150 



2. In those countries in which gold continues to be a legal tender, 

 the depreciation will injure creditors and benefit debtors in contracts 

 of a long duration. And this result can be prevented only by mak- 

 ing silver a legal tender. Experience has shown that gold will not 

 cease to circulate at its market value when it is no longer a legal 

 tender. 



3. Those countries in which there is a gold currency must lose in 

 proportion to the amount of such currency and the extent of the de- 

 preciation. 



4. By the attraction of its gold mines the settlement of California 

 will be rapid beyond all example. 



5. Its commerce with China, where labour is as cheap as it is dear 

 in California, and the precious metals are as dear as they are cheap 

 in California, will have the greatest possible encouragement. 



6. Gold, in consequence of its mines being chiefly wrought by Ame- 

 rican citizens, will be cheaper in the United States than in other 

 countries, and it may therefore be made to take the place of small 

 bank notes. 



7. The banks, by means of the large deposits of gold received by 

 them, will be enabled to increase their loans and accommodations, 

 which is but too likely to lead to a distention of the currency, and 

 a wild spirit of speculation. If this evil is avoided, 



8. The gradual enlargement of the circulation will have its usual 

 effect of giving a spring to useful enterprise and productive industry. 



Prof. Frazer announced, as an interesting geological and 

 mineralogical fact, the discovery of gold in the vicinity of 

 Bloomington, Indiana. He read a letter from the Rev. Prof. 

 T. A. Wylie, giving an account of the gold-v^ashings, and of 

 the region in which the gold occurs. The specimens exhibited 

 by Prof. Frazer were gold in association with particles of mag- 

 netic oxide of iron, titanite and garnet. 



The Clerk read the proceedings of the Board of Officers and 

 Council at their meeting on the 10th inst. 



Pending nominations were read. 



