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By R. A. Hemstock

AREAS in which the surface de-posits consist of organic material -known in some parts of Canada as muskeg and in Europe, more generally, as peat lands -have long been some of the least rewarding of lands of the north temperature zone. Even in such countries as Great Britain, Holland, and Denmark where a good deal of incentive exists to develop all available land, the use of peat land has been negligible except as a source of fuel. Only recently have efforts shown promise in re-claiming these lands for farming or for forestry. Russia has large areas of peat and use is made of it for power generation. The Russian people have also ?developed a variety of machines for handling peat, which would indicate that they are well ahead of the Wes tern World in their technical and physical ability to solve some of the problems. Certainly in Canada, where there are over 500,000 square miles of muskeg, the economic aspects of this problem are important. This is especially true in considering the shifting emphasis to northern development. Not only is muskeg in possession of great stretches of terrain, thereby rendering it useless for agricultural purposes, but it is apparently moving into forested areas and reducing their productivity. In addition, it lies as a great barrier to movement in the search for and development of such natural resources as petroleum, natural gas and minerals generally. This situation has long been recognized in Canada but only recently have organized efforts been made to study the problems and search out ways of overcoming them.

Jan 1, 1958

By James S. Redpath

"AbstractThis paper is an attempt. to outline the present status of underground mining contracting in Canada, and to present certain facts concerning the writing and administration of underground mining contracts which, hopefully, may be useful to those intending to engage a mining contractor . The paper is based on the author' s experience as a contractor and also as a consulting engineer advising others in the purchase of contractors' services.HistoryIN THE early days of mining contracting in Canada, the contractor was primarily a labour contractor. He was expected to bring a good crew of men that normally followed him, and to perform certain work under his own direct supervision. The owner usually looked after all other details including financing, payrolls, withholding taxes, etc , computing and paying the contractor his profit. In the pre-World-War II years, most work was done on this basis.Over the years, the contractor was called on to supply more in the way of services, and the present-day situation evolved.Labour contracts are still used, but now the contractor is expected to carry out his own administration. Most contracts now call for the supply of special tooling required to do the work. In most cases, some, if not all, supplies are the contractor 's responsibility and , in a growing number of cases, the contractor is responsible for such items as design and surveying. The ultimate in this direction is the execution of projects on a turnkey basis. Under this system , the contractor carries the project to a stage where it is turned over fully operational to the owner."

Jan 1, 1977

By J. U. MacEwan

THE basis on which the modern metallurgical industry is operated is the endeavour to attain maximum return in purchasing power for the least expenditure of energy. This has always been the general objective of the industry, as of all industries. In recent years, however, it has received a new emphasis. Today, as never before, increased attention is being directed to the detailed study of plant operations and the application of scientific knowledge and of business principles in order to achieve the maximum efficiency. This new emphasis is the result in large part of the new problems and conditions with which the industry has been confronted, chief among which are the following: (l) Development of new ore-bodies and the treatment of complex ores. (2) Necessity of achieving a greater degree of purity in some of the metals in order to meet the newly discovered demands for some of the industrial metals. (3) Discovery of new markets for many of the metals, either in pure form or in the form of alloys. ( 4) Change in values, absolute or relative, of some of the important metals. (5) Increasing scale of investment in expensive plant and equipment, which makes imperative most efficient utilization if total unit costs are to be kept to a minimum. (6) Increasing scale of operations in some important branches of the industry, which also makes essential maximum efficiency in organization, administration, and operation. The success with which the metallurgical industry has met the problems created by these changing conditions has been due primarily to the following factors: (1) Results of research and experimental work carried on by universities, government laboratories, and many private corporations in the industry itself. (2) Closet study of every detail of plant operation, both from the technological and from the economic point of view, with the object of increasing plant efficiency. (3) Interchange of information and experience amongst the operating companies. It is only by the concerted efforts of numerous investigators and experimenters that the underlying fundamentals of plant operations can be learned. The exchange of results permits their easy assembly and correlation with maximum benefit to the whole industry. Unnecessary duplication of research and experimental work is avoided and the industry as a whole is able to reap the fruits of this work with the maximum of-speed and efficiency. (4) Advances made in recent years in so-called 'scientific management' in industry as a whole and the application of the principles learned to the metallurgical industry. A review of the modern trends in extractive non-ferrous metallurgical processes illustrates the afore-mentioned new conditions and problems, and gives some idea of the methods by which they have been and are being surmounted.

