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By G. W. MacLeod

The iron ore question in this country has been widely discussed for many years, but only recently has its real significance becoming generally understood. The exhaustion of the old Helen mine, in 1918, marked the last phase of hematite production in Ontario, and with the closing of the Magpie mine in 1921 , Canada ceased to be a producer of iron ore. For the past three years every ton of ore used in Canadian blast furnaces has been imported. In a recent issue of the Engineering and Mining Journal-Press, Arthur B. Pearsons, Assistant Editor, makes the following statement : Iron dominates the world. Some contend that coal is more vital. be-cause heat is needed to make iron and steel. But there are other sources of energy, more convenient and less costly and it is only a question of time when progress in hydro-electric development will have reached the point where coal will be but an incidental source of power and heat. Even more direct means than the generation of electricity by hydro-power eventu-ally will be developed by making available the latent energy of the sun. But iron; Science gives not the vaguest suggestion that anything will dis-place iron and steel as the most essential material tool of modem civiliza-tion. ? Hardness, tenacity, malleability-it possesses all these in unique de-gree. These are some of the qualities that make steel and iron indispensable in modern industry. The domestic consumption per inhabitant of the United States has climbed uniformly from 0.18 tons in 1900, to 0.36 tons in 1922. New kinds of machines and new types of structures are being devised every year; and steel or iron is the basis of most of them." It is unlikely that the Ontario Government were actuated by this motive when they appointed the Iron Ore Committee to investigate and report on the iron ore situation, nevertheless, these facts must have influenced them in some degree.

Jan 1, 1924

"The Dome Mine, located in South Porcupine Ont. has been in operation since 1910 and is owned and operated by Placer Dome Inc. The current milling facilities were constructed in two phases with the first being commissioned in 1982. It consists of a grinding, gravity separation, thickening, and leaching circuits. The second phase was commissioned in 1988 with the addition of the CIP, stripping, electrowinning, and carbon regeneration circuits.It is now common practice in the gold processing community to add liquid oxygen to leach circuits to increase both recovery and kinetics. Along with these benefits the metallurgical group at the Dome realized the potential to replace compressed air with liquid oxygen as a source of oxygen for the dissolution of gold. A plant trial of liquid oxygen was undertaken during the fall of 1991. The results of this first test were favourable enough to warrant further investigation, and a second plant trial was conducted in December 1991.The data generated as a result of each trial revealed that oxygen could be economically substituted for compressed air as a source of dissolved 02. The energy savings in required horsepower enabled a rapid payback period. Thus the project was approved in the spring of 1992 and l should be operational during the final quarter of 1992. INTRODUCTIONIn a continuing effort to reduce operating costs and improve recovery at the Dome mill it was decided to investigate the feasibility of adding liquid oxygen (02) to the leach circuit. It is now common practice in the gold processing community to add 02 to the leaching process to increase both kinetics and recovery. It was anticipated that an increase in kinetics would allow us to eliminate one or more leach tanks while maintaining acceptable recoveries. The metallurgical group felt that along with these benefits, the potential was also there to reduce power consumption through the reduction in the processing of compressed air which is quite costly (12 cents/1000 cubic feet per minute in 1991)."

Jan 1, 1993

By Redhead Robert J.

"In 1991, the Canadian Council of Ministers for the Environment (CCME) charged its Waste Management Task Group with developing a nationally coordinated strategy to measure, monitor, and achieve the objective of decreasing the generation of waste (solid and hazardous) by50% from 1988 levels by the year 2000.With the encouragement of the CCME, which viewed hazardous waste as largely an industry problem, a committee, the “Industry Action Group”, representing eleven industry trade associations with a strong interest and involvement in hazardous waste was recruited.The Municipality of Markham, Ontario was also recruited (Appendix 1)."

