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Preamble At the present time many bodies are engaged in -the formulation of standards. There is no uniformity in the rules for such procedure in the different organizations; in some cases the committees engaged in the work are not fully representative, and in. a considerable proportion of cases they do not consult all of the allied interests. The present custom results in a considerable duplication of work, and in some fields several "standards" are proposed for the same thing, differing from one another only slightly and often in unimportant details. It is very much more difficult to obtain agreement between the proposers of overlapping standards after they have been published than it would be to get the proposers to agree before they had committed themselves publicly. The American Institute of Electrical Engineers, the American Institute of Mining Engineers, the American Society of Civil Engineers, the American Society of Mechanical Engineers, and the American Society for Testing Materials have appointed a committee to consider the advisability of cooperating in engineering standardization. This committee recommends that these societies form a permanent organization by appointing a committee as proposed in the following constitution and rules of procedure to carry on this very important work.

Jan 3, 1918

By Norman Miskelly

Substantial progress has been made over the last ten years in the development of uniform national and international standards covering the definition, estimation and public reporting of mineral resources and mineral reserves. Agreement between the major participating countries has been reached, which include the requirement that a Competent Person prepares and approves publication of mineral resources and reserves. Most national regulatory organizations have accepted the new standards and have included them in the rules that must be followed by mining companies operating under their jurisdiction. These developments are the result of a concerted effort on the part of professional societies, national regulatory agencies, international organizations, and many dedicated individuals. The historical development of these standards is summarized in this paper. Accepted definitions of mineral resources and mineral reserves are discussed, as well as the definition and role of the Competent Person. Additional effort is needed before the international standards are fully understood, accepted and followed by mining companies, regulatory agencies, the investment community and the general public. Steps being taken toward development of a Mineral Reserves International Reporting Code Template (International Template) that will be available for all countries to use in deriving their specific country reporting codes, are outlined

Jan 1, 2003

By J. R. Finlay

The Cæur d'Alene silver-lead mining district of northern Idaho is probably best known to the general public as a seat of labor-troubles. So far as the writer is aware, little has been written and little is known about its geology and resources. People interested in lead-smelting are, of course, cognizant of the economic importance of the region, but they have not communicated much of their knowledge to the public. Exact figures as to the total output of the district are not obtainable, but the following estimates, covering the entire output of the 15 years during which the mines have been operated, are believed to be approximately correct: Group of Mines. Product. Wardner Group, including the Bunker Hill and Sul livan, Empire State-Idaho, Last Chance, Sierra Nevada, bur d'Alene Development Co... . $17,500,000 Cafion Creek Group, including the Gem, Frisco Con solidated, Granite, Standard, Mammoth, Hecla, Tiger-Poorman, Custer and Bell,.... 35,000,000 Mullan Group, including the Morning, You Like and Gold Hunter,........7,500,000 $60,000,000 This output covers the period of discovery and early struggles, and several periods of stagnation caused by strikes and other serious labor-troubles. In 1900 the output of the district was fully $10,000,000, and this figure would have been considerably increased in 1901 had not a curtailment of production been forced by the condition of the lead-market. In 1901 the product was about 150,000 tons of concentrates, with a gross. value of $8,250,000.

Jan 1, 1903

By J. McLaren Forbes

Geologists and engineers in charge of diamond drilling often have no practical experience in the work, yet they must direct the drillers. In discussing some of the problems that arise, the author of this paper has tried to remember the things he did not know about diamond drilling when he first came in contact with that work. The basic reason for most diamond-drill holes is to obtain information. The more thorough the understanding of the geological and engineering problems involved, the greater will be the benefit derived from a drilling program. One of the best methods to ensure some thinking before drilling is to record on the permanent drill log, before the hole is collared, the reasons for the work and the information desired from that particular hole. When the hole is finished, the information obtained should be recorded. Driller The choice of a diamond driller is very important. If no experienced driller is available, a competent miner who has a sense of responsibility and better than average mechanical ingenuity can do the work. The best answer to most practical drilling problems, from the standpoint of the person in charge of the drilling program, is the service of experienced diamond drillers or drilling firms. Equipment Drilling equipment should be adequate to put down the longest hole desired and handle the toughest ground encountered. The type of bit used depends upon the ground drilled. Experimenting with various bits and careful study of footage records are the best means of determining which to use. Under ordinary circumstances it is best to drill using an EX barrel when possible. The length of rod and core barrels that can be used depends on the size of the drill station. Also, the length of core barrel depends on the way the ground cores. In good ground as much core will be recovered with a 10-ft. barrel as with a shorter one, and with considerable saving of drilling time. A water pump is needed if the hole is so deep that the water pressure is not strong enough to wash out the cuttings, or if it is drilled at an angle that prevents full force of the water pressure. Instructions For an Inexperienced Driller 1. Never run a bit too long a time. When a bit seems to be "good for one more run," discard it. 2. Always let the rods down on bottom easily. Protect the bit from sudden shock. 3. Start the drilling slowly and easily. Do not put pressure on the bit too fast. Diamonds can break. 4. Be sure the water pressure is strong enough to clear the bit, but do not use more water than is needed, as it may wash away the core. Usually, if no core is recovered the hole is a total loss. 5. When dry-blocking, do not run without water longer than necessary as the bit may burn. 6. Be sure the rods are well caulked and tightly screwed together. If not well caulked they will lose water, and if not