Jan 1, 1937

By J. C. Bothan

A program to provide technical in-formation on the use of fuels in pyro-metallurgical processes, from the Canadian fuel viewpoint, was initiated about five years ago by a Canadian Institute of Mining and Metallurgy liaison grou1> composed of members from the Coal Research Committee of the Coal Division and the Iron and Steel Committee of the Metallurgy Division. This paper is another of a series prepared for this program. Previous papers included a review of pyrometallurgical processes of Canadian interest, a survey of ferrous processes relevant to the development of an integrated steel industry in western Canada and a survey of the fuel requirements of the non-ferrous metals industry in Canada. It is widely recognized among per-sons familiar with the Canadian coal industry that, because of the large resources of coking coal in western Canada, the

Jan 1, 1963

By D. P. Bishop, G. J. Kipouros, R. L. Hexemer Jr., I. W. Donaldson, W. F. Caley

Aluminum powder metallurgy (APM) is an advanced metal forming technology frequently employed to fabricate complex structural components in a near-net-shape fashion. Exhibiting nearly 100% material utilization, APM continues to rise in popularity. Recent research initiatives in this field have emphasized the development and processing of advanced 2xxx and 7xxx series alloys. In particular, APM equivalents to wrought 7075 and 2024 have been sought. An overview of work completed in this area is presented. Included are data on the various production stages (powder compaction, sintering, forging, and heat treatment) as well as the microstructure and mechanical properties of the finished products.

Jan 1, 2010

By John C. Taylor

A resource document, prepared for the Royal Commission on the Health and Safety of Workers in Mines, which outlines aspects of occupational health and safety in the Canadian metallurgical industry has been expanded to provide examples of some practical solutions. General process descriptions are provided in conjunction with some of the major potential hazards associated with each step. Emissions to the working environment, particularly around converters, are discussed. Newer metallurgical processes, the role of automation and other advances in the metallurgical industry are described with respect to their impact on the work place. The role of staff and unit employees in providing safe working conditions in the complex metallurgical plant of today is outlined and the need for close cooperation within the human sector emphasized. The technology is available and is being applied to integrate the complex process requirements with realistic regulations to control emissions and provide a safe, healthy environment in metallurgical plants.

Jan 1, 1978

By Bob Drew, Goran Vukovic, Bojan Zivanovic, Klaus Gamweger

Reaction bath temperature is a major factor in processing liquid metals and in many applications where a balance between process duration and temperature has to be found to run a procedure efficiently. Also extremes of temperature can decrease the output of a process if too cold or even make it impossible, conversely overheating can be detrimental to both the product and furnace integrity. With the help of the new online temperature measurement system very accurate monitoring of the process is possible in contrast to the current routine practice where the temperature is measured periodically with dip thermocouples. The system works with a digital, fiber optic pyrometer, which is embedded in a refractory housing. Installation in the lining is possible below liquid level as nitrogen is blown to keep the system open and to ensure continuous sight from the optical head of the pyrometer to the molten metal through the tuyere. This permanent temperature measurement gives optimal process control with the potential of taking appropriate actions at an early stage enabling proactive process control. Therefore energy savings and even process endpoint detections can be realized.

Jan 1, 2015

The Mineral Industry of Canada in 1951 Continuance of the remarkable, successive increases in the value -of Canada's mineral production, chief basis of the nation's post-war expansion, was one of the highlights of Canadian development in 1951, when, according to the preliminary estimate is-sued by the Dominion Bureau of Statistics and reported in the BULLETIN for February, 1952, mineral output for the year reached a new high of $1,228 millions. This marked an increase of 17.5 percent over the previous year, which was the first in which the billion dollar mark had been reached, and an increase of 143.7 per cent over 1946, when production was valued at approximately $503 millions. While higher prices for the principal base metals accounted for a large part of the 1951 increase, quantity gains were made by copper, nickel, zinc, asbestos. lead, cement, and strikingly important. by petroleum, the value of which exceeded for the first time that of coal production. Gold was an exception to the general trend, being lower in both quantity and value than in 1950. For the first time nickel .came within $9 millions of surpassing-gold as the leading mineral product. Metals and Fuels The value of all metals, estimated at $733 millions, was 18.7 per cent more than in the previous year. Nickel advanced 11 per cent in volume and 34 per cent in value. Copper was up 2.4 per cent in quantity and 21 per cent in value, zinc rose 6.6 per cent in quantity and 35 per cent in value, and although the volume of lead produced was lower by 8 per cent, its value increased by 17 per cent. The tonnage of iron ore was 31 per cent higher than in 1950.

