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By Richard Paul Seelig

The following review covers published information on pressing of metal powders at room temperature. Only those operations are considered which occur between the time the powder is filled into the cavity and the compact is ejected from the die. Thus, this review does not concern hot pressing, coining or sizing feed or flow problems, commercial presses nor designs. It was also necessary to disregard to a large extent the effect of pressing on subsequent operations and on properties after sintering. 'The pressing operation is considered independently in its function to compact loose metal powder into useful shapes which can subsequently be handled. There are some comments by the writer in connection with a few of the findings quoted in the literature in order to stimulate thought and discussion. The selection of references quoted in the text is in some cases arbitrary although an attempt was made to favor papers containing novel ideas, techniques or results which mag stimulate future research. In order to enable the reader to check further into the subjects mentioned, the original, rather extensive, bibliography is appended even though not all the references are touched on in the printed version of this review. The equipment used by various workers, for example a die design created by Bridgman,22 is very interesting. 'The die insert has a conical external surface. The vertical pressure exerted on the punch transmits itself to the die which in turn is pushed harder into its tapered retainer. Thus, the higher the pressure exerted on the punch, the higher also the pressure exerted inwards on the die inserts. Inasmuch as this pressure counteracts the internal pressure from the compact the two stresses balance each other so that it is possible to obtain tremendous pressures without breaking the die. The die collar was made from an oil hardening tool steel, heat treated to a tensile strength of some 300,000 psi. The die was closed at the bottom by a plug made from special tool steels. Bridgman found that there is no steel which will withstand a com-pressive stress of 700,000 psi without continuous slow flow or immediate fracture. Therefore, the only material suitable for use in the pressing punch was sintered carbide. In view of the ingenious design it was possible to use special tool steel as die material. Jones22 raises the question whether this method of pressing has practical application in powder metallurgy. Although these tremendous pressures cannot readily be utilized without many special precautions, the tapered die and retainer idea is believed to be useful even for lower pressures. Bridgman, himself," alls attention to the fact that the properties

Jan 1, 1947

By A. R. Denison

The area discussed in this report comprises a group of 38 counties lying in the northeast corner of Texas. It covers all, and extends beyond, the borders of what is commonly described as the East Texas Basin. It includes two major oil fields, Van and East Texas; two major gas fields, Bethany and Waskom; and a number of fields, both oil and gas, of lesser importance. All commercial oil production comes from beds of Upper Cretaceous age and almost exclusively from the basal member, the Woodbine sand. Gas is produced from both Upper and Lower Cretaceous beds with the newer production from the older beds. East Texas Field This field continued as in 1932 and 1933 to dominate the drilling and production situation throughout the oil business. A total of 3681 producing wells was completed in this field during 1934. This is an increase of 1215 over the 2466 producers completed during 1933. Total wells

Jan 1, 1935

By J. F. Shea, O. F. Tangel

Battelle Memorial Institute participated in a program for the General Services Administration aimed at developing a nickel-cobalt separation process that could be integrated in the Nicaro nickel plant. At the time the programwas being carried out, the Nicaro process was a straight-through operation, in which the ore was reduced and leached, after which the pregnant solution was boiled to produce a so-called "bulk precipitate" which contained virtually all of the nickel and cobalt which had been dissolved in the leaching step. The weight ratio of nickel to cobalt in Nicaro ore is approximately 15 to 20:l. The weight ratio of nickel to cobalt in the finished product had to be 100:l or higher to meet specifications. Because the Nicaro process embodied no nickel-cobalt separation step, the only way that a bulk precipitate of the specified nicke1:cobalt ratio could be produced was to so adjust roasting and leaching conditions that nickel would be selectively leached and most of the cobalt would be rejected with the tailings. The required selectivity, however, was achieved at the expense of nickel recovery, which was 5 or more per cent less than might have been obtained with the existing equipment, utilities, man power, etc., had selectivity been no object. The over-all purpose of the program was to develop a separation step that could be fitted into or onto the Nicaro facilities and which would permit the manufacture of a product that would meet the desired specifications and still permit the recovery of a maximum amount of nickel. Battelle suggested that this might be accomplished by reprocessing off-specification bulk precipitate and specifically suggested the process based on ammonium sulphate leaching followed by hydrogen reduction of the leach solution according to techniques developed commercially by Sherritt Gordon Mines Limited. Such a process would not only satisfy the objectives of the research but would present two additional advantages. (1) It would produce a separate cobalt product which could be further processed into metal, alloys, oxides, or salts. (2) It would yield nickel in metallic form which might be more generally marketable and command a slightly higher price per unit of nickel than the Nicaro oxide product. DESCRIPTION OF THE PROCESS Figure 1 is a flowsheet of the process. The essential features are: (1) Extraction of about 97 per cent of the nickel and about 85 per cent of the cobalt from bulk precipitate by a principal leach with ainmonium sulphate solution (Step A). Extraction of virtually all of