Jan 1, 1946

By Álvaro Ordoñez

"El amoniaco es un agente acomplejante de iones cobre, que se ha utilizado en diversos procesos para recuperar el cobre de sus minerales. En este sentido, el presente texto propone la utilización del hipoclorito comoagente oxidante en medio básico, con solución de una sal amónica y que se desarrolle en condiciones normales de presión y temperatura, donde un control adecuado del pH permite la formación del amoniaco en cantidades suficientes que permitirá sostener en solución a los iones cobre. Es decir, es posible lixiviar concentrados de cobre que contienen calcopirita y reducir la formación de la película de óxidos de hierro sobre la superficie del mineral a través del uso de amoniaco. "

Sep 14, 2009

By E. O. Wagner, V. F. Parry, J. B. Goodman

The low-rank coals containing 10 to 50 pct natural bed moisture represent over half of the tonnage reserve of the available solid fuels of the United States, but only about 2 pct of United States coal production is derived from these fuels. Increased utilization of these large reserves will result if the bed moisture can be removed at the mine in high-speed low-cost processes. This paper presents a theoretical and experimental study of the factors affecting high-speed drying of coal dusts. The time required to heat particles of coal is proportional to the square of their diameter, and it is calculated that the probable time in minutes is equal to 6D2. In other words, a 1/16 in. coal particle should be heated to drying temperature in 1.5 to 2.0 sec. Likewise, 1/8 in. particles should be heated in about 6 sec. The net heat required to dry subbituminous coal and lignite varies from 240 to 375 Btu per pound, depending upon the moisture removed, and this heat can be obtained from 42 to 61 cu ft of hot gases at 600°F. The necessary heat also can be obtained from 7.5 to 11 cu ft of gas at 2000°F. A description of the design and operation of a pilot plant for flash drying coal dusts is presented. This plant dries 1/16 in. by 0 coal dust in suspension in 1.5 to 2 sec with 600°F gas at a rate of 1300 lb per hour per square foot of column area and operates continuously at an efficiency of about 85 pct. The design and operation of another pilot plant for drying 1/8 in. by 0 coal dusts Is also described. This unit dries coal in the fluidized state using the sensible heat of gases introduced at 2000°F and processes coal at a rate of about 1500 Ib per hour per square foot of grate area at 85 to 90 pct efficiency. Over 90 pct of the bed moisture of low-rank coal dusts can be removed by the methods described. The heating value of lignite can be increased 45 pet and that if subbituminous coal 25 pct in a few seconds. The physical and chemical properties of coal dusts before and after drying are presented in the report, and it is shown that the bulk density of the dried coal is equal to that of the raw coal. This phenomenon makes it possible to ship 25 to 45 pct more heat in a railroad car with consequent savings in freight costs. Introduction For several years the Subbituminous Coal and Lignite Section of the Coal Branch of the Bureau of Mines at Golden, Colo., has been concerned with upgrading low-rank coals by removal of natural bed moisture. These fuels contain 10 to 50 pct total moisture, which reduces their industrial value considerably. In 1938, investigations were initiated in cooperation with the University of North Dakota to study drying of lignite by the Fleissner process with heat derived from high-pressure saturated steam. Two pilot plants were built, and two reports were published giving the results of this work.l,2 It was demonstrated that lump lignite and subbituminous coal