Jan 1, 1952

By S. Ianos, C. Vibert

Type and shape of large dams founded on rock depend upon the expected deformation of their foundation. Their design consequently requires the assessment of the deformability of the rock mass at large scale. Seismic refraction, laboratory tests on rock samples and empirical formulas can provide an order of magnitude of the deformation modulus, with a limited degree of reliability. Direct in-situ measurement of the deformability of a volume of rock is therefore preferred, which integrate the effect of discontinuities, such as plate loading tests, dilatometric tests, etc. The authors have been compiling results obtained by in-situ deformability tests on a number of dam sites, including the Scarabée (“Petite Sismique”) method. This last method consists in thoroughly analysing the shape of seismic wave forms transmitted through the rock mass. It has been used since now more than 40 years over a large number of dam foundations, and has proved to provide a satisfactory assessment of the static deformation modulus. After comparing the results obtained from different methods on six dam sites, the Authors conclude that their reliability closely depends upon the size of the loading device in relation to the spacing of the discontinuities. Attempts to correlate results from different types of in-situ loading tests reveal difficult, because closely depending upon local geotechnical conditions at test location. Plate jacking tests appear to be the most reliable, because involving a relatively large volume of rock. On the other hand, the Scarabée method (“Petite Sismique”) allows a rapid assessment of the deformation characteristics of the rock mass at large scale, and has been found to provide values generally in agreement with those from plate loading tests, while dilatometric or flat-jack tests were found too dependent upon local conditions. The Authors conclude that preference should be given first to the Scarabée method, which uses light equipment and is quickly performed, together with an accurate geological and geotechnical assessment for interpretation. In a second stage, Scarabée shall be complemented by adequately performed plate jacking tests in selected locations, in order to cross-check results and refine the assessment. The general accordance between the results of the two methods, which both can integrate anisotropy of rock masses, justifies this statement.

Jan 1, 2015

"NI 43-101 is a rule that governs how issuers disclose scientific and technical information about mineral projects to the public in Canada. The disclosure standards apply to oral statements as well as written documents and websites. NI 43-101 does not apply to disclosure concerning petroleum, natural gas, bituminous sands or shales, groundwater, or coal be methane. NI 43-101 first came into force on Feb. 1, 2001 and was revised in December 30, 2005. As a “National Instrument”, the law has been passed in each provincial and territorial legislature across Canada.“PART 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions - In this Instrument “adjacent property” means a property(a) in which the issuer does not have an interest;(b) that has a boundary reasonablyproximate to the propertybeing reported on; and (c) that has geological characteristics similar to those of the property being reported on; “data verification” means the process of confirming that data has been generated withproper procedures, has been accurately transcribed from the original source and is suitable to be used; “development property” means a property that is being prepared for mineral production and for which economic viability has been demonstrated by a feasibility study; “disclosure” means any oralstatement orwritten disclosure made by oron behalf of an issuer and intended to be, orreasonablylikely to be, made available to the public in a jurisdiction of Canada, whether or not filed under securitieslegislation, but does not include written disclosure that is made available to the public only by reason of having been filed with a government or agencyof government pursuant to a requirement of lawother than securities legislation; “early stage exploration property” means a property that has(a) no current mineral resources or mineral reserves defined; and (b) no drilling or trenching proposed; in a technical report being filed in a local jurisdiction; “exploration information” means geological, geophysical, geochemical, sampling, drilling, trenching, analytical testing,assaying, mineralogical, metallurgical and other similar information concerning a particular property that is derived fromactivities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit; “feasibility study” means a comprehensive studyof a mineral deposit in which all geological, engineering, legal,operating, economic, social, environmental and other relevant factors are considered in sufficient detail that it could reasonably serve as the basis for a final decision by a financial institution to finance the development of the deposit for mineral production; “historical estimate” means an estimate of mineral resources or mineral reserves prepared prior to February 1, 2001;“IMMM Reporting Code” means the classification system and definitions of mineral resources and mineral reservesapproved by The Institution of Materials, Minerals, and Mining in the United Kingdom, as amended; “JORC Code”means the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute ofGeoscientists and Mineral Council of Australia, as amended; “mineral project” means any exploration, development or production activity, including a royalty interest or similarinterest in these activities, in respect of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals;"

Jan 1, 2003

By David S. Wong

With air emission limits for total particulates continually tightening, management of `potroom dust' or airborne particulates from aluminium smelting potrooms is of increasing importance. To better understand how settled and airborne particulates are generated within a potroom, methodologies have been developed to sample and analyse the compositional signature of dust, in relation to its sources. During a smelter case study, these methods allowed tracking of mineralogical phases in dust across a range of potroom locations, showing that the mechanisms of dust generation do vary spatially and vertically in a potroom. Such methodologies may also be applicable to other metallurgical industries.