Jan 1, 1996

By Pingchao Ke, Zhihong Liu

Fe(III)-As(V) precipitates were synthesized from the Fe(II)-As(V)-SO42--H2O system at 90°C in initial Fe(II)/As(V) molar ratios of 4.0 and 5.0, respectively. The synthesis were carried out by introducing oxygen gas into the system to oxidize Fe(II) ions into Fe (III) ions, and at the same time, adding aqueous sodium carbonate solution into the system to neutralize the acid released by the hydrolysis reactions, with the purpose of keeping the pH constant at 1.5±0.05. The precipitates obtained were characterized by XRD, chemical composition analysis, SEM, XPS, and Raman spectrum. The results indicated that the particles in the precipitates were in the morphology of irregular aggregation with their sizes in the range of about 1–4 µm. The precipitates consisted of scorodite, ferric arsenate and amorphous hydrated ferric oxide, of which amorphous hydrated ferric oxide formulated as Fe(OH)x(SO42-)y. The characteristic XPS peaks of Fe-AsO43- and Fe-O in the precipitates located at 711.8 and 713.3 eV, separately, and the existence of amorphous hydrated ferric oxide led to two series of shake off lines developed over the end of high binding energy of Fe2p XPS. The precipitates were stable in TCLP tests at pH 4.93 for 60 hours with the arsenic concentrations in the leaching solutions being 0.27 mg/L and 0.59 mg/L for the precipitates prepared in the initial Fe(II)/As(V) molar ratios of 4.0 and 5.0, respectively. The tests for the long-term stability of the precipitates were carried out by leaching them for 40 days at 25°C under various media in the pH range from 9.50 to 10.57, and the results showed that the precipitates synthesized in this study were much more stable than those by previous researchers.

Jan 1, 2017

By Chandrakala Kari, Divyang Shah, Lakshmi Kanth Reddy, Kaushik Vakil, Sanjay Sarkar, Bhavin Desai

Gases rich in sulfur dioxide generated as a by-product of smelting and converting operations of copper concentrate contain selenium apart from zinc, lead, copper, cadmium, bismuth, antimony, and arsenic. The gaseous stream is heat exchanged in waste heat boiler, dust collected in electrostatic precipitator followed by cleaning in reverse jet scrubber to remove fumes, halogens and fine dust before passing to DCDA Monsanto catalytic converter to produce commercial grade sulfuric acid. The gas cleaning section of the acid plant uses water to scrub the smelting gases. During scrubbing, precipitated solids, known as sludge, settles at the bottom of the reverse jet scrubber containing 30 to 40 wt% copper and selenium up to 40 wt% selenium. In the existing process, the sludge collected during scrubber cleaning process is directly recycled to the smelter for copper recovery. However, the selenium is expected to again vaporize due to high oxidation potential during smelting and converting, causing accumulation of selenium in sludge. In present investigation, a roasting process has been developed to recover the selenium from acid plant sludge before charging it to smelter for copper recovery. Selenium is associated with copper in acid plant sludge as copper selenide, as determined by X-ray diffraction and electron microscopy. Thermodynamic and thermo-gravimetry study revealed that the copper selenide phase present in the sludge was amenable to oxidation at 600°C forming oxides of copper and selenium (Cu-Se-O). However, the dissociation of selenium from the copper oxide was made possible by sulfatation using sulfur dioxide between 450°C to 600°C, resulting into the formation of CuSO4(s) and SeO2(g). Lab scale experiments were carried out in vertical tubular furnace to determine the optimum roasting conditions with respect to roasting time, temperature and molar ratio of O2:SO2. Using these optimum conditions, selenium up to 90 wt. % in the form of SeO2 vapors could be recovered from the acid plant sludge in a large scale commercial roaster. Roasted sludge free from selenium and containing oxides and sulfates of copper could now be recycled in the smelter for copper recovery. INTRODUCTION There is an increasing demand for minor metals due to their use in innovative technologies. Similarly, the increase in demand for selenium is expected due to disruption in sectors related to renewable energy and photovoltaic battery. Selenium is a chalcogen and a non-metal with black or red crystalline appearance. Selenium is used in the glass industry to decolorize glass and to make red-colored glasses and enamels. It is also used in solar cells and as a photographic toner. Selenium is used as a brasses in stainless steel to improve its machinability. Selenium sulfide is used in anti-dandruff shampoos. In spite of the toxicity of its compounds, selenium is also an essential trace element for humans and animals. Selenium occasionally occurs free in nature, but more often occurs as selenides of iron, lead, silver and copper. There is an urgent need for the development of new methods for selenium recovery from the existing resources. Commercially, selenium is obtained only from anode mud produced during electrolytic refinery of copper.