Jan 1, 1950

By D. A. Flanagan, B. L. Landrum, P. B. Crawford, B. C. Norwood

Herern is described a heat conduction model which has been developed to predict the pressure distribution within a reservoir being subjected to rrnsteady-state depletion. Although potentiometric models have been widely used to study reservoir pressure distribution, their application is limited to the study of steady-state cases. Electrical analyzers may be used to study unsteady-state phenomena, but their application and simulation have certain limitations. Much of the now accepted theory of unsteady-state fluid flow in porous media has evolved from previous heat conduction knowledge. An analogy between the flow of fluid in an unsymmetrical reservoir and con-duct ion of heat in a similarly shaped unsymmetrical metal plate is made to show adaptability of the hear conduction principle to transient reservoir cases. A description of the model and necessary instrumenrarion is included. Data show influence of well location on pressure distribution during unsteady-state deple[ion. Application of results is made to a hypothetical reservoir and to a reservoir located in an irregular aquifer. INTRODUCTION Development of methods for predicting behavior of petroleum reservoirs has resulted partially from adaptation of electrical and thermal flow concepts to the flow of fluids through porous media. Extensive investigation of electrical and thermal flow problems has resulted in mathematical solutions applicable to many reservoir problems. The relative ease of measuring electrical flow has brought wide acceptance of the use of the potentiometric model to study certain field problems. Potentiometric models are restricted to the study of steady-state conditions because of the instantaneous response of electrical flow to changes in the applied potential. The electrical reservoir analyzer has been one of our most useful instruments for studying certain phases of unsteady-state behavior1. Other than approximation techniques, no method exists for determining pressure distribution in an irregular reservoir during primary depletion. Heat flow, like fluid flow, is inherently transient. The model described here was developed to use this transient nature of heat flow, measurable in the laboratory, to simulate transient flow of fluids in the porous medium of the reservoir above the bubble point. A metal plate shaped like the reservoir to be studied was heated by a "well" source. Temperature increase in the plate is analogous to pressure decline in the field if the field is being depleted, or pressure increase if fluid is being injected. This study is intended to determine the feasibility of using the transient nature of the heat flow to study the transient behavior of fluid flow. It is hoped that this new technique will aid in the understanding of one of the more complex phases of reservoir engineering. THE FLUID FLOW-HEAT CONDUCTION ANALOGY The similarity of the equations which describe the flow of fluids through a porous medium and the conduction of heat through a solid is well known2. Rate of flow of fluids is given by Darcy's law3. while the rate of flow of heat is given by Fourier', (I,, - KA 4T........(2) Combining Eq. 1 with the equation of continuity for a compressible liquid", i.e.,results in Expressing y in terms of the compressibility, i.e., pr = peey ,..........(5) and by expanding the exponential and neglecting higher orders of cp one can obtain

By S. Read, G. Cook

The Hoek-Brown failure criterion is often applied to a wider range of rocks than the isotropic rock masses to which it is strictly applicable. This paper evaluates the patterns of defects in rock masses using spherical projection contour plots of samples of randomly-generated orientations and datasets from mapping of New Zealand closely-jointed greywacke rock masses. Two indices from the contour plots - the area within the 1% contour (A1%) and maximum concentration (Cmax) are introduced for distinguishing uniform (isotropic), random or regular defect patterns. The indices provide a potential extension to current guidelines on the use of the Hoek-Brown failure criterion. The paper also outlines kinematic checks to assess the influence of defect clusters on rock mass strength. Das Hoek-Brown Bruchkriterium, das strikte nur fuer isotrope Gefuege gilt, findet oft einen viel weiteren Anwendungsbereich. Diese Arbeit bewertet diverse Dispersionsmuster der Defekte einer Gesteinsmasse. Wir vergleichen in sphaerischer Projektion (1) Beispiele zufaelliger Orientierung von Defekten und (2) Felddaten ueber neuseelaendisache engstaendig geklueftete Grauwacken. Die Projektionen werden durch die Indices A1% (Flaechenanteil des 1%-Bereichs) and Cmax (Hoechstkonzentration) gekennzeichnet, welche isotrope, zufaellige und regulaere Muster unterscheiden und die aktuellen Richtlinien zum Hoek-Brown Kriterium ergaenzen. Wir testen ferner Defektgruppen der Gesteine kinematisch auf ihren Einfluss auf Massenfestigkeit. Le critère de rupture de Hoek-Brown est souvent utilisé sur une variété de roches plus étendue que les masses rocheuses auxquelles il est strictement applicable. Ce travail évalue la distribution des défauts au sein d'une masse rocheuse en utilisant une projection sphérique des contours d'échantillons d'orientations générées aléatoirement et de données de cartographie provenant de greywackes à joints rapprochés de Nouvelle Zélande. Deux indices de cette projection - la zone des contours en dessous de 1 % (A1%) et celle de concentration maximum (Cmax) sont introduites pour distinguer les répartitions uniformes (isotropes), aléatoires ou régulières. Ces indices fournissent une extension potentielle aux règles d'utilisation du critère de rupture de Hoek-Brown. Ce travail utilisent également les contrôles cinématiques pour évaluer l'influence des groupes de défauts sur la résistance de la masse rocheuse.

