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By George O. Lower

The use of cyanides in the extraction of gold and silver is well known.1 Such extractions employ con¬centrations of cyanide in the range of 0.02-0.25 % sodium cyanide equivalent in leaching cycles of 24-48 hours and frequently longer. Copper minerals, even though minor components of precious metal ores, dissolve in these cyanide leaching solutions, consume cyanide, cause fouling of mill solutions, and thus interfere with the precipitation and recovery of gold and silver. 2,3,4 This paper presents a summary of laboratory investigations on the use of cyanide solutions as extractants for copper from various copper-bearing ore fractions. In view of the metal contents involved, it will be apparent that larger quantities of cyanide are required to extract copper than for the extraction of precious metals. In cyanide solutions of concentrations generally favorable to copper extraction, sulfide and oxide copper minerals were found to dissolve rapidly at room temperature and atmospheric pressure. For example, on products in the flotation size range, the major portions (e.g. 65-85%) of the extractable copper frequently dissolved in 2-10 minutes. At coarser grinds, e.g. 100% minus 28 mesh and 100% minus 10 mesh, 75-85% of the total copper was extracted in 30 minutes.

Jan 1, 1966

By B. W. Gandrud

This report, consisting mostly of float-and-sink data and washability curves, has been prepared in connection with an exhaustive study of coal preparation in Alabama conducted, by the U, S. Bureau of Mines and the University of Alabama with the cooperation of the different coal operators On the basis of the float-and-sink data, an attempt has been made to determine approximately the extent of ash and sulphur reduction obtainable under given conditions on coal from the mines which were sampled, In the coal-producing districts of Alabama a great deaf of attention has been given in recent years to the problem of improving preparation methods so as to obtain from various coal beds the best possible grade of washed coal. This is especially so where the washed coal is used for the making of metallurgical coke in by-product plants or where there are possibilities of using the coal for this purpose. In the manufacture of metallurgical coke, the sulphur content of the coal is a very important consideration. It is quite often the determining factor as to whether or not a certain coal can be used for coke making. In the studies which form the basis for this report, all samples have been analyzed for sulphur in order to obtain information regarding the possibilities of sulphur elimination as well as ash reduction, and the samples on which reports are made were obtained from beds that are characterized by rather high percentages of sulphur. In connection with the present investigations of coal preparation in Alabama a standardized method of interpreting float-and-sink data has been used extensively for predicting the ash and sulphur reduction and yields obtainable in a commercial washing plant from various sizes of raw coal and from the raw coal as a whole after a certain degree of crushing. This method, which will be explained in subsequent chapters, was used in interpreting the data contained in this report. The samples used for these washability studies were obtained from the following mines in the Warrior field of Alabama: Beltona mine on the Jefferson bed; Dolomite and Mulga mines on the Pratt bed; Coal Valley No. 163 and Coal Valley No. 11 mines on the Corona bed; Cedar Cove mine on the Carter bed.

Jan 1, 1932

By B. W. Candrud

This report, consisting mostly of float-and-sink data and washability curves, has been prepared in connection with an exhaustive study of coal preparation in Alabama conducted by the U. S. Bureau of Mines and the University of Alabama with the cooperation of the different coal operators on the basis of the float-and-sink data, an attempt has been made to deter-mine approximately the extent of ash and sulphur reduction obtainable under given conditions on coal from the mines which were sampled. In the coal-producing districts of Alabama a great deal of attention has been given in recent years to the problem of improving preparation methods so as to obtain from various coal beds the best possible grade of washed coal. This is especially so where the washed coal is used for the making of metallurgical coke in by-product plants or where there are possibilities of using the coal for this purpose. In the manufacture of metallurgical coke, the sulphur content of the coal is a very important consideration. It is quite often the determining factor as to whether or not a certain coal can be used for coke making. In the studies which form the basis for this report, all samples have been analyzed for sulphur in order to obtain information regarding the possibilities of sulphur elimination as well as ash reduction, and the samples on which reports are made were obtained from beds that are characterized by rather high percentages of sulphur. In connection with the present investigations of coal preparation in Alabama a standardized method of interpreting float-and-sink data has been used extensively for predicting the ash and sulphur reduction and yields obtainable in a commercial washing plant from various sizes of raw coal and from the raw coal as a whole after a certain degree of crushing. This method, which will be explained in subsequent chapters, was used in interpreting the data contained in this report. The samples used for these washability studies were obtained from the following mines in the Warrior field of Alabama: Beltona mine on the Jefferson bed; Dolomite and Mulga mines on the Pratt bed; Coal Valley No. 16B and Coal Valley No. 11 mines on the Corona bed; Cedar Cove mine on the Carter bed.

