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Failure of rock materials is a process of crack propagation. Crack initiation takes place when the crack tip stress intensity K reaches a critical value called fracture toughness, K1C. The rock fracture toughness is known to be affected by the surrounding environment such as temperature, confining pressure and humidity. In order to examine the effect of humidity, a series of semi-circular bend tests were performed under various water vapour pressures in a rock material that is known to be anisotropic. Water vapour promotes stress corrosion of rock and therefore the fracture toughness was found to have a decreasing trend with increasing water vapour pressure. The rate of decreasing the fracture toughness depends on the microcrack density that promotes the migration of water vapour into the rock. Also in an anisotropic rock, the fracture toughness depends on the direction of crack in relation to the anisotropy of the rock material.

Dec 6, 2010

The 1965 Lignite Symposium, the Louth in a series and the third sponsored by the University of North Dakota and the Bureau of Mines, was held at Bismarck, N. Dak., on April 29-30, 1963. These symposia provide a forum for those interested in the technology and utilization of solid fuels, especially lignitic coals. As part of the meeting, a 200-mile field trip was taken including; inspection of (1) the 200-megawatt, pulverized lignit-fired Leland Olds plant of Basin Electric Power Cooperative, under construction near Stanton, N. Dak.; (2) the site of the Glunharold mine of the Truax-Traer Coal Co., Division of Consolidation Coal Co., where a wheel excavator was being assembled; (3) the operating Beulah mine of Knife River Coal Mining Co., subsidiary of Montana-Dakota Utilities Co., near Beulah, N. Dak.; and (4) the 400-megawatt, hydroelectric Garrison Dam powerplant, near Garrison, N. Dak.

Jan 1, 1966

By S. Shrestha

Magnesium-based alloys are of growing interest for many industrial applications due to their favourable strength-to-weight ratio and excellent castability. Mass reduction has advantages in many industrial sectors for example, in automotive, a reduction in mass improves fuel economy and can lead to more efficient mechanical systems by reducing the weight of moving parts like wheels, gears, pistons. However, the relatively poor corrosion and wear resistance limits the use of magnesium and its alloys in many potential applications. The patented Keronite® plasma electrolytic oxidation (PEO) process enables manufacturers to overcome such problems and, in its latest generation equipment has been developed to industrial realisation for high volume production. This paper presents microstructural characteristics and corrosion performance of two most widely used high pressure die-cast magnesium alloys AZ91D and AM6OB with a duplex corrosion protection coating system that comprised a thin Keronite pre-treatment followed by a subsequent automotive grade final powder coat.

Jan 1, 2006

By Teale E. O

The purpose of the present communication is to put on record the discovery, in October, 1916, in the Howqua district, of a new locality for the occurrence of phosphatic rocks in Victoria, and to give a preliminary description of its characters and geological occurrence. Owing to the great use of superphosphates for agricultural purposes in recent years in Australia, search has been stimulated for the discovery of local and workable supplies of phosphatic rocks. Phosphorus is an element very widely distributed in igneous rocks, usually in the form of the mineral apatite, and also occurs in sedimentary rocks and in soils as a detrital constituent. Under these conditions of occurrence, however, the amount of P 205 present in a rock or soil seldom approaches, and very rarely exceeds, 1 %. Very occasionally it occurs in such a concentrated form as to constitute workable deposits. In such cases they are usually of organic origin. Sometimes they occur as geologically recent deposits of guano or rock...

Jan 1, 1918

By C. Ciriello

Six Sigma methodology, as applied within Xstrata (formerly Falconbridge and Noranda), involves a disciplined approach to managing projects, solving problems, improving performance, and leveraging information. The four (4) cornerstones of Six Sigma are the use of Philosophy (customer driven, desire to improve and discipline), Metrics (measurement systems), Methodology (scientific method and sequence of deliverables), and Tools (such as statistics, change management, and root cause analysis). This paper will outline the general steps of the Six Sigma methodology and demonstrate how each phase directly applies to a real plant metallurgical project aimed at reducing nickel losses of the rougher flotation circuit at Raglan. The main concepts of Six Sigma are described, along with the specific challenges, successes, and deliverables related to the project. It is also the authors' aim to demystify the basic Six Sigma principles.