Jan 1, 1961

By M. R. HULL

FOLLOWING the discovery of a body of ore that appears to have commercial possibilities there is a period of development work to determine its extent and grade and the most economical method of mining it. Laboratory tests are made in an effort to determine the most practicable and economical treatment for the extraction of the valuable constituents of the ore and these tests are carried farther and checked in a pilot or test mill. The rate at which the ore is to be mined and the daily capacity of the plants that are to treat it will depend on a number of important factors such as: The size of the orebody; the capital available for building the plants; the market or demand for the final product; the supply of skilled and common labor available for the construction, operation and maintenance of the plants; the quantity and quality of available water, and the amount and cost of power that can be purchased or that can be economically developed. Having decided on the treatment that is to be given to the ore and after full consideration of the above factors the management decides to erect a reduction plant of a given capacity.

Jan 1, 1926

By Richard E. Chism

Jan 1, 1902

By L. W. Berger, and R. I. Jaffee, D. N. Williams

The effects of hydrogen on the properties of binary Ti-A1 alloys containing 2.5, 5, and 7 pct aluminum and ternary alloys of the same compositions with added interstitial elements oxygen, nihrogen, and carbon were stzdied. Aluminum increases the apparent hydrogen solubility of the a-phase, resulting in a marked increase in resistance to impact embrittlement. In the Ti-5Al and Ti-7Al alloys, for example, the addition of 180 and 305 ppm hydrogen, respectively, did not cause embrittlement, while unalloyed titanium was embrittled by as little as 75 ppm. The role of aluminum in increasing hydrogen solubility of the a-phase probably accounts for the excellent hydrogen tolerance of a-ß alloys containing considerable amounts of aluminum. There is some evidence that aluminum retards the rate of hydride precipitation. If so, these alloys may be susceptible to slow-strain embrittlement. UNALLOYED a-titanium is extremely sensitive to small amounts of added hydrogen in that there is a marked decrease in notch properties. For example, as little as 100 ppm hydrogen is sufficient to lower the room-temperature notch-impact strength from over 100 to less than 20 in.-lb.' This loss of impact Strength has been associated with the Presence of hydride phase in the microstructure. Hydrogen in the amounts encountered in commercial practice

Jan 1, 1959

By L. W. Berger, R. I. Jaffee, D. N. Williams

The effects of hydrogen on the properties of binary Ti-A1 alloys containing 2.5, 5, and 7 pct aluminum and ternary alloys of the same compositions with added interstitial elements oxygen, nihrogen, and carbon were studied. Aluminum increases the apparent hydrogen solubility of the a-phase, resulting in a marked increase in resistance to impact embrittlement. In the Ti-5Al and Ti-7Al alloys, for example, the addition of 180 and 305 ppm hydrogen, respectively, did not cause embrittlement, while unalloyed titanium was embrittled by as little as 75 ppm. The role of aluminum in increasing hydrogen solubility of the a-phase probably accounts for the excellent hydrogen tolerance of a-ß alloys containing considerable amounts of aluminum. There is some evidence that aluminum retards the rate of hydride precipitation. If so, these alloys may be susceptible to slow-strain embrittlement. UNALLOYED a-titanium is extremely sensitive to small amounts of added hydrogen in that there is a marked decrease in notch properties. For example, as little as 100 ppm hydrogen is sufficient to lower the room-temperature notch-impact strength from over 100 to less than 20 in.-lb.' This loss of impact Strength has been associated with the Presence of hydride phase in the microstructure. Hydrogen in the amounts encountered in commercial practice

