TRANSACTIONS OP THE SECTIONS. 207 



tion we should remove the inequaUties in tlie incidence of local taxation ; we should 

 also remove the necessity for a large amount of separate legislation for Ireland, 

 wiiich is entailed by a different valuation, and we should make another and a great 

 stride towards an object, on many grounds most eminently desirable, namely, the 

 assimilation of the laws of the two countries. 



Oil Physical Education and Hygiene in Schools. By W. Jolly. 



On the Organization of Oricjinal Research. By Ecv. Dr. M'CAiOf. 



On Spanish Mining, By Don Artuko de Makcoabttj. 



On the Depreciation of Silver and a Gold Standard for India. 

 By Stephen Mason. 



The author proposed, as a simple and effectual remedy, the altering of the standard 

 of value from siher to gold. The substitution of the one standard for the other might 

 be carried into effect by the following method : — Let the Indian go^"ernment adopt 

 a gold standard as a measm-e of value as soon as practicable, and without delay iix 

 a date when aU transactions shall be paid or settled upon a sterling basis for all sums 

 exceeding ten rupees. This plan did not in^•olve the necessity of altering the cur- 

 rency of India — a ^ery delicate and difficult operation, as Clermany has found to 

 her cost. The substitution of a gold for a silver currency in India woidd reqmre at 

 least £100,000,000 of gold, and entail a loss upon the Indian go^ ernment of not less 

 than £20,000,000 sterling, possibly much more, besides dislocating the whole money 

 markets of tlie world, and in all probability lead to a great financial crisis in this 

 country. This policy shoidd at once be dismissed as impolitic and imwdse. 



On the Silver Dilemma. By J. Matheson, Junr. 



The well-ascertained facts affecting the question were : — 1st, that the price of bar 

 silver, which for many years previous to 1873 had been sustained with little fluctu- 

 ation, the average being almost 60^d. per oz., had since that period steadily dechned 

 (the drop as regarded the present year especially being imequalled), viz. from 56d. 

 in January to 47f/. in Jidy ; 2nd, that the downward movement was influenced by 

 a variety of causes, of which the principal were the increased production of silver, 

 and the falling off or a blank in some sources of demand ; and 3rd, that the extra 

 yield was entirely accounted for by the increase of the production of the American 

 silver-mines from £o,7oO,000 in 1874 to £7,400,000 in 1875, with the prospect of a 

 further increase in the present year. 



With respect to the various schemes put forth for a reform of the Indian currency 

 he described as errors the idea of supposing that the value of the rupee coidd be 

 raised by legislative measures otherwise than locally, temporarily, and with gross in- 

 justice towards one section of the commmiity, or that a double standard might be 

 adjusted and sustained with impunity, or that the mercantile public of India coidd 

 be forced to import gold for the currency purposes of the country, vvithout being 

 the victims of a one-sided policj'. If a gold currency were desirable for India the 

 government alone, following the example of Germany, might fittingly provide it. 



The general conclusion was that there was nothing in the existing crisis to war- 

 rant the demonetization of silver ; and further, that the principal silver-valuing 

 coimtries, even if they desired to do so, were not pos.sessed of such wealth as might 

 render the attempt practicable. The question was essentially fraught with imcer- 

 tainty. He coidd not but think, however, that the more thoroughly we grasped it 

 the more clearly did we perceive the all-dominating power of those great natural 