Jan 1, 2019

By Cesar Carrasco

Mine reconciliation is the art and science of comparing predictions and real-world outcomes with the intent of revealing the true quality of performance of models, planning, mining, and mineral processing. When mine reconciliation is conducted in a systematic, transparent and sustainable way it can play a central role in the governance of Mineral Resource and Mineral Reserve (MRMR) estimation and reporting. The core processes of modelling, planning, mining, and processing need to be transparent to be able to demonstrate that MRMR are reliable predictors of mine performance and value. Transparency is also necessary for mine technical staff to generate meaningful analyses, conclusions, and business improvement actions that demonstrably maximise value for all stakeholders. Most mines have some form of mine reconciliation practice, however because there is no agreed industry standard, and because mine reconciliation is difficult for a variety of reasons, it is often unsustained and/or ineffective at delivering the required transparency of performance. To deliver true governance of MRMR and business value, mine reconciliation must be sustainable. There are two categories of issues that combine to make mine reconciliation extremely difficult to sustain, these are technical, and people related. Technical issues include defining standard terms, accurately tracking material flows, data availability/adequacy/quality, calculation of key performance indicators and tolerance limits, analysis, and interpretation of results, understanding limitations of modelling techniques, and defining appropriate actions that can deliver value. These technical challenges are non-trivial, however compounding these are a range of people issues that include personal agendas, scepticism, lack of knowledge and experience, poor teamwork, absent leadership, toxic workplace culture, staff turnover, ineffective communication, siloed organisational structure, and lack of deliberate change management. All these problems can be solved with clarity of purpose, definition of the process of mine reconciliation, discipline in following the process, appropriate resourcing, and commitment to success across the entire organisation. Outlined in this paper is a management system that delivers sustainable mine reconciliation by addressing both the technical and people issues described above. This approach can deliver significant value for a mine and adds a robust, defensible governance over MRMR estimation and reporting.

Oct 1, 2024

By L. T. Raevskaia

We discuss the stability problem of a piston of the reversible axial-piston pneumatic motor called DAR-14M. We performed the full analysis of stress and deformation characteristics of the piston near a resonant frequency with the help of FEM ANSYS. We estimated the own frequency of the piston analytically for the given motor, this estimate was confirmed numerically in the model analysis FEM ANSYS. It was also shown in harmonic analysis that loaded piston end behaves very different in comparison to the unloaded end. As expected, maximum deformation was found in the area of the holes of the bearing shaft, indicating an optimization necessary in that region of the motor.

Aug 1, 2013

By S. Amira

The corrosion behavior of high pressure die-cast and thixocast AXJ530 magnesium alloys has been investigated in 0.05M NaC1 solution at pH 6.0 using potentiodynamic polarization tests, electrochemical noise (EN) technique, electro-chemical impedance spectroscopy (EIS) and scanning reference electrode technique (SRET). The behavior of die-cast and thixocast specimens were compared using each of these techniques and the results discussed. Further tests have been carried out with die-cast AZ91D alloy to better compare and interpret the results. Experiments indicate that the thixocast specimens of AXJ530 alloy have a better corrosion resistance than those of die cast alloy in neutral solution.

Jan 1, 2006

By Marcel Vallée

"Abstract-In recent years, several unsavory events in international mineral exploration, as well as several widely publicized project difficulties and failures have occurred. The report Setting New Standards has "raised the bar" and proclaimed a "commitment to continuous improvement... and change." We need to evolve from our "generally accepted" practices to more effective quality assurance policies, guidelines and standards. Several steps will be required to support the work of the "qualified persons" now wholly entrusted with technical and professional matters:• adopt a mineral development model and objectives appropriate to orient the selection of workmethods and verification procedures suitable to increase the profitability of these activities;• review the definitions and implications of the terms practice, guideline and standard;• review three quality assurance systems with emphasis on commitment of company management and complementary emphasis on systematic quality policies, plans and manuals (ISO 9000), continuous improvement through "profound knowledge" (Deming, 1986), and self-appraisal of continuous improvement and client satisfaction using the Qualimeter Guide (Québec Society for Quality);• determine, from the objectives of the mineral development model proposed and the problems often encountered, the requirements of resource/reserve estimation and the production feasibility study. To regain investors’ confidence and improve the returns from mineral development activities, an explicit commitment to quality by the board of directors and the management of every company is required.A number of mining companies have gained ISO 9002 certification for their operations but exploration companies should start by developing and implementing quality assurance guidelines and standards based on the ISO 9001 pattern, without achieving actual ISO certification in the short term. Both professional associations and industry organizations must be involved in the process of developing the required quality and continuous improvement guidelines and standards."