Jan 1, 2007

By Everaldo Afonso Fernandes

O presente trabalho foi realizado com a finalidade de estudar o efeito dos elementos titânio (teor de 0,05%) e de níquel (teor de 0,03%) na liga Al-0,05%Cu-[0,24-0,28] %Fe-0,7%Si para fins de transmissão e distribuição de energia elétrica. Dessa forma, foi adotada uma sequência operacional a fim de caracterizar as estruturas apresentadas pelas ligas. Os processos de solidificação foram realizados via coquilha de aço (forma de “U”). Depois de solidificadas as ligas, os lingotes passaram pelos processos mecânicos de usinagem e laminação para obtenção de corpos de prova com quatro distintos diâmetros (2,7; 3,0; 3,8; 4,0) mm a fim de aproximar estes das bitolas utilizadas em indústrias de cabos elétricos. Todas as ligas foram caracterizadas macroestruturalmente analisando as estruturas brutas de fusão, eletromecanicamente por meio do ensaio de tração [?] e condutividade elétrica [%IACS]. Posteriormente, para a melhor compreensão dos resultados foram avaliados os valores de alongamento [?%] indicando que o diâmetro 3,00mm é a modificação com 0,05%Ti foram os de melhor resultados apresentados.

Aug 7, 2018

By K. K. Kelley

The first bulletin (269) 3 in this series, which appeared in 1932, compiled the entropy values then available for the elements and in-organic compounds, results being listed for some 150 substances. Elaborations and revisions followed in 1936 (272) and 1941 (280), when over 500 usable entropy values were tabulated. The present bulletin constitutes a further elaboration and revision. The accumulation of data since 1940 has been marked, and 800 entropy values now are available. The present bulletin also contains all the pertinent explanatory matter that appeared in its predecessors. Thus, it retains the same dual purpose of assembling the available values of the entropies at 298.16° K. of the elements and inorganic compounds and giving enough explanation of methods of calculating entropies to make the results comprehensible.

Jan 1, 1950

By G. Coombs, L. Meade, J. Welshimer

Industrial Minerals commodity profiles are continued from May's Annual Review issue. Diatomite G. Coombs, Manville Sales Corp. Growth in US diatomite production continued to lag in 1986. The US Bureau of Mines estimated that 580 kt (640,000 st) were produced last year. This is a 1%0 growth over 1985. The cumulative growth from the 1982 low point is 4.4%. Present production, though, is still only 90% of the high tonnage of 1979. The industry will see increased competitive activity with the start-ups of two new mines and production facilities in California and Oregon. US production has come primarily from Lompoc, CA, Bassalt, Clark Station, and Lovelock, NV, and Quincy, WA. New production, probably with capacities of 45 kt/a (50,000 stpy) each, have started near Burney, CA, and Vale, OR. Eagle Picher's new, full-line filter aid and filler plant at Celatom, Vale, OR, was dedicated in August. The plant uses diatomite from the Celatom mining district in Juntura, OR. Grefco's new filter aid and filler plant near Burney, CA, was ready in July. It produced flux calcined products through a single kiln and can handle both bag and bulk shipments. The operations are in Shata County with the plant and mine at the same site. Manville Specialties Group is moving its Filtration and Minerals Division headquarters and research staffs to Lompoc, CA. The move is intended to strengthen response and performance by locating research, marketing, and production close together. Diatomite is processed in three methods: natural, calcined, and flux calcined. The natural is dried to remove water and is particle size classified. Calcined or straight calcined products have been sintered to modify particle size or permeability. Flux calcination, or flux sintering, has a stronger influence on permeability and also benefits color. The unique structure of diatomite is used in a range of particle sizes from fine paint fillers, to coarser filter aids, to granular aggregates. Dimension stone L. Meade, Geomapping Associates Ltd. 1986 was another good year for dimension stone production. The trend toward using marble, granite, limestone, sandstone, and slate has created an increasing demand. According to US Bureau of Mines 1986 estimates, 1.1 Mt (1.2 million st) of dimension stone, with a value of $173 million, was produced by 200 companies. This is an increase from 1985, where 220 companies produced 1 Mt (1.12 million st) valued at $172 million. The increased production volume and decreased unit value is due to the competition from imports. The net import reliance in 1986 was 68% compared to 62% in 1985. The value of imports was $374 million in 1986 versus $295 million the year before. In an effort to maintain their market share, domestic finishers, particularly in the granite industry, continued to upgrade plants and machinery during 1986. In addition, offshore dollars have financed a number of fabricating facilities in North America that will finish imported rough stock. It is hoped that this increased domestic production capability will capitalize on a devalued US dollar. The trend has been for growth in stone usage and market. This trend is continuing with increased public awareness and desire for natural stone in buildings. The area of greatest market growth is expected to be in residential and interior decorative stone usage. Use of sophisticated, automated equipment has made the cost more affordable. Now lobbies, foyers, and specialty rooms are being clad in stone. Dolomite J. Welshimer, National Lime & Stone Co. About three-quarters of dolomite production is used as construction aggregates and 10% to 20% is sold or used as an industrial mineral. Total limestone and dolomite consumed for chemical and metallurgical purposes is about 136 Mt/a (150 million stpy). Sales of industrial dolomitic products were somewhat stronger in 1986 than levels recorded in the early 1980s. Some of the sales' strength, however, can be attributed to reductions in the number of active mining and processing operations. The industry will probably undergo further consolidation by the end of this decade. This will be due primarily to the continued softening in demand by the steel industry. Dolomitic limestone deposits being mined for raw materials for the steel, glass, and refractory in¬dustries are generally 54% calcium carbonate and 45% magnesium carbonate by weight. Impurities composed of silicon, aluminum, iron, sulfur, and phosphorous, represent less than 1%. The heaviest concentration of high purity, surface mineable dolomite in the US is in northwestern Ohio. Crushed and sized dolomitic limestone is a basic raw material for the iron and steel industry. It is also used as feed stone or lime kilns. Soft-burned lime is a popular raw material for BOF steel production. It is also used extensively in insulating glass fiber manufacturing. A related material, hydrated

