4. Reports from Standing Committees, and action thereon. (b) On Election and Resignation of Members. (c) On Stocks and Finance. (d) On Publications. (e) On Exhibitions. (f) On Sectional Arrangements. (g) On Endowment. (h) Executive. 5. Reports from Special Committees and action thereon. 6. Deferred Business. 7. New Business. SEC. 10. Amendments.-These By-Laws may be altered at any stated meeting of the Board, provided the alteration be approved by two-thirds of the members present. AWARDS BY THE INSTITUTE The following awards are made by The Franklin Institute: The Franklin Medal. The Elliott Cresson Medal. The Howard N. Potts Medal. The Edward Longstreth Medal of Merit. The Boyden Premium. The making or recommending of these awards is, by resolution of the Institute, entrusted to its Committee on Science and the Arts, a Committee consisting of sixty members of the Institute. This Committee, for the Institute, awards the Franklin Medal to distinguished scientists or technologists; and investigates, upon application, and reports on any worthy invention, discovery or process, awarding, according to merit, the Elliott Cresson Medal, the Howard N. Potts Medal, the Edward Longstreth Medal of Merit, or the Certificate of Merit. The Franklin Medal (Gold Medal and Diploma).—This medal is awarded annually from the Franklin Medal Fund, founded January 1, 1914, by Samuel Insull, Esq., to those workers in physical science or technology, without regard to country, whose efforts, in the opinion of the Institute, acting through its Committee on Science and the Arts, have done most to advance a knowledge of physical science or its applications. The Elliott Cresson Medal (Gold Medal and Diploma).—This medal is awarded for discovery or original research, adding to the sum of human knowledge, irrespective of commercial value; leading and practical utilizations of discovery; and invention, methods or products embodying substantial elements of leadership in their respective classes, or unusual skill or perfection in workmanship. The Howard N. Potts Medal (Gold Medal and Diploma).—This medal is awarded for distinguished work in science or the arts; important development of previous basic discoveries; inventions or products of superior excellence or utilizing important principles; and for papers of especial merit that have been presented to the Institute and published in its JOURNAL. The Edward Longstreth Medal of Merit (Silver Medal and Diploma).— This medal, with a money premium when the accumulated interest of the fund permits, is awarded for meritorious work in science or the arts; including papers relating to such subjects originally read before the Institute, and papers presented to the Institute and published in its JOURNAL. In the event of an accumulation of the fund for medals beyond the sum of one hundred dollars, it is competent for the Committee on Science and the Arts to offer from such surplus a money premium for some special work on any mechanical or scientific subject that is considered of sufficient importance, or for meritorious papers presented to the Institute and published in its JOURNAL. The Certificate of Merit.—A Certificate of Merit is awarded to persons adjudged worthy thereof for their inventions, discoveries or productions. The Boyden Premium (Premium of $1000).-To any resident of North America who shall determine by experiment whether all rays of light and other physical rays are or are not transmitted with the same velocity. HISTORY OF THE MEDALS. The Franklin Medal.-Samuel Insull, Esq., of Chicago, Illinois, writing under date of December 23, 1913, to the Board of Managers, stated that he had been informed it would be a source of gratification to them if the Institute had available, in addition to such medals already in its gifts, a medal to be known as The Franklin Medal, and to be awarded from time to time in recognition of the total contributions of individuals to science or to the applications of physical science to industry, rather than in recognition of any single invention or discovery, however important. He agreed to provide for the founding of this medal under the following general conditions: 1. That an amount not exceeding one thousand dollars should be furnished by him for procuring appropriate designs and dies for the medal and diploma. 2. That the medal should possess distinct artistic merit, and have on one side a medallion of Benjamin Franklin done from the Thomas Sully portrait in the possession of the Institute. 3. That the medal should be of gold and have an intrinsic value of about seventy-five dollars. 4. That the sum of five thousand dollars should be provided by him to be held in trust in perpetuity to be a foundation for this medal, and to be known as The Franklin Medal Fund (Founded January 1, 1914, by Samuel Insull, Esq.). 5. That the interest of this fund should be used from time to time in awarding The Franklin Medal to those workers in physical science or technology, without regard to country, whose efforts have, in the judgment of the Institute, done most to advance a knowledge of physical science or its applications. 