Jan 1, 2011

By W. Pietsch

For a number of reasons, solids entering and leaving facilities for the treatment of minerals are becoming increasingly finer. Such materials pose problems throughout processing. Solids featuring small particle sizes tend to dusting, result in losses and segregation, exhibit various storage, transportation, and metering problems, and fine particulate effluents can not be easily captured, used and/or recycled. Sustainable mineral processing must minimize the exploitation of natural resources and avoid the need for disposal of wastes. The first requires the use of lower quality raw materials and upgrading, which typically results in the production of fine grained concentrates, and the latter encourages the recycling of wastes and byproducts or efforts to investigate them as sources for secondary raw materials or other beneficial applications. To overcome the difficulties associated with fine particulate solids, size enlargement by agglomeration is necessary. The resulting products have free flow characteristics, do no longer dust or segregate, and are sized and shaped as required for optimum processing. In addition, agglomerated materials may be engineered to feature desirable structure, composition, and a number of related, improved properties. Such engineering may be applied for the modification of fine run-of-mine and up-graded minerals as well as the production of secondary raw materials from by-products or wastes. By the interdisciplinary application of size enlargement by agglomeration waste-free processing of minerals becomes feasible.

Jan 1, 2004

By C. H. Hopper

DIAMOND drills have played an important part in the development of mines for many years. Recently. they have also entered the production field arid the use of diamond drills m the primary breaking of ores has become a big branch of the industry. The writer has estimated roughly that the total diamond drilling in Canada during 1942 was 5,625,000 feet, of which 2,250,000 feet, or 40 per cent, was for blast-holes. This accounts for 6,750,000 tons of ore broken, using the conservative factor of 3 tons per foot of hole. Many consider that the use of diamond drills for blast-holes is the most important advance in mine practice of the past decade, and the industry owes a great deal to the staff of Noranda Mines, Limited, for the pioneering they have done in the development of long-hole mining methods and for publishing their results. A great many mines have followed Noranda's lead. At the Waite-Amulet, Aldermac, Flin Flon, Canadian Malartic, Hoyle, and Matachewan Consolidated mines, most of the ore is broken by long-hole blasting. While the mines were developing new methods, the diamond-drill industry was developing mechanically-set bits and better machines. Through the effective use o smaller, cheaper diamonds, as well as more efficient setting, bit costs per foot are only one-half what they were ten years ago. Few people realize that a diamond bit is relatively inexpensive. The common EXT coring bit, for example, contains some 200 small diamonds, weighing altogether about 2.70 carats which, at $3.40 per carat, cost $9.20. After use, the equivalent of about 100 of these diamonds may be recovered. Therefore the true cost of the bit is only $7.00, made up of $4.60, the cost of the diamonds lost, $2.00 for setting, and $0.40 tax. The trend in machines has been toward specialization for the different classes of rock in blast-hole work. Light, high-speed machines have been developed for soft ores and higher powered machines for hard ores.

Jan 1, 1943

By E. G. Bazeley

The paper reviews the scope, timing and financial impact of this significant project, which involves the supply and transportation of nearly 4 million tons per year of bituminous coal and lignite from sources in British Columbia. Alberta and Saskatchewan to Ontario Hydro's generating stations. The critical factors involved in the selection and utilization of these coals are discussed in relation to the three types of coal to be utilized initially. The paper then deals with each of the significant project elements to be undertaken by the various companies involved in the mining and movement of the coal, beginning with production at the mine through rail shipment to Thunder Bay, train-to-ship terminalling, shipment by lake vessel from there to the generating station, and finally blending the bituminous coal with United States coal prior to combustion. The review discusses the key features of the facilities involved in each case and the status and timing of the project elements , which are phased for the start of coal shipment by mid-1978. The paper concludes with some observations on the capability of the project to handle increased tonnage s and the challenges facing the movement in terms of quality , quantity and cost.