Jan 1, 1959

By L. E. Fish, G. S. Wyman

CHUQUICAMATA open-pit mine is capable of producing a total of 105,000 tons daily. When the sulphide plant is operating to capacity the distribution of this quantity will be approximately 30,000 tons sulphide ore, 30,000 tons oxide ore and 45,000 tons of waste. At that time the combined capacity of the oxide and sulphide plants will be about 540 million lb of copper per year. Twenty one benches have been opened to date and all are still active except the three top ones at the northeastern limit of the pit. These have been pushed back to final slope line. The pit is 8850 ft long, 3540 ft wide and 980 ft deep. Benches are not all developed to a standard height as the large development shovels used in cutting new benches have been of different size and range. At this time new benches 521 ft high are being developed with an' 11-yd shovel. Ore haulage through the greater part of the pit operation has been on down grades to the crushing plant. With the opening of bench F-4 in April 1944 the first adverse-grade ore haul was encountered. Of the total tonnage now being mined, 35 pct comes from the four benches that are below the level of the crushing plant yard. Waste had been dumped on the same or nearly the same level as the bench from which it was removed up to the opening of bench F-4. Waste from this and lower levels is hauled to the level of the crusher, yard where it must cross the flow of ore traffic to reach the only available dumping space to the east of the mine. The average ore haul is 3.13 miles one way shovel to crusher, and the average waste haul from that portion handled by railroad is 3.32 miles one way from shovel to waste dump. Waste that is being removed by truck haulage from the upper part of the -mine is hauled an average of 1 mile. Ore loaded by trucks is hauled 3/4 mile to a car loading ramp and then by rail to the crushing plant. Drilling and Blasting There are two types of development for blasting being used: One for opening new benches and the other for bank shooting. The former consists of 9a in. diam churn-drill holes drilled 11.8 ft center to center in rows 10.2 ft apart with the holes staggered in the rows thus giving an equilateral-triangle pattern of 11.8 ft on a side. After the first block, 492 ft long by 71.5 ft wide, is shot in the pattern described above, the cut is advanced by smaller shots consisting of four rows of holes spaced 23 ft center to center with the rows 23 ft apart. These shots are fired in conjunction with side shots in which the holes are drilled 33 ft center to center and 29.5 ft back from the toe, thus squaring up the bank for subsequent shooting. An average bank shot consists of about 60 holes drilled in two rows parallel to the face, 30 holes to

Jan 1, 1952

By Olav Mellgren

Part I. The interaction between potassium ethyl xanthate and lead salts has been studied thermo-chemically. It is shown that ethyl xanthate reacts with lead carbonate, basic carbonate, thiosulfate and sulfate according to principles of simple chemistry, whereas reactions with lead sulfite, metasulfite, basic thiosulfate and hydroxide at high pH are associated with secondary reactions. A new compound "xanthogen thiosulfate" is postulated. Part 11. Adsorption of ethyl xanthate on galena has been studied quantitatively and thennochemi-cally. It is shown that an ion-exchange mechanism governs the adsorption process and that the heat of adsorption of xanthate on galena is equivalent to the heat of reaction of ethyl xanthate with bulk lead salts. It is concluded that the entropy content of the surface "compound" on galena is different from that of a corresponding bulk lead salt. Alkali depression is in part shown to be due to the instability of the xanthate-galena system at high pH and to the formation of basic lead salts. Sulfate and carbonate ions are shown to have a stabilizing effect on the xanthate-galena system. PARTI. THERMOCHEMISTRY OF ETHYL XANTHATE AND OF ITS REACTION WITH LEAD SALTS In the past little attention has been paid to the chemistry of lead xanthate. It is known that xan-thates form slightly soluble compounds with lead and that suspensions of lead xanthates in alkaline solution decompose rather readily.' The solubility of lead ethyl xanthate is of the order of 2.6 x 10-6 moles per 1. At increasing pH the xanthate concentration of a saturated solution contains more xanthate. Thus at pH 11 this xanthate content is about 100-fold larger than at pH 7.1 Xanthates are known to be consumed when added to a suspension of slightly soluble lead salts such as lead sulfate and lead carbonate. It is unknown to what extent this xanthate consumption is due to a simple chemical reaction because, frequently, observations are made which reveal secondary reaction products in such reactions. Thermochemical study of the reaction between xanthate and lead salts offers a means to clarify the significance of these reactions as the enthalpy changes can be accurately predicted from heat of formation of lead salts in pure solution reactions. In the present work the heats of formation of lead ethyl xanthate from potassium ethyl xanthate and lead salts are determined and some thermochemical aspects of xanthate in solution are studied. The results of these investigations are presented in Part I. In Part II the heat of adsorption of ethyl xanthate on galena surfaces is presented. All enthalpy changes were measured directly in a microcalorimeter. Calorimeter: The calorimeter used for measuring enthalpy changes was similar to that used by Redinha and Kitchener2 which was based on a description by Derbyshire and Marshall.3 Other useful references4,5 are listed. A sketch of the calorimeter