Jan 1, 1998

By O. B. Horne, R. O. Morgan, C. E. Anderson

"Air-photo interpretation and photogrammetry are two of the most effective and versatile tools available to the petroleum industry. The techniques have proven successful in providing solutions to many of the problems encountered in the design and construction of oilfield projects.Although most technical personnel are aware that air-photo interpretation and photogrammetry are useful in the selection of routes for roads and pipelines, few realize the true scope of the techniques or the wide variety of areas in which they are applicable.This paper briefly describes the principles involved, and reviews a number of typical applications of particular interest to petroleum companies. Excessive detail is avoided, rather the emphasis is placed upon the wide spectrum of possible applications. It is stressed that on-the-ground examination generally is a necessary adjunct, and that there are certain limitations to the techniques discussed.Properly applied, however, air-photo interpretation and photogrammetry can offer significant advantages in terms of time, flexibility, secrecy and economy."

Jan 1, 1968

By P. R. Geoffroy

Extensive and Intensive Prospecting As often pointed out, the search for new ore deposits may be carried on along two widely divergent lines. It may be either extensive or intensive. By extensive prospecting we mean a search for mineralized outcrops conducted over large and more or less virgin tracts of land, followed by a test of the practical value of any discovery made, the test being limited to the immediate vicinity of the outcrop. Extensive prospecting, was, in fact, the only policy known to the early prospectors. of the American continent and is still the rule in the remote sections of the Canadian Shield and in the African wilderness. It can be further characterized by the lack of emphasis placed on geological and other technical means as an aid to the search for ore. However, very little virgin ground is left, nowadays, for a man or a company to test their luck, and whatever is left is so remote from the necessary means of development that any new discovery will require considerable delay and expenditures to be amenable to profitable mining. On the other band, a great many of the favourable and still unexplored areas (and this is particularly true in Canada) are overburdened to such an extent that outcrops of bed-rock are extremely scarce and extensive prospecting is nearly impossible. Intensive prospecting, to the contrary, must be understood as a detailed search for ore carried on over limited areas in districts already known to be mineralized and covering regional structures whose relation to mineral deposits bas been estahlis.hed with a fair degree ot certainty. The search for deep-seated deposits in the vicinity of successful mines is a perfect example of intensive prospecting. As a matter of fact, the majority of the geologists employed by the mining industry are engaged in some kind of intensive prospecting.

Jan 1, 1950

By Owen Owens, W. P. Armstrong

Abstract- The process of arriving at the size and grade of: (a) a newly-discovered body of mineralization, (b) a potential ore resource, (c) an orebody proposed for mining, or (d) the ore reserves in a mine, requires fundamental geological, and geometrical determinations as well as physical and chemical analyses. This paper outlines geological and geometrical features considered critical, in the authors' experience, in realistic reserve determination. These are discussed under the headings "The Four Cs". They include the Character, type or nature of the mineralization; the Continuity of various types of mineralization in the deposit; various key concerns in the Calculation besides the mathematics; and the Classification section which refers to basic considerations in classifying a mineral estimate. It is suggested that the responsibility for the calculation of a Resource or Reserve should be that of a geologist experienced in the ore type under review. Further, it should be the responsibility of the board of directors of the company owning the deposit to ensure that a sufficiently experienced person is chosen to carry out the process.