Jan 1, 2003

By R. Jolicoeur, J. F. Jackson, M. A. Green

"The design, construction and commissioning of Kiena Gold Mines Limited's new mill was completed in 15 months ending in September 1984. Rated at 1250 tonnes per day the mill incorporates the latest innovative technology such as semi-autogenous grinding, carbon in pulp, pressure stripping and induction furnace refining. The mill is housed in a pre-engineered building with the leach tanks and thickeners located outdoors in spite of the intense winter cold. 1.0 INTRODUCTION AND HISTORYThe operations or Kiena Gold Mines Limited are located in Dubw1sson Township, approximately 10 Km west of Val d'Or, in the Abitibi region northwestern Quebec. Comprised of 59 mining claims covering 1214 hectares, a large portion of the mining property is overlain by the waters of Lac de Montigny. Sometime between 1911 and 1914 Barney Parker discovered gold in a shear zone on an island in Lac de Montigny that now bears his name. The first shaft the Parker Shaft, was sunk in 1936 from the island to a depth of 136 meters but owing to the known veins being of limited extent and the onset of the Second World War operations were terminated in 1940. In the early l960 1 s exploration drilling indicated an orebody of 4,500.000 tonnes at 6.3 grams of gold per tonne. A causeway was built to link the island to the mainland in 1963 and a new 3 compartment shaft was sunk to 403 metres. The orebody was further delineated and the ground conditions within the orebody and surrounds were evaluated.At the end of 1965 the property was placed on a care and maintenance basis as a mining operation would be marginal with gold selling at $35 per ounce."

Jan 1, 1986

By George Sachs, S. M. Clark, George Espey

he tendency of a commercially drawn cartridge case to crack in the mercury test and the relation of cracking tendency to residual stress retained after drawing were studied. The fourth drawpiece (next to the final) of caliber 0.30 cartridge cases produced by Frankford Arsenal were selected as test pieces. These exhibited an exceptionally high cracking tendency, making a detailed study possible. To obtain fast cracking in the mercury test, about 0.0015 to 0.003 in. must be removed from the wall thickness of the drawpiece by pickling, and it must be subjected to the mercury test immediately after washing. Removal of the adhering mercury by annealing and subsequent squeezing of the case in a vise was used to reveal definitely the presence or absence of cracks. Various lots of apparently identically fabricated cases were shown to possess a different cracking tendency. Machining off or boring a hole in the base gradually reduced and eventually eliminated the cracking tendency. On the contrary, shortening of the wall (body) reduced the cracking tendency only if the wall became so short that the cracking zone was directly affected. By boring out the base and pickling from the outside and then splitting the resulting rings, it was possible to determine the approximate stress distribution in the base and in the adjacent part of the wall. Small compression stresses were present in the core and the major part of the base, while the surface of the base and the adjacent wall contained high circumferential tensile stresses. On the contrary, the wall when parted from the base contained only insignificant residual stress. The conception is advanced, that the stress distribution in a drawn cartridge case corresponds fundamentally to that of a tube (wall) shrunk on a disk (base). Such a stress distribution results from the tendency of the base to recover elastically by an increase in diameter from the biaxial compression during drawing while the wall exhibits little tendency to change its diameter after progressing through the die. This is confirmed by measurements which show the base diameter to be slightly larger than the wall diameter.