Jan 1, 1932

By James P. Ulery

In This Chapter [Geologic features associated with anomalous methane emissions Gas outbursts and blowers Methane drainage strategies for mitigating anomalous methane emissions and General considerations for a methane drainage program] This chapter summarizes how certain geologic features may be associated with unexpected increases in gas emissions during coal mining. These unexpected emissions have the potential to create explosive conditions in the underground workplace. Also discussed are the generally used practices to alleviate potential hazards caused by gas emissions associated with these geologic features. INTRODUCTION Unforeseen mine gas emissions in quantities sufficient to create hazardous conditions have been attributed to sources outside the mined coalbed since the first documentation of methane explosions in coal mines [Payman and Statham 1930]. Geologic features such as faults have long been recognized as conduits for gas flow from strata adjacent to mined coalbeds [Moss 1927; Payman and Statham 1930]. Other features such as sandstone paleochannels, clay veins, and localized folding have also been recognized for their impact on gas emissions into mine work-ings [Darton 1915; Price and Headlee 1943; McCulloch et al. 1975; Ulery and Molinda 1984]. The fact that strata adjacent to mined coalbeds can emit large quantities of methane gas into mine workings is not surprising from a theoretical perspective. Many researchers have recognized that during the burial and diagenesis of the organic matter forming today’s minable coalbeds, similar dispersed organic matter in adjacent strata has produced methane in quantities far exceeding the storage capacity of the coal and surrounding rock [Juntgen and Klein 1975]. It is not surprising then that large quantities of methane can remain trapped in these strata. A potential hazard occurs when mining of a nearby coalbed causes pressure differentials and mining-induced fractures conducive to gas flow into the mine workings from these strata. This gas flow may be facilitated or temporarily impeded by the presence of geologic structures or anomalies.

Jan 6, 2006

By E. A. Rychkun

"For the last 700years of recorded economic history, man has been subjected to alternating inflationary and deflationary patterns. Through this period of time, a severe deflationary pattern has developed approximately every 55 years, creating 12recordable occurrences. Through the last two centuries, this severe deflationary phenomenon has come to be known as a depression. As these depressions have repeated themselves regularly, they are cyclic. This in turn leads to the question of whether the 13th cycle will also repeat itself in the form of a depression. As this cycle is now 51 years old, we must consider the possibility at about 1984.In analyzing a 700-year record of consumer prices in Southern England, the 55-year cycle appears to vary in shape and intensity. This varying phenomenon is due to the effect of longer cycles upon which each one ""rides "". Because each cycle effectively rides on the next largest, which in turn rides on the next largest and so on, the combined measured effect of all cycles together at any point in time is always unique. This means that anyone cycle can never repeat itself in an exact identical manner. The combined effect therefore is what we observe in the form of prices and, as cycles interact, variations in deflation are produced . The ""science"" of economics attempts to quantify and develop theory on situations which are never identical and hence can be conservatively classified as a useless predictive tool.This means that more unconventional approaches may be required to predict our economic future. In looking at previous depression cycles, it is possible to recognize similarities in human behaviour patterns and hence the resulting economic movements. These behaviour patterns create major events or influencing factors which set the scene for a major deflationary condition. The way in which these factors occur, however, is not predictable. As more and more of these similar events are identified in each cycle, we can increase our confidence on the probability of the last event occurring (a depression). By also unravelling the set of larger cycles, we can determine the potential combined effect at any point in the future.This paper presents a system of cycles ranging from 800 years to 3 years which appear to operate in our economic system. By so doing, a long-term projection into the next century can be made. Finally, the paper deals with the main controlling similarities within the depression cycle, to show that a comparison with our current cycle implies that a major deflationary collapse in the mid 1980's is virtualy inevitable."