Jan 1, 1967

Jan 1, 1970

By Mehmet Guney

At the Armatcuk mine in Turkey, various modifications of sublevel methods have been tried during the last decade in an effort to eliminate gob fires, dangers from roof falls, and surface subsidence, and also to increase extraction efficiency. From the experience thus gained, it was decided that the most likely system to give maximum benefits, considering the existing geological conditions and coa1-seam characteristics, was hydraulic stowing. This paper examines trends in the working techniques of hydraulic stowing and discusses the favorable results and technical problems that the method produced at Armutcuk. The Armutcuk mine, a subsidiary of Eregli Coal Mines (EKI), produces 1300 tons of run-of-mine coal daily from thick (about 10-90 ft) and highly dipping (about 50-90°) coal seams. The coal is highly volatile with good coking properties that make it highly suitable for industrial use. Most of this coal is used in the iron and steel industry at Eregli on the Black Sea coast. Complete recovery of the coal is of vital importance to industrial development and progress. Initial coal extraction was carried out by means of a sublevel mining system modified to accommodate local geological conditions and coal seam characteristics. This method is similar to that employed in metalliferous mines. Several problems arose from the application of the method, one of them being the prevalence of gob fires which caused periodic shutdowns in some sections. To achieve maximum coal extraction with minimum dilution, to eliminate gob fires and surface subsidence, and to reduce fatal accident rates, a decision was taken to change from this method to a hydraulic stowing system. The pres- ence of large deposits of conglomerate and sandstone on the surface contributed to the decision to employ this new method. Although hydraulic stowing practices have been carried out in America and Germany, Upper Silesia may, so far as coal is concerned, be considered the birthplace of the method. Here the process was adapted to thick coal seams on a large scale to reduce dangers from gob fires and damage from surface subsidence. Today, the mining system is not only widely used in the coal mines of France, the Saar, India and Poland, but has also been successfully applied to the iron ore and potassium salt mines in Russia and Germany. LOCATION AND HISTORY The Kandilli-Armutcuk coal field, the most western outcrop of the North Anatolian coal basin, extends for five miles along the Black Sea coast (Fig. 1). The Armutcuk Mine is situated on the southern boundary of the coal field about 40 miles from Zonguldak and about 12 miles from Eregli. The history of coal mining in the North Anatolian coal basin goes back more than a century. Mining commenced on a small scale in the Kandilli-Armutcuk coal field in the late 1880's, and from this time until nationalization in 1940 the mines were operated by private Turkish and foreign interests. In 1940, Eregli Coal Mines was established to takeover the management of these enterprises. The Armutcuk Mine was developed for the first time in the mid-1940's. Since then it has been in continuous production and it now produces an annual 440,000-ton run-of-mine output from which 320.000 tons of salable coal is obtained. MINE GEOLOGY The carboniferous inlier of the Kandilli-Armutcuk coal field crops out over an area about three miles long and one mile wide. The major part of the inlier consists of the Namurian formation with only a relatively small area of Westfalian-A visible on the surface (Fig. 2). The Namurian formation, which has no exploitable coal seams in the Armutcuk Mine, consists mostly of arkose sandstones and black shales often having

Jan 1, 1969

Jan 1, 1963

By E. M. Norris

Phosphate deposits are distributed widely over the earth's surface. Of the known areas of deposit, eight fields are of particular interest because of their vast reserves of high grade phosphatic material and the volume of their production that goes to the world's great consuming areas. These fields, in the order of their present economic importance, are situated respectively in Florida, French Morocco, Kola Peninsula of U.S.S.R., Tunisia and Algeria, Tennessee, Montana-Idaho-Wyoming-Utah, Ocean and Naru Islands in the Gilbert group, and in Egypt. The Rocky Mountain deposits have a comparatively low ranking in the phosphate trade of today, but this field contains one of the largest known reserves of phosphatic material, associated with which are recoverable trace minerals, which are of increasing importance in our national economy. The first discoveries of phosphate rock in the western states were recorded in Cache1 and Rich2 counties in Utah, respectively in 1889 and 1897. Mining operations were begun on these deposits near Montpelier, Idaho, in 1906. During the latter year geological studies of the phosphate beds were started by Weeks and Ferrier of the U. S. Geological Survey. These studies have been continued to the present day by a distinguished roster of the Survey's technicians. As a result of this systematic exploratory program, the Survey has published a series of bulletins, papers, and maps, which provide the mining public with a comprehensive study of the exposed