Jan 6, 1987

By Holdgate G. R, Thompson B. R, Webster R. L, Bolger P. F

The Gippsland Basin in south-eastern Australia has an area of approximately 46 000 sq km. It is one of the world's major coal and petroleum bearing basins, with most of the former occurring in the smaller one fifth on-shore part. The stratigraphy, structure and economic resources of the Tertiary sedimentary pile is now well known through extensive drilling for coal and petroleum. In contrast, the older Cretaceous sequences through their lesser economic importance are relatively less explored. The sedimentational history of the Gippsland Basin has largely followed along similar lines of development to the many other southern Australian basins since the Cretaceous break-up of Gondwanaland. However, the scale of accumulation of coal and hydrocarbon source rocks is unprecedented and differentiates this basin, for reasons less well understood, from the others. Large scale open cut brown coal mining since the late-1920s has been carried out in the western extremities of the basin, while vigorous extraction of some two thirds of Australian petroleum products taken place in the offshore part. Brown coal seam thicknesses and economically winnable reserves are huge and outrank most other brown coal basins of the world. Development of the resource currently meets the need for electricity generation throughout the State of Victoria, but other future developments such as conversion to oil, being investigated.

Jan 1, 1992

By Anil K. Beersing

Effective drainage systems are required for reclamation of mine-disturbed areas to control surface water runoff and avoid excessive erosion. For the conventional structural design approach, armouring material necessary to satisfy the design criteria should not move during the design flood event since displacement would uncover the erodible underlying materials. This paper discusses an alternative geomorphic approach for designing drainage channels and watershed landscape. The approach is based on quantitative studies of geomorphic processes operating in a watershed. A design based on the geomorphic approach replicates the configuration, channel regime, sediment volume and hydrology of natural and mature drainage systems. Movement of some armouring material is acceptable in such an approach because the channels are allowed to mature by natural degradation and aggradation, with erosion rates comparable to the natural environment. The key advantages of a geomorphic approach over a purely structural approach include reduced sizes of armouring material, geomorphologically sustainable landscapes, ?walk-away? or maintenance-free design and reduced liability in the future. The geomorphic approach is illustrated using the example of a coal mining operation in northwest U.S.A. The paper discusses field data collection, design criteria, typical design details, and construction methods.