Jan 1, 1980

By Sherwin F. Kelly

THE present lull in engineering activities presents an advantageous moment for inquiring into the position now occupied by geophysics in its various fields of application. The recent over-expansion in all lines of work resulted in an uncritical employment of these methods of exploration which was bound to have its harmful reaction. The pendulum has now swung back, producing a decidedly hypercritical attitude toward the new science that had been recently welcomed so joyfully as the panacea for prospecting troubles. The severe retrenchment in exploration has forced upon us a period of waiting and, it is to be hoped, of profitable contemplation. This can well be employed in trying to pass a reasoned judgment on what position geophysics should occupy in the new geological exploration programs that will inevitably ac- company the looked-for industrial recovery.

Jan 1, 1931

By Nik Sokol, Eric Sekulski, Leo Weiman-Benitez, Jon Hurt, Shrinidhi Vijayakumar, Phaidra Campbell

The Silicon Valley Clean Water (SVCW) Gravity Pipeline (GP) is the first Progressive Design Build (PDB) tunnel completed in North America. As part of the Regional Environmental Sewer Conveyance Upgrade (RESCU) Program, the tunnel is a key component to replacing and rehabilitating components of the existing conveyance system in San Mateo County, California. The GP consists of a large diameter Fiberglass Reinforced Polymer Mortar (FRPM) pipe installed inside a 4.1 m (13.5 ft) inside diameter, 5.3 km (3.3 mile) long precast concrete segmentally lined tunnel. The tunnel was constructed using a 4.6 m (15.2 ft) diameter Earth Pressure Balance (EPB) Tunnel Boring Machine (TBM) through heterogenous silts, clays and sands. Construction included two separate TBMlaunches from a centrally located access shaft, and a tunnel alignment below but in close proximity to very soft Young Bay Mud. Settlement criteria and mitigation strategies focused on protection of an existing 1.42 m (56 inch) diameter force main and adjoining structures along the alignment. This paper discusses the results of the theoretical settlement analysis versus the actual observed ground movements, while also presenting mitigation measures and adjustments made during tunneling to reduce the risks of adverse settlement.

Jun 13, 2023

By Glenn Norris, Tyler Buckingham

"Gold recovery gains in the order of one to two percent have been realized in 2009 due to changes in the operation of the grinding circuits at Barrick Gold Corporation’s Hemlo - Williams Mill. The initiative known as “split milling” involves milling low grade open pit ore in one grinding circuit and higher grade underground ore in the other grinding circuit under different conditions.The philosophy of split milling involves processing higher grade underground ore at a lower throughput rate and a finer grind while milling lower grade open pit ore at a higher throughput rate and a coarser grind. Bench scale tests showed that the recovery relationship for underground ore sources was much more grind sensitive than that of open pit ore. This relationship proved to hold in the plant. The gold recovery gain due to finer grinding of the higher grade ore is much greater than the recovery loss due to coarser grinding on the lower grade ore. Since the majority of gold is being recovered at a higher rate, this results in higher overall plant gold recovery when compared to the traditional operation philosophy of blending the ore sources.The challenges for achieving the maximum benefits of split milling were two fold; the need to increase throughput on the open pit ore milling circuit and a means of grinding finer on the underground circuit. The former was met with an increase in SAG (Semi-Autogenous Grinding) mill ball charge, a basic “drill to mill” blasting campaign and changes to the primary gyratory crusher. The latter was met with a reduced SAG mill ball charge and a higher milling density. The resulting benefits in additional gold recovered are in the order of $3-5 million per annum.INTRODUCTIONThe Williams Mill processes ore from three different ore sources, the David Bell Mine (DB), the Williams Underground Mine (WUG) and the Williams Open Pit (OP). All three ore sources are located within the Hemlo camp in Northwestern Ontario adjacent to the Trans-Canada Highway. The Williams Mill was built in the mid 1980’s at which time it was designed to process 3,000 dry metric tonnes per day through a 22’ SAG mill in series with a 16’ ball mill. In 1988 a Mill expansion doubled the mill capacity by adding a second identical grinding circuit. A photo of the current grinding circuit can be seen in Figure 1. Today the Williams Mill processes an average of 8,000 tonnes per day of which approximately 60% is from the Williams Open Pit."