Jan 1, 1978

By F. A. Auld

"Traditionally deep shaft sinking from the ground surface was carried out using drill and blast methods. Although large diameter blind shaft drilling has been carried out successfully on numerous occasions previously, including as early as 1852 in Germany (Auld, 1995), little attempt has been made until more recently to mechanise the shaft sinking excavation process using down-the-hole machines. This paper reviews the development of deep shaft sinking machines from the early 1970’s up to the present day. INTRODUCTION Mechanical excavation methods can significantly improve excavation performance, in order to access natural resources faster, and labour safety is increased compared to drill and blast operations. However, shaft sinking machines need to be capable of accommodating all the basic requirements for deep shaft sinking, namely: 1. Excavation and muck removal 2. Ground stability control 3. Groundwater ingress control 4. Temporary lining installation 5. Permanent lining installation and watertight sealing 6. Ventilation 7. Secondary means of egress for personnel In addition, how the machine operates in the shaft is an important factor, either slung on ropes from a surface headgear or on its own in the bottom of the shaft. An all-embracing machine which can deal with all of the above conditions is impossible but many of these requirements can be incorporated into a single machine. Deep shaft sinking also differs greatly from normal tunnel construction which employs the use of either a roadheader arm installed within a shield or a full-face tunnelling machine for excavation. Hydrostatic pressure and ground stability problems increase with depth, whereas in tunnelling the depth is normally relatively shallow and the aforementioned factors remain approximately constant along the tunnel length. DEEP SHAFT SINKING MACHINES All the shaft sinking carried out previously in the UK was by the traditional method of drill and blast. Elsewhere, in other parts of the world, attempts have been made to mechanise the process."

Jan 1, 2019

By J. E. Nesset, F. Rosenblum, J. A. Finch, R. Payant

ABSTRACT Under certain conditions of moisture and oxygen, sulphides can spontaneously self-heat. We tested a hypothesis that galvanic interaction between some sulphides can promote self-heating. Galvanic interaction is controlled by the rest potential difference between sulphides and particle size. A series of binary sulphide mixtures was tested. Individual sulphides and mixtures with low rest potential difference did not self-heat, but mixtures of high rest potential difference did. When testing pyrite-sphalerite mixtures, self-heating increased inversely with particle size, with the fineness of the pyrite governing self-heating, indicating the rate-limiting step is the reduction reaction. The results support the hypothesis that galvanic interaction contributes to sulphide self-heating. A possible mechanism based on hydrogen sulphide as an intermediate product is proposed. The understanding gained will be of interest to those involved in storage, shipping, and disposal of sulphides.

Jan 1, 2012

By Tapio Leskinen, Jouko Koskinen, Timo Nlltti, Lappalainen Seppo, Pentti Vanninen

"The Courier 300 on-stream analysis system manufactured by Outokumpu has now been in operation at five of the company's concentration plants long enough to give a reliable basis for closer examination of the benefits achieved in control of these processes. The first system was installed at the Pyhiisalmi mine at the end of 1967. Since November 1970, two analyzers have been in operation at Pyhiisalmi feeding the assay data to a process computer which controls the whole plant and does the optimization of the process. In October 1970 the Courier 300 analysis system was installed at S. T. O. LESKINEN J. KOSKINEN the Keretti concentrator of the Outokumpu mine, followed soon by installations at the Vihanti Mine in May 1971, at the new Vuonos mine in November J 971 and at t he Kotalahti mine in December 1971. Since installation of the Courier analysis systems, considerable improvements have been achieved in the control and the economy of the plants. Immediate knowledge of the changes in the process and the possibility for rapid action has resulted in evener production and higher capacity and recovery. The recovery has been increased most significantly at the Vihanti concentrator, which operates on a complex ore. Consumption of chemicals has been reduced at all concentrators. Due to the fact that process control and partly also bilance analysis are not achieved by conventional methods any more, it has been possible to reduce the personnel of the laboratories drastically. Two of the plants, viz. the Pyhiisalmi and the Vuonos concentrators, are computercontrolled. The Vuonos concentrator started operation in January 1972 under computer control from the very beginning. The Pyhiisalmi concentrator has been computer-controlled since 1970. The Courier 300 analysis system was described in detail at the AIME Centennial Annual Meeting (1971). In this paper, less attention is paid to the analysis system. Only the sampling system of the Courier 300 is described in more detail. In the development of sampling equipment, effective use has been made of the company's wide knowledge of the problems involved and the test field offered by its concentrators. The sampling equipment includes secondary samplers and six basically different types of primary samplers, with which most sampling situations can be managed."