Jan 1, 1945

By E. Chin

The mineral industry of Bangladesh was totally dominated by natural gas production and its downstream uses. A small amount of cement was produced, and clays were used locally for ceramics and construction materials. Nitrogenous fertilizer was produced from natural gas and a modest, scrap-based steel industry produced steel for local consumption. The country has been developing and using its abundant and inexpensive gas reserves as fast as practical. The population, however, was predominantly dependent on agriculture for its livelihood. The industrial sector accounted for 10% of the economy, and most of the industrial output was directly associated with agricultural products jute, tobacco, and textiles. Industrial expansion, even with the availability of gas, was severely constrained because of limited domestic demand, lack of skilled work force and management, poor infrastructure, and a low rate of domestic savings. To put greater emphasis on the industrial sector, the Government established a National Committee for Industrial Development in July. The Committee instituted policy reforms in the areas of trade and investment. One important step was to move from a positive import list to a negative list, thereby permitting imports of items not restricted or banned. The system for recovering and approving new domestic or foreign industrial investments was streamlined to expedite what had become a cumbersome, bureaucratic exercise. To encourage industrial development in areas away from the crowded urban centers, several economic incentives reportedly were adopted. These included a reduced tax rate on imported machinery, exemption of import license fees, a reasonable debt equity rate, and a 9-year income tax exemption period.2 In the trade sector, imports increased 12% in fiscal year (FY) 19843 mainly

Jan 1, 1987

By P. T. Luckie

Analysis of classifier performance independently of a closed grinding circuit configuration may result in a poor match-up between the grinding device and the classifying device. This paper examines the relationship between classifier and grinding device in dry grinding circuits by employing a semi-empirical methodology.

Jan 1, 1980

By John D. Spencer

Clean energy production from coal, oil, and gas, and the development of these and other energy sources continued to be a major objective of the energy research program of the Bureau of Mines.3 In 1971 increased emphasis was placed on the production of fluid fuels and chemicals from coal. Advances were achieved in the development of the Synthane and Hydrane gasification processes for producing pipeline gas from coal (page 31), and progress was made in research on solid wastes utilization (page 2), and on liquid fuels production from coal (page 37); Coal mine safety, solid waste disposal and utilization, coal preparation and transport, and fundamental research on coal and related products also continued to be the subject of extensive research. Improved methods for extracting petroleum and natural gas without surface and subsurface pollution featured research on these vital fuel and energy sources. This research was highlighted by studies of the fracturing systems of reservoir rocks, including subsurface fracture mapping and new fracturing techniques to achieve optimum production of oil and gas (page 52). Of equal importance were projects on oil recovery by water or gas flooding (page 52), by steam injection (page 57), on the identification of oil spills (page 63), and on means to reduce vehicular exhaust emissions (page 66).

Jan 1, 1972

By T. H. Jeffers

The Bureau of Mines conducted laboratory tests to devise a procedure for extracting copper from low-grade discarded mill tailings. A solid extractant consisting of an organic solvent extraction reagent adsorbed on granular activated carbon was investigated and proved to be satisfactory for extracting copper directly from leach pulps. When this material was used in a cyclic leaching, stripping, and electrowinning pro-cess, 95 pct of the acid-soluble copper was recovered from oxidized mill tailings. The weathered tailings contained 0.24 pct Cu (total) and 0.20 pct acid-soluble Cu. The copper was recovered as cathodes containing, in parts per million, 1.6 Pb, 3.6 Fe, 0.5 Sb, 1.5 AI, 1.9 Mn, and <1 Mg.

Jan 1, 1985

By Werner Wenzel

Whisker growth during the reduction of iron ores The phenomenon of whisker growth can be observed in a number of solid-state crystallisation reactions, which, apparently, appear in6 the first instance as though they are two independent processes. From such reactions, one can find the whisker type of crystallisation on solid bodies. These examples show, that the whisker growth is neither due to certain crystal forms with predetermined temperature and pressureranges, nor to parameters, which, ad hoc, are necessary for the crystallisation. In all cases the whisker formation seems to depend on nucleation and the availability of crystallizing material in direct environment of such a nucleus, under given parameters of a system. One can generally state, that the research of whisker growth with the aim of establishing proper physical laws, to determine the foundamentals of whisker formation and whisker growth, is at present under active study. We can conclude that, although a great number of hypothesis have been proposed; no concluding theory has yet been arrived at. In the institute for ferrous metallurgy of the technical university of Aachen, research works are undertaken to find an explination to various metallurgical phenomena through help of whisker growth which was observed under varying conditions of iron ore reduction. This was possible by using refined microscopic techniques through which the whisker growth on solid oxyde substrates is detected. This refined technique combines the latest methods of surface examination with the help of stereo-scan-electron-microscope and proper and carefull preparation of surface to be stereo-scanned.