Jan 1, 2010

By J. E. Shelton

This presentation covers the results of laboratory studies conducted by the Bureau of Mines Mineral Dressing Section, Northwest Electrodevelopment Laboratory, Albany, Oreg., on alluvial sands from Dismal Swamp, Bear Valley, and Cascade, Idaho. The search for radioactive minerals has led to the reexamination of alluvial deposits; in the process of this reappraisal the frequent presence of minerals bearing columbium and/or tantalum was toted. Because of increased demand for these metals by the defense industries and because these industries depend upon foreign sources for their supply the domestic alluvial black sands are being considered, as a possible domestic source. However, utilization of these alluvial deposits depends upon development of methods of concentrating these valuable minerals. The primary objective of the test work was the study of the effect of attrition scrubbing, sizing, magnetic, electrostatic, and gravity separa¬tion as methods for concentrating and recovering the columbium and tantalum-bearing minerals, samarskite, euxenite, ilmenorutile, and columbite.

Jan 1, 1955

By Edward A. Barrett, Kathleen M. Kowalski-Trakofler

This paper discusses the application of a training intervention that uses degraded images for improving the hazard recognition skills of miners. Method: NIOSH researchers, in an extensive literature review, identified fundamental psychological principles on perception that may be employed to enhance the ability of miners to recognize and respond to hazards in their dangerous work environment. Three studies were conducted to evaluate the effectiveness of the degraded image training intervention. A model of hazard recognition was developed to guide the study. Results: In the first study, miners from Pennsylvania, West Virginia and Alabama, who were taught with the aid of degraded images, scored significantly better on follow—up hazard recognition performance measures than those trained using traditional instructional methodologies. The second and third studies investigated the effectiveness of the training intervention at two mining companies. Data collected over a3—year period showed that lost—time injuries at mines in Alabama and Illinois declined soon after the training intervention was instituted. Impact on Industry: Further exploration of the hazard recognition model and the development of other interventions based on the model could support the validity of the steps in the hazard recognition model.

By X. J. Lyu, Q. Liu, M. J. Lian, X. Q. Cao, X. F. You, B. O. Erdenekhuyag, H. Y. Zang

The slag-tailings based artificial reef concrete (ARC) is made of CaO-CaSO4 activated granulated blast furnace slag (GBFS) as cementitious material and deslimed gold ore tailings as aggregate. In order to investigate the potential application of the material as ARC, the strength development, hydration characteristics and application performance were investigated under different preparation conditions. Results indicated that using seawater as the mixing water can effectively promote the hydration of slag and generate a large amount of hydration products such as ettringite, CSH gel, hydrotalcite and Friedel ’s salt in the early curing period and so render the material with good early compressive strength. Seawater curing can also accelerate the hydration reaction in the early stage of hydration. The hydration reaction of slag and the compressive strength of ARC can be effectively promoted by increasing the specific surface area of slag. The 28-day compressive strength of the slag-tailings based ARC prepared with 30-50% CaO-CaSO4 activated slag and 50-70% tailings can reach to 19.88-42.87 MPa. Also, the material has a low surface pH value, good resistance to chloride ion penetration, and sulfate corrosion. Keywords: Artificial reef concrete, granulated blast furnace slag, deslimed gold ore tailings, compressive strength, hydration characteristics