Jan 1, 1993

By Eamonn F. Maher

Superconductivity is one of the most remarkable scientific phenomena ever investigated. It is the phenomenon whereby some materials exhibit zero resistance to the passage of an electric current when cooled to low temperatures, and requires a quantum mechanical explanation. Four Nobel prizes in physics have been awarded specifically on the subject of superconductivity, with many more enabled by superconducting technology. For example, particle beams are generated in accelerators and manipulated in ?particle beam lines? in the ?Big Physics? projects around the world eg. at CERN, Geneva, leading to major discoveries in fundamental particle physics. Similarly, at the JET Propulsion laboratory near Oxford, U.K, controlled nuclear fusion has been demonstrated, and magnetic containment of plasmas is key. In the chemical and biological sciences high field NMR spectroscopy has become indispensable for examining organic matter, revealing the mysteries of the workings of cells, genetics, and in the development of new polymers and pharmaceuticals. With all these very advanced uses for superconducting magnets, it is easy to forget that superconductivity is big business, not just a scientific curiosity. MRI (Magnetic Resonance Imaging) superconducting magnets, the key component of high resolution body scanners, use approximately half of the world?s superconducting wire ? the other half being mostly used in accelerator magnets. The MRI market is about 3 billion dollars per annum, and one MRI magnet uses 200km of wire. New applications for superconducting magnets are now appearing including ?Catheter steering?, enabling much shorter timescales for life-saving brain tumour removals and ?Functional MRI?, a whole new area in patient diagnostics. Whilst the use of low temperature superconductors (LTS) is now well established commercially in superconducting magnets and niche electronic applications, the application of LTS in electric power distribution and transport has been very limited to date. It is now more than fifteen years since the so-called High Temperature Superconductor (HTS) materials were discovered: these can be operated at liquid nitrogen temperatures rather than liquid helium temperatures. However, materials processing and scale-up issues have prevented their widespread use, and in particular the required price/performance criteria are only beginning to be reached except in certain niche markets. BSCCO (Bismuth Strontium Calcium Copper Oxide) tapes up to one km long are now readily available, and have been demonstrated in high current cables for power distribution networks, but the general consensus is that 1) it is difficult to reduce the price much further because of the silver matrix required and 2) in applications where coils are required eg. motors, generators, transformers etc the properties of BSCCO are rather poor because of the critical current dependence on magnetic field. Magnetic fields are always associated with coils and windings, and such fields are of course fundamental to the operation of all electrical machines. YBCO (Yttrium Barium Copper Oxide) however, has good characteristics in field and for the last few years there has been intensive research and development costing several tens of millions of dollars worldwide into the scale-up of production of so-called ?coated conductor?. This ?second generation? tape can be produced by any of many different film deposition techniques, with more or less success for short lengths, but as yet it is unavailable in lengths more than a few tens of metres.

Oct 1, 2003

Abstract-This paper discusses the fundamental question, "what is an adequate sample size?" in the light of recent developments regarding parameters of Gy’s well-known formula for predicting sampling variance. New understanding of the granulometric factor, g, and the liberation factor, l, had significant impact on the results of calculations involving Gy’s equation. For the granulometric factor, justifications are given as to why nominal comminution size should always be reported as P95 (i.e., the screen size rejecting 95% of the mass). A small but important change in the model to estimate the liberation factor makes the difference between a predictive formula that works or does not. Other parameters and considerations regarding their practical implementation are commented upon in light of the author’s experience.

Jan 1, 1998

By J. P. Messervey

THE story of the efforts made by the Department of Mines of Nova Scotia in the search for and investigation of mineral resources for the Canadian war effort began in the spring of 1937. During the past five years, however, heavy enlistments in the Active Service Forces by employees of the mining industry of the Province caused a recession in the production of coal, salt, and other essential minerals required to keep industry rolling on a wartime basis. A marked increase was shown during the period in prospecting for 'strategic' minerals, not only by individuals but also by some of the foremost mining companies. The Provincial Government offered encouragement in this field of endeavour by the enactment of legislation whereby the prospector was enabled to secure the maximum area of ground in a prospecting license at a minimum of cost. The labour requirements on the ground staked, however, remained unchanged. The Nova Scotia Department of Mines continued active investigation of minerals vital to the war effort. These included fluorspar, barytes, diatomite, limestone, and coal. Fundamental knowledge concerning the geology and mode of occurrence of these minerals was accumulated and extensive diamond drilling was carried out on the promising occurrences. Work in these fields is being continued.

Jan 1, 1945

"No questions.F Energy Consumption in Industrial Minerals : E.Joe No questions.g Automatic Dewaterinq at Mattagami : M. CaronE. Marcotte Is the control valve on the thickener underflow reducedFalconbridge as the pulp density reduces?Reply As the slurry density reduces the valve will constrict to reduce the flow and the density will re-establish itself.E. Marcotte Is there a stopper on the valve to prevent its closing too far?Reply We never shut it off completely because of the danger of sanding. It is just brought down to a normal level. It works very well within a given range and the operator is on hand to prevent any sanding out in the line."