Jan 1, 1973

By D. L. Griffith

THE realization by metallurgists of the important effect that traces of impurity may have upon the properties of a metal, and their steady demand for purer and still purer metals, have made the special cools for 'trace' analysis of increasing value. In the United States at least, spectrographic analysis is becoming the standard method for determining the impurities in zinc die-casting alloys. The Hudson Bay Mining and Smelting Company, as a producer of virtually pure zinc, uses the spectrograph to control the purity of its products, and-as the electrolytic method is employed here-to control both the impurities in the electrolyte and those 'trace' elements, which, while they do not contaminate the zinc, have a great effect on the plating efficiency. The general plan of the laboratory is shown in Figure l; the housing for air purification, which is on the roof, is indicated by broken lines. One of the chief factors affecting the layout was the easy way in which a spectrographic assay can be spoiled by contamination. To minimize the quantity of dust tracked in, the laboratory was made separate from the general research laboratories, and an office was placed between the two. This arrangement has its drawback because of the traffic through the office, but it has effectively cut down dust. For similar reasons, the available space was subdivided into a number of small rooms, and the air currents in the laboratory were so arranged that dust would be carried where it would do least harm. Air is drawn in at the roof over a 50-kilowatt bank of Calrod heaters, through Annis air filters, by a No. 4 Sirocco fan. Most of it is forced into the spectrograph room, but some goes to the office and darkroom. The air flow is from the spectrograph room, through the plate-measuring room, into the chemical laboratory, where it is exhausted by a No. 1% Sirocco fan on the fume hood. Air can also re-circulate from the plate-measuring room back to the heater. The arrangement is such that the air in the laboratory is maintained at higher pressure than the outside air; consequently, no dirt enters through cracks about the windows and doors. A thermo-regulator holds the temperature constant within one or two degrees; only on the hottest days in summer does the temperature rise enough to affect the focus of the instrument.

Jan 1, 1940

By George Brien, O&apos

The history of the lighting of mine workings dates back to the early part of the 18th century, when small candles known as tallow dips, were used. These were set or held in a lump of wet clay. When looking for gas the flame of. the candle was reduced to a mere glimmer by surrounding the wick below the flame with clay. The candle was then very cautiously raised from the floor toward the roof, the observer screening the brighter portion of the flame with his hand and watching for the first appearance of the pale blue cap above the flame, even at that time, known to indicate the presence of gas. When this appeared the candle was lowered quietly and its flame extinguished before attempting to drive out the gas. A very common and dangerous practice adopted at that time was to get rid of the gas by firing it. This was done by a person selected for his nerve rather than for his caution. Dressed in a? suit of dampened sackcloth or leather, this man well termed a "fireman", would lie prone on the floor of the roadway and light the gas above him by raising his candle fastened to the end of a long stick. If he survived, which was not always the case, he would withdraw promptly to fresh air after the flame had passed over him.

Jan 1, 1924

By Balmer Neilly

To one with so little experience in matters pertaining to currency, international finance, and foreign trade, this is surely an ambitions venture on my part. However, this is a subject of prime importance to all seriously minded Canadians and, if we are to obtain any clear understanding of the factors involved, we must study the facts and debate such points as may remain at issue. During the last few years, the world' s better known economists have described the gold standard in all its ramifications and in such detail as to leave many of us even more confused than before. If we, then, are to acquire any real conception of its meaning and use, I think we must reduce it to its fundamentals and start from there. To my way of thinking, gold in ? trade and commerce is the symbol of honesty. When you seek to discharge a debt by tendering paper you hand the recipient an I.O.U. which may or may not be good, for the purchase of goods or services to the extent of its face value. When, however, you discharge a debt by the payment of gold, it constitutes a complete and final discharge. There are no reservations - no ifs and ands - and the transaction is definitely closed to the satisfaction of all concerned. Gold, then, is evidence of accumulated and transferable wealth that is immediately acceptable in practically every part of the world. However, there is not nearly enough gold to meet the demands of world trade, and. many years ago this deficiency gave rise to what we now describe as our banking system.

Jan 1, 1949