Jan 1, 2020

A. MALINOVSZKY,* Belleville, Ill. (written discussion?).-I have been very much interested in Mr. Dolman's paper. We all realize, I think, that this question of developing our home industries and support-ing the new industries which have developed during the great war is very important at present. Mr. Dolman has well shown the quantity and quality of the raw magnesite in the United States, and the commercial and industrial possibility of our home magnesite and I believe, with him, that our home industries should receive adequate protection. There are two reasons, however, for believing that this may be difficult. One reason is that much American capital is invested in the Austro-Hungarian magnesite industry. The raw magnesite can be quarried and prepared for the market in Austria with much cheaper labor expense than in the United States; large deposits which are very easy to quarry and good transportation facilities also contribute to the cheapness of production. The second reason is the old saying that the magnesite found in the United States is not of the same quality as the Austro-Hungarian mag-nesite; this I doubt. Even if the magnesite found here does not in a raw state equal the Austro-Hungarian, it can be synthetized so that the finished article will have the same properties as the Austro-Hun-garian finished magnesite refractory possesses. Thaw magnesite from Greece is not the same as the. Austro-Hungarian, but it has linen demon-strated that a good refractory can be made from the Greek product.

Jan 10, 1919

By N Mangadoddy, P Jampana, S Diddi

The study of air-core dynamics in hydrocyclone operation is essential for predicting separation efficiency in mineral processing. Electrical resistance tomography (ERT) allows non-invasive measurements of hydrocyclone internal flow dynamics. Existing regularisation methods such as Gauss-Newton and TV norms rely on optimisation techniques which have very high computational cost for very fine meshes. In contrast, the monotonicity method has much lower computational cost as it does not solve such minimisation problems. In this paper, results from the monotonicity method, Gauss-Newton (GN) (Tikhonov) and Total-Variation (TV) norm-based minimisation methods for estimating the air-core diameter in hydrocyclones are compared. We study these methods on the laboratory hydrocyclone experimental two-phase flow data. The results obtained are validated against High-speed video (HSV) imaging and Computational Fluid Dynamics (CFD) results. The results on different mesh sizes, in particular for very fine meshes with the number of cells ranging from 30 000 to above 100 000 are also investigated. The data used in this study is obtained from ITS Z8000 ERT system. This system does not measure the voltages on the current carrying electrodes. Since these voltage values are required for the monotonicity method, we implement an interpolation method to compute them. The results show that the monotonicity method provides a closer approximation of the interface between air and the water phases.

Aug 24, 2022

By F. R. Lee

[THE Bureau of Mines was established in July 1910 to conduct research and to Establish standards for mining equipment and practices which would conserve human life, natural resources, and property in the mineral industries. Several lists of equipment approved by the Bureau as permissible for use in gassy coal mines have a been issued since then. The lists covering all approved equipment except breathing apparatus and explosive have been consolidated info two publications: Bulletin 543, Permissible Equipment Approved to January 1, 1953, and Information Circular 5220, Permissible Mine Equipment Approved By The Bureau of Mines During 1953-62. The purpose of this publication is to supplement Bulletin 543 kind Information Circular 8220 with a listing of permissible equipment approved during 1963 and 1964. The schedules (standards) under which equipment listed herein have born approved are as follows (titles and dates of approval and revision are given in footnotes): Schedule 2F,3 schedule 6D,4 schedule 7C,5 schedule 8C,6 schedule 9B,7 schedule 10C,8 schedule 12D,9 schedule 22,10 schedule 24,11 schedule 25B,12 schedule 28,13 schedule 29A,14 schedule 30,15 and schedule 31.16]