Jan 1, 1949

By W. H. Boyer, J. W. Gabelman

The concept of metal zoning has long been recognized (Spurr, 1907, 1923; Emmons, 1924, 1926; Lindgren, 1933; Rateman, 1950), although it has been considered indistinct for most epithermal districts. The geometric relation of barren zones of hydrother-mally altered rock to ore deposits was emphasized in the work of Lovering (1941, 1949, 1950), Sales and Meyer (1948, 1949, 19501, Burbank (1941, 1950), Schwartz (1939, 1950), and Kerr (1947). Lovering (op. cit.) and Sales and Meyer (op. cit.) emphasized the consistent presence of barren alteration envelopes enclosing individual ore bodies, particularly of the vein type. Schwartz (1950) noted a difference between the distribution of alteration zones described by Lovering and by Sales and Meyer, as compared with those associated with the porphyry copper deposits of the Southwest. The disseminated deposits of the Southwest usually occur within large bodies of altered rock whereas most veins do not. In the following discussion the mineralization process is conceived of consisting of two distinct phases: pre-ore nonmetallic alteration and metallization. In the present investigation the position, size, and shape of all known hydro thermally altered areas and the position, size, and metal type of all known ore deposits were plotted on base maps of southwestern and west-central Colorado (Figure 1). The maps indicate a generally consistent geometric relation between altered and metallized areas. The addition of alteration to the pattern of metal deposits establishes a temperature zoning pattern of much greater clarity than that formed by the epithermal metal deposits alone, and allows a more precise definition of mineral belts. The center of strongest mineralization is indicated to be the area of greatest barren alteration, and metal deposits are grouped about it both under structural control and crudely in response to temperature zoning. The combination of an area of strong alteration and associated marginal clusters of metal deposits is defined as a mineral district. The strong similarity in individual deposits, in groups of different types of deposits, and in the alteration-metallization relation in districts throughout the region implies that a single metallogenic province is represented in southwestern and west-central Colorado. The occurrence of deposits in Tertiary voi-canics indicates a late Tertiary metallogenic epoci., although an early Tertiary epoch is known locally as at Ouray. Patterns formed by mineral districts can be

Jan 1, 1961

By Ernest M. Spokes

For bituminous and lignite coals the economic picture continued to improve as it has each year since the low of 1961, with production at 480 mil- lion tons in 1964 compared with 1963's 459 million tons. The anthracite industry produced 16.3 million tons in 1964 and 18.3 million tons in 1963. The industry is looking toward a further expansion; among the new developments will be a mining wheel producing 3 million tons of lignite per year in South Dakota. It is expected that electric power generation will continue to provide the market for most of the increase in consumption, with exports second in importance in the expansion. Improvements in methods of mining and transporting coal underground and in strip mines, and the cooperation of carriers in finding ways to reduce transportation costs to distant markets, have made possible these expansions. Research continues to reduce costs of mining, transportation, steam generation of electric power and production of steam for space heating and manufacturing processes, to retain some markets and expand others. Other research seeks to expand markets by developing fuel from coal which will be more attractive than competing fuels, by reducing sulfur and other sources of air pollution. Public relations efforts of the industry are bearing fruit in a greater acceptance of coal as a modern fuel.

Jan 2, 1965

By Sir Robert Hadfield

SINCE the writer has been intimately connected with the development of manganese steel for many years, some remarks upon the early work with regard to the rolling and forging of this material might he of interest, and particularly as to the question of rails of special quality and of superior wearing qualities. In a paper on Iron Alloys, with Special Deference to Manganese Steel, read before this Institute at the International Engineering Congress in Chicago in 1893,1 the writer mentioned that, about 20 years ago, his firm in Sheffield produced railroad material, such as tires and axles, of forged and rolled manganese steel, thus showing that this product could be manipulated and worked up into the various required forms. The tires illustrated in the paper referred to above formed a particularly difficult class of work to produce in a special steel, but no special obstacles were met with Although there was no difficulty at that time in making and producing manganese steel in various forms, forged, rolled or pressed; nevertheless, on account of its higher expense, sufficient encouragement