Jan 1, 1984

By C. S. Parsons

Ore-Testing laboratories are maintained by the Mines Branch, Department of Mines, at Ottawa for the purpose of conducting experimental test and research on ore treatment. Sample shipments of a few hundred pounds to car-load lots of Canadian ores are received on application for experimental tests, and all possible methods of treatment are investigated. Reports are issued to the shipper, containing the results, with recommendations as to the most economical method of treatment. These reports have been of valuable assistance to mining companies in the preparation of plans for the design and equipment of their treatment plants. Investigations have been conducted on ores and metallurgical products from all parts of the Dominion. The ores from practically every producing mine and important mineral occurrence have been investigated in these laboratories.

Jan 1, 1931

By W. C. Ferguson

"This paper could be more appropriately titled ""The Application of Vacuum Filters to Underground Minewater Treatment. in a previous paper co-authored by the writer (1) the history and development of minewater treatment at the Sudbury District Operations of the International Nickel Company was outlined. It is the intention of this paper to dwell more specifically WIth the the application of the vacuum filter to a problem found in most, if not all, underground mining operations. In the preparation of this paper the writer has made liberal use of the illustrations and text of the paper previously noted.Last year we heard Mr. Nemeth discuss the basic mechanisms involved in vacuum filtration (2), and today Yr. Cunliff has exposed us to the selection of the filter media (3). I will now briefly review the various vacuum filter designs that generally lend themselves to metallurgical dewatering applications.DRUM FILTERSThe revolving drum-type which filters on its outside periphery is illustrated in Fig. 1. This is the Oliver or Drum filter and represents the first commercially available continuous vacuum filter. The original design dates back more than 50 years, but with the exception of the method of discharge, is identical to the units being marketed today. This filter is generally applied to slow filtering slurries. The cake may be discharged in several ways; strings, scraper blades, rolls or by passing the filter cloth over a small diameter discharge roller (belt discharge).THE DORRCO FILTERThe revolving drum type which filters on its inside periphery is illustrated in Fig. 2. Here the slurry lies in the drum and the cake discharges through a chute or conveyor. This type of filter is most often applied to fast-filtering slurries.THE DISC FILTERThe revolving filter which filters on the vertical plane of the disc is referred to as the Disc or American-type filter. This represents the most inexpensive design in terms of cost per square foot of filter area. This filter is widely applied, but is probably more suitable for slower draining pulps."

Jan 1, 1971

By W. J. Farley

"The Sherritt Gordon mine is 100 miles north of The Pas in northern Manitoba. Copper-zinc ore was discovered on the property in 1922. Production began in 1931 and continued to June, 1932, when operations were suspended because of the low price of copper. Operations were resumed on August 1st, 1937, and have been carried on continuously from that time to the present (March 1947). The production of metals up to the end of 1945 was copper, 287,129,880 lb.; zinc concentrate (50 per cent) 104,419 tons ; gold, 79,388 oz.; silver, 2,529,974 oz.GENERALThe ore occurs in two deposits, the east and the west. Both are enclosed in gneisses that are highly metamorphosed sedimentary and volcanic derivatives. The rock beneath the deposits, and hence forming their footwall, is gneissoid quartzite; the hanging-wall rock is basic garnetiferous hornblende gneiss. Pegmatite commonly occurs along both foot- and hangingwall peripheries and as isolated blocks and fragments within the ore zone . These blocks and fragments are considered to be residuals of unreplaced host rock .The ore is relatively coarse grained and ranges from the massive to the disseminated type. The metallic sulphides composing these, named in the order of their abundance, are pyrite and pyrrhotite ( 2-1 ratio) , chalcopyrite, sphalerite (marmatite) , and minor chalmeriite; subordinate amounts of gold and silver are recovered . The insoluble content of the ore averages about 35 per cent.Another deposit known as the Bob Lake, much smaller and lower in grade but having very similar relationships, occurs about 3 ½ miles to the northeast of the main Sherritt Gordon ore masses.STRUCTUREThe Sherritt Gordon orebodies are of the replacement type, and lie within a pegmatite sill that has been intruded along a contact between quartzite and hornblende gneiss. The two main orebodies are intimately related, for the east deposit is an erosional remnant of the lower, easterly limit of an orebody once continuous with the west body. The ore lies along the southwest limb of an overturned syncline."

Jan 1, 1954

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