Jan 1, 1966

By C. H. Riggs

This report presents pertinent data on all active water-flooding projects in Washington County, Okla., and describes in detail the operation and production history of five representative floods. The flooding of partly depleted oil-bearing sands to produce petroleum that would not be recovered by other methods is becoming increasingly important to the oil industry. In 1942, two water-flooding projects in Washington County produced 35 barrels of oil daily from 90 developed acres. In March 1951, 4,000 barrels of oil was being produced daily by the injection of 58,000 barrels of water on 19 active projects covering 1,645 acres. Several projects are being extended, and new operations are being initiated. Figure 1 shows the location of the active water-flooding projects in Washington County. The yearly oil production from Washington County increased from 1,076,000 barrels in 1948 to 1,720,000 barrels in 1950, owing principally to the effects of water flooding. To March 1951, permits to flood more than 8,000 acres in Washington County had been granted by the Oklahoma Corporation Commission.

Jan 1, 1951

Present roof bolting practices in the collieries of Australian Iron and Steel Pty. Ltd. are outlined. Roof support has been improved since introducing roof bolts and it is hoped to increase the reliability of the bolts still further.Expansion-shell, and split and wedge roof bolts five to eight feet long are placed by "Atlas Falcon" and "Fletcher" roof bolters. Both anchorage and tightening have presented some problems.Good panel supervision is required if systematic roof bolting is to be properly co-ordinated with coal production without unnecessary delay to either. Successful roof bolting can only be the product of conscientious men and supervisors who are all convinced of its value. A rigid operational code should be established early and maintained.INTRODUCTIONRoof bolting is a method of support which is permanent and reduces or eliminates the need for other support; The method was pioneered in America and was first experimentally investigated in Australian collieries at Elrington in 1949 (McKensey, 1953). Pneumatic installation methods were employed. Subsequently, a method of using standard hand-held electric coal drills was developed at John Darling Colliery (Horseman, 1954). Pneumatic roof bolting equipment was first operated in the collieries of Australian Ironand Steel Pty. Ltd (A.I. &. S.) in 1951. Since then various hydraulically operated mobile machines have been installed in Australian collieries and these, together with improved pneumatic equipment, form the two present basic methods of placing ,roof bolts. Roof bolt anchorage is achieved by either split and wedge or expansion-shell bolts.The two broad types of roof bolting are 1. consolidation of strata, and 2. suspension support.

Jan 1, 1961

By Ravi Vancheeswaran

The consolidation of ceramic fiber reinforced metal matrix composites is a key process step in the synthesis of high performance composite systems. A simulation tool has recently been developed for predicting the evolution of the composites internal state microstructural variables (eg. relative density, fiber microbendinglfracture, and chemical reaction layer thickness at the fiber-matrix interface) during the consolidation processing of spray deposited composite mono-tapes. A Generalized Predictive Control (GPC) scheme is used in conjunction with the simula-tion tool to design near optimal process paths that minimize fiber damage and reaction product thickness while simultaneously maximizing the composites relative density. The microstruc-tural evolution depends nonlinearly on the process conditions and therefore the scheme uses a constantly updated linearization of the model to optimize the input process variable vector. A control simulation is presented to illustrate the performance of the design scheme and to assess the feasibility of its use for the achievement of goal state microstructures at the completion of consolidation cycles.