Jan 1, 1971

By Y. Guo, C. Cao

"China is rich in tungsten resource, but they are mainly associated minerals. The similar flotability of scheelite, fluorite, and calcite resulted in the difficult separation by flotation. This work summarized the current situation and the development of flotation reagents, technological process, and mineral processing equipments in China. Fatty acid served as the collector and water glass was the depressant to expand the flotability differences in traditional flotation technology. However the water glass inevitably influenced the flotation of tungsten minerals to a large extend, and the suppressed fluorite was difficult to recover by flotation. Abundant water glass lead to the bad settleability of the tailings and the tail water was difficult to circulate, resulted in serious environmental problems. Recent study proved that the selectivity of benzene armour hydroxyl oxime acid (BAHA) salts was adequate for the separation of tungsten minerals from fluorite, calcite and most silicate minerals without any depressant. By this way, sodium silicate was canceled completely in tungsten flotation, greatly improving the recovery of tungsten and the environmental problems caused by tail water treatment would be solved fundamentally. TUNGSTEN RESOURCES AND DISTRIBUTION IN CHINA China is rich in tungsten resources and the proved reserves accounted for 60% of the world's reserves [1]. However the wolframite has been dried up and the scheelite resources had become the main resource of the tungsten metal. Table 1 showed the most large and superlarge scheelite deposits in China. China has more than 40 large and superlarge scheelite deposits and the total metallic deserves is more than 3 million ton [2]. But most of the deposits were low-grade and the associated relationship was complicated. For example, scheelite was usually associated with wolframite, molybonite, bismuthinite, pyrite, fluorite, and calcite in Shizhuyuan and Yaogangxian mine."

Jan 1, 2016

By Edney Amaral Moraes

Os aços bifásicos são fortemente dependentes da microestrutura obtida para atender às necessidades na sua aplicação e as propriedades mecânicas requeridas. O processo de recozimento contínuo intercrítico afeta diretamente a formação microestrutural e por consequência as propriedades mecânicas. Nesse trabalho avaliou-se a influência das temperaturas de encharque intercrítico e de fim de resfriamento lento na microestrutura e nas propriedades mecânicas de um aço laminado a frio e revestido da classe de 980 MPa a partir de simulação via simulador termomecânico Gleeble. Análises via microscopia eletrônica de varredura revelaram aumento da fração de segundo constituinte com o aumento da temperatura de encharque, fato associado à formação de maiores frações de austenita durante recozimento intercrítico, refletindo no aumento do limite de escoamento e limite de resistência. A microestrutura e as propriedades mecânicas não apresentaram alteração com a variação da temperatura de fim de resfriamento lento.

Aug 16, 2017

By M. Abdollahy

Solvent extraction of gallium from Bayer solution of Jajarm Alumina plant was investigated us-ing Kelex100 as extractant. Taguchi experimental design method was used in order to optimize the separation factor of Ga and Al. Optimum conditions were obtained as follows: Temperatuer: 65°C, volume ratio of aqueous phase to organic phase: 3.0:1.0, process time: 60min and organic phase containing 15vol.% Kelex100, 5vol.% isodecanol in kerosene. In this conditions, 74% gallium and 0.3% aluminum was extracted and separation factor was obtained 828.63.

Jan 1, 2014

By Francois Charette

Corrosion is a significant factor affecting the capacity and working life of ground support. The paper explores a relatively simple method to predict the load capacity of a support system using a Monte Carlo stochastic approach. The analysis uses published field data on existing ground support to evaluate the applicability of the method and its predictive performance. Discussion on corrosion rates found in the field and predicted from laboratory measurement is provided.

Jun 1, 2012

By Oliver M. W. Sprague

THIS gold problem is full of complications and can hardly be handled adequately or comprehensively in any short period of time. Perhaps I might begin by mentioning a few aspects of the subject about which I suppose there will be no disagreement. The first of these is that we already have a stock of monetary gold in the United States far in excess of what is needed to support any desirable increase in the present volume of currency and credit. The second is that this already superabundant gold stock is certain to be considerably enlarged during the course of the war, and presumably during the months of readjustment following its conclusion. Some billions of additional gold, we may reasonably presume, will come into the country during these next few years, thus increasing the aggregate monetary gold stock from the present eighteen billions to perhaps twenty- two or even twenty-five billion dollars.

Jan 1, 1940