Jan 2, 1914

By David H. Browne

(Pittsburg Meeting, March, 1910.) NICKEL has always been a fruitful mother of problems. Previous to the year 1906 nickel was regarded as an element replacing iron in copper-mattes, and it was believed that the same laws which governed the elimination of iron could be applied-to nickel. This conception has lately undergone a complete change, and nickel in all its stages is now regarded as an element replacing copper; in other words, copper-nickel is considered now as two elements, but as one metal. When we commenced our investigations on Monel metal we made a great many experiments on the conversion of mattes, both high copper and high nickel. We studied closely the composition of the mattes and the changes produced by the blow. We found in all cases certain agreements which we believe are due to some law. Briefly stated, our conclusions are as follows 1. Nickel is not an element replacing iron in matte. 2. Nickel-copper alloys act in the matte-blow like one metal. 3. Nickel-copper alloys follow, during the matte-blow, exactly the same laws as govern. the behavior of copper alone. This brings up the question : What are the laws governing the production of metallic copper, and what are the relations copper to sulphur and iron during the Bessemer blow ?

Apr 1, 1910

By H. T. Kennedy, S. G. Dardaganian, J. L. Clanton

This paper presents equilibrium ratios measured on oil and gas samples taken from the Kelly-Snyder field at the reservoir temperature of 128°F. From these data smoothed curves were constructed for the reservoir fluid up to the bubble-point, 1,874 psia. A material balance calculation, based on the use of equilibrium ratios instead of the usual solubility and shrinkage meayr~rements is made on the field and compared to the con\.entional method. DETERMINATION OF EQUILIBRIUM RATIOS The equilibrium ratios, or K values were obtained by recombining separator samples of oil and gas taken when the reservoir was above its bubble point, and thus represented the reservoir fluid before any change had occurred due to the evolution of gas. The well sampled had a gas-oil ratio of 617 cu ft of high pressure sepalator gas per barrel of separator oil. and a bottom-hole temperature of 128°F. Samples were brought to equilibrium by agitating for 24 hours in a thermostat, maintained at the proper temperature within 0.2ºF, mercury being added when necessary to maintain the pressure constant. Samples of oil and gas were then taken by constant pressure displacement, and analyzed by low temperature frac-tionation. Equilibrium ratios were determined at 128°F and 500, 800, 1,000 and 1,400 psig. At the latter pressure, there were indications that the gas samples were contaminated with small quantities of oil, and only data taken at the first three pressures were included in Fig. I. This figure has been extended to higher and lower pressures by the use of the Fluor charts for 3,000 psi convergence pressure, on which the experimental points fit well. MATERIAL BALANCE EQUATIONS The possible errors involved in conventional material balance equations have been analyzed by Muskat1. Where the errors occur in field measurements, or in obtaining effective averages from variables such as gas-oil ratio and pressure, they will evidently be involved in any attempt to estimate the content of the reservoir. On the other hand, substantial errors may be introduced in conventional material balance calculations by: (1) the neglect of the amount of oil dissolved in gas at high pressures and temperatures in the reservoir, but which condenses under separator conditions; (2) the assumption that the separation of oil and gas in the reservoir may be duplicated by a differential liberation in the

By Scott, Turner

IN 1933, the monetary metals were produced in a ratio of 6.7 oz. of silver to 1 oz. of gold, the lowest relatively for silver since the period from 1851 to 1865. At the beginning of that period, the virgin placers of California -and Australia began producing almost simultaneously; in consequence, there was an abrupt fall in the high silver side of the ratio that had prevailed through the centuries after America was discovered. The output from the Comstock and other silver-bearing lodes, located a decade after this influx of new gold began, soon restored the production ratio to its former proportion, that is, a relatively large weight of silver compared to gold.

Jan 1, 1934

By Hal M. Lewers

IN the past few years and especially since the beginning of World War No. 2, gold has attained a new, important. and critical place in the international scene, and in world affairs. In the past, as far back as history records, most wars have been waged for the purpose of acquiring it from someone else by conquest. But now, the most titanic struggle of all time is being waged with the avowed purpose of not only destroying it, but of destroying all that it stands for and represents. A tradition dating back to ancient Rome, affirms that battles are fought by men with weapons, but wars arc eventually won by gold. The validity of that tradition is now being subjected to its major test. Hitler has proclaimed that in his new world order, the work dollar or reichsmark, a beautifully engraved paper currency representing only a theory of value, based on unit of work and production, will become the supreme medium of world exchange, and that gold eventually will he valueless and obsolete.

Jan 1, 1942