Apr 1, 2005

By Manqiu Xu, Peter Wells, Gord Bacon

"A methodology is proposed for milling flowsheet design using flotation rate, selectivity and residence time distribution data. The flotation rate data and the difference in flotation rates between the main minerals to be separated are determined from laboratory batch tests. The residence time distribution (RTD) data is calculated using the tanks-in-series model assuming each flotation cell is a perfect reactor. The rate, selectivity and RTD data can be used to calculate the optimum flotation cell number in a bank for rougher/scavenger in a commercial plant.This methodology is demonstrated in a case study of a nickel sulfide ore. It is shown that miniplant rougher/scavenger data can be closely predicted from a batch test using the proposed methodology.INTRODUCTIONIt has been the trend in the past several decades that large flotation cells are increasingly used. This is largely driven by the economics as ore grades are getting lower and the rate of ore processing must be increased in order to keep mining operations economically viable. The development and evaluation of 250 to 500 m3 WEMCO SmartCell and Outokumpu TankCell flotation machines are well in progress. There are many advantages in using large cells: fewer cells, less floor space, lower power cost (although this is now being questioned for fine particle flotation), simpler circuit, simpler control, and lower auxiliary equipment cost (Arbiter, 1999). As flotation cells are getting larger, the importance of cell hydrodynamics, namely, air/slurry dispersion, power intensity, froth transfer, residence time distribution (RTD) and short-circuiting are being fully recognized (Jonaitis, 1999; Weber, et al., 1999; Gomez and Finch, 2002). It is not the intention of this paper to discuss flotation cell scale-up. The intention is to answer what is the optimum number and size of cells in a flotation bank for a given throughput. Figure 1 illustrates this problem facing design engineers. The same mean residence time required for a given throughput can be achieved in a single large cell, or many smaller cells in a row. A few cells of large size may be more cost-effective but they may not be as effective as more cells of smaller size in achieving the optimum metallurgy."

Jan 1, 2005

By D. R. Brox, J. Levell

The Montana Tunnels Mine was mined out to a depth of 900 feet at the end of 1999. The first signs of instability were recognized in 1996 along the upper slope area of the northwest sector when the pit was mined out to a depth of approximately 500 feet. To extend the life of mining operations, it has been proposed to extend and steepen the northwest highwall to a depth of 1000 feet. Slope stability analyses were carried out using the UDEC software program to assess the stability and deformation of the proposed highwall design. Back analysis of an instability in 1997 along the upper slope section and highwall deformation to date has indicated reasonable agreement with the observed mode of failure and displacement monitoring results. The results of detailed analyses of the proposed highwall design have indicated very limited additional deformation, further development of tension cracks is unlikely and large-scale instability is not expected to occur. A total of 40% of additional mining has been completed and ongoing displacement monitoring to date has confirmed very limited additional movement and no further tension crack development.

Jan 1, 2001

By G. S. Cole

By 2025, the U.S. automotive industry will have to average 54.5 mpg (4.3l/100km) Corporate Average Fuel Economy (CAFÉ). While new/improved powertrain technology (turbocharging, electrification, diesels, transmissions and stop/start) will be critical, it is estimated that 25-40% of the new CAFÉ standards will require significant mass reduction, and lightweight structural materials will be required. This presentation examines vehicle mass reduction based on new developments in manufacturing automotive structures and components using light metals (aluminum and magnesium), conventional heavy metals (iron and steel), polymers, and carbon-fiber reinforced polymer composites. Components that used to be sand cast or pressure die cast provided minimal fatigue strength and ductility. But greater mass reduction uses more light metals in structural applications. They require eliminating porosity and inclusions to improve ductility and fatigue strength. Improved casting processing, with vacuum die casting, counter pressure and squeeze casting, and new forging and extrusion applications are being developed for this purpose. New grades of ultra-high strength steels can be made thinner, and save over 1/3 the mass vs conventional mild steels. But more complex and expensive processing, such as hot stamping and in-mold quenching, is required. Most engine block structures have migrated from grey cast iron to aluminum over the past 40 years. But compacted graphite cast iron has higher strength at high combustion temperatures and pressures so that high powered engines can be smaller and even lighter than aluminum. Assembling a range of lightweight materials into vehicle structures requires specialized assembly techniques, including sophisticated structural adhesives that can mitigate vehicles’ unique corrosion environment. The presentation will conclude with discussing lightweighting strategies of Asian, American and, European marques and the materials, component designs and assembly techniques used to achieve 2025 CAFÉ.

