PHILOSOPHICAL SOCIETY OF WASHINGTON. lOt 



invited by the General Committee to exhibit to the Society a 

 Time Globe. This consisted of a terrestrial globe, mounted upon 

 a stand, and containing within it a driving clock. The winding 

 stem of the clock-work projected at the south pole, in the form 

 of the feather of an arrow ; and near the south pole was an at^ 

 tachment for accelerating or retarding the movement, so as to 

 adjust its rotation to the true time. The axis being set at the 

 same inclination to the local horizon as the axis of the earth, 

 the globe is in position. The local time and the time of any 

 other point on the globe is at once read by finding the intersec- 

 tion of its meridian with the fixed equatorial circle encircling the 

 globe. Upon this circle the twenty-four hours and minutes are 

 graduated in inverse order. 



The discussion of the Silver Question was then resumed. 



Remarks of Ma. E. B. Elliott. 



Mr. Elliott opposed the view advocated by "bi-metallists," so- 

 called, that the legal ratio of France alone, or the legal ratios 

 established by the several commercial countries of the world, 

 whether independently or in harmony, could govern and fix the 

 market ratio of gold to silver. 



The market ratio was governed by different considerations than 

 merely legal enactments, granting to any person making payment 

 of a debt, the option to make that payment either in gold or in 

 silver, at a fixed ratio of valuation. The market ratio is not per- 

 manently or appreciably influenced by such legal ratios. If the 

 fixed legal ratio does not conform to the current market ratio, 

 payments, in whatever metal or commodity made, would be made 

 on the basis of the relatively over-valued metal as the standard 

 money of account and payment. 



If payments be actually made in the undervalued metal, a pre- 

 mium will be claimed and assented to equal to the difference 

 between the legal and the market rates of valuation of the two 

 metals. The establishment of a legal ratio, in any country, does 

 not of necessity determine the metal in which payments shall 

 actually be made ; it only determines the metal with reference to 

 which accounts shall be kept and payments made. If silver be 

 the relatively over-valued metal, the unit of account (the dollar 

 for instance) will be referred to the silver unit as the standard 

 (instead of the gold unit), and vice versa; but payments may be, 



