits. Illinois alone, if 