6. That any excess of income from this fund, beyond such average annual sum as might be deemed necessary by the Institute for the number of medals it is considered best to award, might be used for premiums to accompany the medals. Mr. Insull said he understood that the Institute would be glad to award, on the average, two Franklin Medals a year. Though this would leave little surplus, he inserted the sixth condition to prevent an undesirable accumulation of the fund. At the Stated Meeting of the Board of Managers, February 11, 1914, the above offer was accepted, and its acceptance was confirmed to Mr. Insull in the following resolutions: 'Resolved, That the Board of Managers of The Franklin Institute of the State of Pennsylvania accept the offer of Mr. Samuel Insull to establish The Franklin Medal, under the conditions named in his letter of December 23, 1913. "Resolved further, that it is the sense of the Board of Managers of The Franklin Institute that Mr. Insull, in founding this Medal, has rendered a notable service in stimulating workers in Physical Science and Technology and has extended materially the useful activities of the Institute. " Resolved further, that the thanks of the Board of Managers of the Institute be, and are hereby, extended to Mr. Insull for his generous and greatly appreciated action. "Resolved further, that an engrossed copy of these resolutions be forwarded to Mr. Insull." On March 24, 1914, Mr. Insull forwarded his check for six thousano dollars, and the following deed was duly executed and delivered: KNOW ALL MEN BY THESE PRESENTS, That THE FRANKLIN INSTITUTE OF THE STATE OF PENNSYLVANIA FOR THE PROMOTION OF THE MECHANIC ARTS, hereinafter named The Franklin Institute, for and in consideration of the sum of Six Thousand ($6,000) Dollars to it in hand paid by Samuel Insull, Esq., the receipt whereof is hereby acknowledged, does hereby certify and declare that it holds and will use said sum of money for the following uses, intents and purposes, and upon the following perpetual trusts, that is to say: 1. To expend One Thousand ($1,000) Dollars, or so much thereof as may be necessary, for the purpose of paying for the design of a medal, and the necessary dies and diploma plates for the purposes hereinafter set forth. 2. To invest and keep invested the balance of said sum, and from the income derived from such investments from time to time to strike off and award medals from said design to workers in physical science or technology, without regard to country. whose efforts, in the opinion of the Board of Managers of said The Franklin Institute, have done most to advance our knowledge of physical science or its application. Should the income derived from this fund be more than necessary for the purposes aforesaid, the said The Franklin Institute may, in its discretion, award so much of the surplus, as its Board of Managers deems wise, as premiums to accompany said medals. 3. The fund thus set apart shall be known as "The Franklin Medal Fund" (Founded January 1, 1914, by Samuel Insull, Esq.). 4. The medals to be awarded as aforesaid shall be of gold, shall have distinct artistic merit, shall be of the intrinsic value of about seventy-five ($75) dollars, and shall have on one side thereof a medallion of Benjamin Franklin taken from his portrait by Thomas Sully, now in the possession of the said The Franklin Institute. IN WITNESS WHEREOF, The said The Franklin Institute of the State of Pennsylvania for the Promotion of the Mechanic Arts has hereunto set its common or corporate seal, attested by the signatures of its President and Secretary, this 28th day of March, A.D. 1914. [SEAL] WALTON CLARK, R. B. OWENS, The Elliott Cresson Medal.-Under date of February 18, 1848, Elliott Cresson, Esq., of Philadelphia, Pennsylvania, conveyed to the Trustees for The Franklin Institute one thousand dollars of the six per cent. convertible loan of the President, Managers and Company of the Schuylkill Navigation Company-to hold the said sum and the interest to accrue thereon, for the following uses and purposes: 1. The trustees to keep the principal invested as it now (1848) is until it is reimbursed by the said Company, and immediately after such reimbursement to reinvest the said principal of one thousand dollars in such securities, bearing interest, as may by law be designated for the investment of trust funds. And from time to time, as the said principal sum may be reimbursed, to reinvest the same in like manner. 2. To cause suitable dies to be prepared for striking the gold medal out of the first sufficient moneys received for interest on the said sum of one thousand dollars, the dies to bear the following devices and inscriptions: The obverse,-a medallion likeness of the said Elliott Cresson with inscription around the margin, "Elliott Cresson Medal, A.D. 1848." Reverse,around the margin, “Awarded by The Franklin Institute of Pennsylvania." The centre to be filled by engraving the name of the party to whom awarded and the year in which the award is made. 3. After the said dies have been prepared. and paid for out of the money received for interest, the said Trustees to cause to be struck, from time to time, such number of gold medals as the interest received will pay for, and to deliver the same to the Treasurer of The Franklin Institute, to be by him transmitted to such persons or parties as the said Franklin Institute may have awarded the same; the said awards, however, to be in all instances made either for some discovery in the arts and |