Jan 1, 2016

By R. G. Votteler, A. C. Brent

"The business performance of mining corporations in South Africa is adversely affected by the constantly increasing electricity costs. The most commonly used power sources are the national utility supplier via a grid connection, and on-site diesel generators. Previous research has identified the renewable sources of solar photovoltaic (PV), onshore wind, and geothermal energy in hybrid versions with current sources as possible opportunities to counteract rising electricity costs. To provide a clear understanding of the new, developing market of renewable energy sources, this research is divided into two papers. This first paper investigates the internal business structure of mining corporations in order to evaluate electricity generating sources. The multi-criteria decision analysis (MCDA) method is selected as the most suitable approach for this. The paper identifies the criteria used by mining corporations to evaluate possible electricity generation sources for self-generation by means of the corporations’ own investment. Four mining corporations with several mining locations were interviewed. The interviews revealed both new and identical evaluation criteria when the findings were compared to earlier MCDA adaptations analysed in the literature review. The second paper (Part 2) combines current knowledge about the external macroeconomic environment with the findings about the internal environment described here. MCDA is adapted in Part 2 and implemented to analyse and compare current to hybrid renewable sources from the perspective of mines. IntroductionMining corporations in South Africa are currently adversely affected by increasing electricity prices. Electricity is supplied mainly by Eskom1 and, especially in remote locations, by on-site diesel generators (Boyse et al., 2014). Electricity price increases, emanating from diesel price hikes and Eskom, have escalated the total operational expenditure on electricity by the largest mining corporations from 8% to 20% of total operating costs in the past seven years (EIUG, 2015). The reliability of electricity supplied by Eskom has decreased drastically (Govender, 2008), and the prices will increase annually by at least 13% until 2018 (Numbi et al., 2014; Eskom, 2015b). In addition, the South African government plans to introduce a carbon tax on greenhouse gas emissions (Alton et al., 2014)."

Jan 1, 2017

By Larkin F, Farrer E, McGhie R. R

The Electrolytic Zinc Company of Australasia Limited commenced productive operations during February, 1936, at the- Rosebery and Hercules mines, which are situated near Rosebery, Tasmania. At this time it was decided that before re-organizing the steel sharpening shop a test should be made of the relative merits of conventional drill-steel and detachable bits. For this purpose Ingersoll-Rand type"I" thread centre hole.jackbits were selected and seventy-two of these were tested against conventional steel. Results indicated that, under the conditions pertaining at these mines, j ackbits should prove more economical than conventional drill-steel bits, and that a large-scale test, under working conditions, should be made. This was done by gradually replacing conventional drill-steel with jackbits at the Rosebery mine. Results were satisfactory and by the end of 1936 both mines were using only the jackbits.

Jan 1, 1939

By J Evans-Wheeler

"The mandate of the 2005 VALMIN Code to provide ‘(all) reliable, thorough, understandable material information required by investors and their advisers when making investment decisions’ requires that due diligence for tenure be full and thorough. Yet a published due diligence would often appear to be simply a list of tenures allegedly held without any commitment as to the standing of the tenure as safe and secure or otherwise.The value of due diligence for tenure, as mandated in the 2012 JORC Code and the 2005 VALMIN Code, must focus on compliance rather than simply on ‘vital statistics’. Enforcement in every jurisdiction in Australia focuses on penalties (some more harsh than others) for non-compliance, which, in turn and most importantly, reflects directly on security of tenure. Some 22 Acts (on average) impinge on security of tenure and fundamentally underpin the security of any mineral asset.This paper will outline regulatory processes to demonstrate how tenure compliance is achieved and argue that the rigorous application of good practices in tenure evaluation will lead to more of this information being made available on a regular basis.The paper will then focus on further practical examples of tenure compliance failures, the application of these to the requirements of the JORC and VALMIN Codes and due diligence that failed to fulfil the mandate. Examples will be given that alerted other professionals using the JORC Code to complex geological and mining situations of which they were unaware in their valuations.Finally, the author will make a personal plea for tenure to be considered at the commencement of any reporting process.CITATION:Evans-Wheeler, J, 2016. The VALMIN code and tenure compliance – not just a list, in Proceedings Project Evaluation 2016, pp 112–121 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Christopher C. Woomer