Jan 1, 1996

Process Options for Difficult Arid-Region Nickel Laterites In the absence of the discovery of significant nickel sulfide deposits, the future of Australia's nickel industry will increasingly depend on cost effect processes for low-grade nickel laterites. The problems encountered with the West Australian HPAL plants, resulting in three of the four plants being shut down, have caused the industry to revisit atmospheric leaching options, particularly heap leaching. West Australian laterites are characteristically very varied in grade, chemical composition and mineralogy with the result that, thus far, one process does not fit all laterites. In this paper the leaching of an especially refractory ore is compared using column leaching of whole ore and atmospheric leaching and HPAL processing of ground ore. The key characteristic is the resistance of the goethite phase to acid attack with low-to-moderate temperature leaching conditions. The refractory characteristic is attributed to the stabilising influence of chromium and aluminium and possibly manganese substitution in the goethite crystal structure and goethite morphology. A significant three-fold increase in both nickel and cobalt extractions under atmospheric leaching conditions was achieved by the relatively simple modification of bubbling sulfur dioxide into the reaction vessel to create a reducing environment. Recoveries increased from <30 per cent to 90 per cent nickel and 86 per cent cobalt after 10 hours of leaching at 95¦C. An even greater improvement was achieved under ambient conditions by heating the ore to temperatures above 250¦C for 30 minutes. Subsequent leaching at ambient temperature gave an eight-fold increase in both nickel and cobalt recoveries after 14 days bottle rolling. Both methods could be optimised and implemented in such a way as to increase laterite reserves in conjunction with a heap leach operation but may be better suited to vat or closed tank processing.

Sep 13, 2010

By Shengli Wu, Mingyin Kou, Laixin Wang, Xinliang Liu, Zhennan Qi, Yujue Wang

Softening and melting experiments were conducted on four kinds of imported lump ores named A-D, under different temperature intervals within the self-developed visualization high temperature furnace. By calculating the reduction and shrinking degree under different intervals, softening and melting indexes were determined. These ores all expanded firstly followed by shrinkage with the temperature increasing. The difference of lump ore’s own characteristic led to different softening and melting behavior. The results showed that the looser the structure was, the better the reducibility will be. The compact structure and good reducibility led to high expansion rate. The beginning softening temperature declined and the ending softening temperature increased because of high porosity, which resulted in wide softening temperature interval. The charging ratio of lump ore A should be improved. Lump ore B should be distributed in the center of the blast furnace. Lump ores C and D should be used less.

Jan 1, 2016

By William F. Butler, Mo-Hung Che

DEVELOPMENT OF MONEY AND MONEY STANDARDS This chapter is concerned with the rise, and then the decline and fall, of gold and silver as monetary metals. As a first step in tracing the history of this process, it is necessary to consider the nature of money, and the manner in which different forms of money have developed over the centuries. The origins of money go back into deepest antiquity. Once men ceased to be pure nomads and entered into even a rudimentary form of society such as clans or tribes, money had to be invented The first step was barter as farmers or hunters swapped their surplus products for things produced by artisans such as shoes, clothing, and simple tools. But such barter trading is inconvenient even in primative societies It is difficult to match up buyer and seller at any point in time There are problems in arriving at viable and acceptable terms of exchange. The accumulation of savings-wealth-is complicated. No one can be sure that a pile of furs, or wheat, or certainly fish or game can be used in the future to trade for other goods or services. So even prehistoric man saw the need for money. There was a need first for something to serve as a medium of exchange This was an essential first step in the process of specialization-or the division of labor. A farmer, a hunter, or a shoemaker could only devote his full efforts to his trade if he could be sure that he could exchange his surplus production for the other things he needed for existence. This required a medium of exchange-a form of money which would be broadly acceptable. Money was needed for two other reasons Some system of market prices was essential to facilitate the exchange of goods and services. This required some form of common denominator-some standard of value-to govern the exchange process. And there was also need for something to serve as a store of value, a place to put any excess production (savings) with the assurance that it can be used in the future to acquire a general range of goods and services. As a result, money, in one form or another, developed at a very early state in civilization. Yet the centuries have been marked by a search for a form of money which will possess in full measure all of the attributes in money-a reliable and universally acceptable medium of exchange, standard of value, and store of value. -A wide variety of things have been used as money at one time or another: shells, beads, stones, feather, metals, and even the teeth of sharks and dogs. Some of these things were obviously of little or no practical value. They were used because people had confidence in their continued acceptance as a medium of exchange. As the world evolved and as trading ex-

Jan 1, 1976