Cyprus Shoshone Mine uses the longwall method to extract a deep, thick, pitching coal seam in the Hanna Basin of South Central Wyoming. The immediate, and main roof rock consists of weak, thinly-bedded, silty mudstones with weak, interbedded fine-to medium-grained sandstone. Tailgate ground control has been a critical factor impacting productivity at the mine. A gateroad condition mapping program for the 11 left longwall gateroads indicated potentially severe ground control problems for the tailgate. It was predicted that the existing, secondary support pattern of wood cribs would not provide adequate support capacity. As predicted, severe deterioration of the tailgate occurred in the form of a roof cutter, sloughing ribs, and failing wood cribs. Productivity was affected and additional support was required. Shoshone personnel evaluated several options for providing the additional support needed in the tailgate. The additional support system and placement method had to satisfy several requirements with respect to access, materials handling, placement method, set-up time and support capacity. Approximately 6,000-ft. of deteriorating tailgate had to be supported. The initial wood crib support system left a 6-ft. walkway for access and construction of the additional support. This access was further reduced as the roof loaded the wood cribs. This eliminated the possibility of mechanized material handling to the construction locations. All materials would have to be transported by hand. The additional support system had to be placed quickly to stay ahead of, and keep pace with, the required longwall advance rate. It had to incorporate the existing wood cribs and provide at least 500 tons of extra support capacity. And most critically, the system could not affect longwall ventilation. Longwall coordinators and engineers made the decision to use a low density, pumpable cement known to the industry as TeksealTM, to provide the system required. A 200 psi ultimate strength mix was decided on to provide the required load capacity. The existing cribs were formed with 1-in. by 6-in. boards and brattice cloth to provide the containment. To overcome the access limitations, three boreholes were drilled from the surface to the tailgate on 2,000-ft centers. A mobile pumping station was established on the surface and the TeksealTM was pumped 900-ft. down the boreholes through a 1.5-in. steel pipe, then as much as 1,800- ft. along the tailgate entry through 1.25-in. miner spray hose. The materials required for the TeksealTM supports could all be carried into the construction locations by hand. As a direct result of incorporating relatively new methods of pumping high yield, low density, cementitious grouts, the Shoshone Mine reduced downtime due to tailgate ground control problems by approximately 70% in comparison with previous Longwall panels. The longwall set three monthly production records while mining the 11 left longwall under the deepest cover, steepest pitch, and most extreme ground control conditions ever encountered at the mine.

Jan 1, 1995

By A. -M. Lafront

The corrosion resistance of die-cast and freely-solidified and electromagnetically-stirred thixocast AZ91D alloy has been studied using electrochemical noise technique in a 0.05M NaCI solution at pH 6.1 and 25°C. Specimens polished at different depths were immersed for a period of 75 min in order to assess the influence of the microstructure on corrosion kinetics and morphology. At depths between 10 and 50 µm (skin), all specimens showed general non-uniform corrosion with the lowest corrosion resistance. Between 100 and 200 µmn (interior skin), the observed corrosion was accompanied by superficial undefined pits due to metastable pitting. The corrosion form for 100-200 µm gave the best corrosion resistance. Stable pitting corrosion was observed beyond 400 µm deep on the bulk specimens. The skin of all thixocast specimens prepared billets showed a more corroded surface than that of die-cast. The interior skin as well as the bulk specimens showed better performance than that of the die-cast specimens.

Jan 1, 2007

By William F. Jahn

Because of the' situation in Europe during the summer of 1939, with the possibility of war and consequent curtailment or loss of supplies of tin to the United States, the Bureau of Mines undertook an investigation of domestic tin resources. This was permitted by the Strategic Minerals Act of 1939, which authorized investigation of possible domestic resources of strategic minerals necessary in a national emergency. The minerals selected were in short supply, and the United States depended almost entirely on imports to meet normal requirements. The Black Hills of South Dakota were selected for investigation as one possible source of tin because of the occurrence of the mineral there has been known since 1876, although production had never been important. The Tinton area, in the northern part of the Hills, had received the most attention and contained some minor indicated and inferred tin deposits.

Jan 1, 1949

By Theodore H. Boggs

The battle of the gold standard is not limited to one country alone, or even to a single group of countries. It is being waged merrily in many important commercial and industrial quarters. Though it is not always a practical issue calling for immediate attention, it is none the less, quite widely, engaging the thought of bankers and other students of finance. The controversy arises, in the last analysis, because of the desire of men to secure a stable currency. There are two ways of restoring a reasonably stable currency system: (1) the re-establishment of the gold standard, or (2) the deliberate and artificial management of a paper currency. Both systems are well known. The gold standard was in use prior to the war in the principal commercial countries. A currency of inconvertible paper has been at times employed in the past in various countries; for example in Britain from 1797 to 1821, and in the United States from 1862 to 1879. The gold standard, as all are aware, implies the selection of gold as the standard of value. The unit of value is a fixed weight of gold and, so long as the standard remains unimpaired, all other means of payment are maintained at a parity with standard gold coins. And gold coins alone constitute the standard money, inasmuch as their value as bullion equals their value as coins. Under the gold standard this would not be true of any other form of money, although all other varieties of money, including bank notes, government notes and silver coins would be freely convertible into gold money. Strictly speaking, the gold standard also implies that the gold money in turn shall itself be freely convertible, through melting, into gold bullion and freely exportable.

Jan 1, 1925