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By Lester A. Blackner

Discussion of the paper of LESTER A. BLACKNER, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 102, June, 1915, pp. 1249 to 1290. SIDNEY J. JENNINGS, New York, N. Y.-In the historical part of the development of the caving system discussed by Mr. Blackner, I notice the absence of one man's name, Charles Henroten. Mr. Henroten used the caving system in South Africa in the. Kimberly mines, and realized from his work there that ground would cave when properly prepared. I think it is due him that his name should be mentioned in connection with an exposition of this system in America.

Jan 12, 1915

By W. F. Holbrook

THE problem of sulfur control is important in all blast-furnace operations but particularly for certain grades of steel because of the rigorous specifications. During the past decade the tendency has been to produce pig iron, and, hot metal of lower sulfur content. As most of the sulfur in the ion originates in the fuel, the use of high-sulfur coke demands modifications in practice to meet sulfur specifications. While it is generally known that high temperatures and more basic slags favor desulfurization, operators as a rule produce the most acid slag that will permit proper desulfurization. The viscosity of blast-furnace slag has been thought to be related to desulfurization and has been investigated by Feild and Royster1, also McCaffery and his associ-ates2, but apparently no systematic effort has been made to determine the relative desulfurizing powers of slags over the range of composition encountered in practice.

Jan 1, 1936

Aamot, Olav Crone, (Member '29) Met , Det Norske Aktieselskab for Elektrokemisk, Industry, Inc , Oslo, Norway Aase, Glenn D , (Junior Member '40) Met Engr , Western Research Dyv , American Smelt & Refin Co , Selby, Calif Abadye, Henry G., (Member '43) Petr Engr , Sr Prod Engr , Long Beach Oil Development Co, 255 So Santa Clara Ave, Long Beach, Calif Abbott, Clarence E , (Member '04) Civil Engr , 'P , Tennessee Coal, Iron & R R Co , 1542 Brown Marx Bldg Birmingham, Ala Abbott, Fred E , Jr , (Member '44) Petr Engr , c/o Arabian American Oil Co , A P 0 816, c/o Postmaster, New York, N Y Abbott, John H , (Member '46) Resident Mgr , Hickman, Williams & Co, 230 No Michigan Ave, Chicago 1, Ill Abbott, R W R., (Member '47) Asst Power Supt, Cananea Consolidated Copper Co , Cananea, Son , Mexico Abbott, Robert H? Jr., (Junior Member '47) Petr Engr, Producing Dept, The Texas Cc, P 0 Box 951, Houma, La Abel, Raymond L., (Member '28) Chem Engr, Prof of Chem Engrg, Univ of Pittsburgh, Pitts¬burgh Pa Abel, Walter D , (Member '32) Min Engr, Div of Corporations, 403 State Bldg , Los Angeles 12, Cal if

Jan 1, 1952

By F. S. McNicholas, R. L. Healy

NOTEWORTHY because of the amount of explosives used, the tonnage broken, and the wide range involved both vertically and laterally, was a large underground blast fired last November at the Hidden Creek mine, Anyox, B. C. Stoping methods and mining prac¬tices at the Hidden Creek mine have previously been described in the technical press. Earlier mining methods employed included shrinkage stoping, glory-holing, and "spiral" stoping. The latter especially has been a practice peculiar to the Granby company, having been used for years at its Phoenix mines and later at the Anyox property where conditions as to size of orebodies and strength of ground both in the ore and walls were similar. These methods all leave tremendous excavations supported at key points by pillars and braces that may only be safely mined by big blasts.

Jan 1, 1935

By H. Wilhelm, E. L. Davis, W. A. Clark

MATHEMATICAL formulas for the analysis of the behavior of producing oil wells can be devised which will be correct for the assumed conditions. However, in an oil zone, variables always exist which are unknown, or to which. it is impractical to assign mathematical values. It seems apparent that one should reason back from observed facts to an analysis of causes, rather than start with a hypothetical reservoir with assumed properties and attempt to explain observed phenomena. In this paper we hope to throw some additional light on factors influencing production, especially edgewater behavior. OIL and gas are contained in reservoirs of either the sealed type or the edgewater type. In the former all the recoverable oil is produced by gas expansion only. In this type of reservoir, edgewater is not effective. This may be because of faulting or overlapping strata, or more often, probably, the edgewater pressure is ineffec¬tive on account of resistance or lack of head.

Jan 1, 1933

By C. J. Fleisch, C. P. Clingerman

THE recent installation of a combination dust catcher, gas washer and precipitator at Carrie blast furnaces of the Homestead Steel Works has given very satisfactory results. The following description of the gas-cleaning installation is based on actual operating experience. When Carrie blast furnace No. 3 was rebuilt the decision was made to fine-clean all the gas produced by the furnace, because the management wanted fine-cleaned gas for fuel in the stoves and boilers. In order to keep the installation cost as low as possible, the gas-cleaning system was streamlined. All by-pass lines and goggle valves for bypass lines were eliminated from the system. A radical departure from the use of 8-in. tubes in the Cottrell-type precipitators was made by using 12-in. diameter tubes in a single compartment, the single compartment being divided into two units by a single partition wall in the top header. THE FURNACE PROPER A few of the characteristic points and dimensions of the furnace proper are: [Hearth diameter 26 ft. o in. Bosh diameter 29 ft. 1 3/4 in. Stock-line diameter 20 ft. o in. Large-bell diameter 114 ft. 8 in. Small-bell diameter 6 ft. 6 in. Height of furnace from center of iron notch to bottom of large bell, closed 94 ft. 4 in. Height of furnace from center of iron notch to main platform 105 ft. o in.] The furnace top is equipped with a McKee revolving distributor, the operation of which is electrically interlocked with the skips, bell hoists, and coke-weighing and charging apparatus through a Freyn automatic charging control. The gas leaves the furnace first through four offtakes, 5 ft. g in. in diameter, then through uptakes that are approximately 85 ft. high, which feed into a single down-comer that is 9 ft. in diameter. DUST CATCHER The primary dust catcher installed (Fig. I) may be described as a single-cone type. The inlet pipe at the top of the dust catcher is g ft. in diameter; it is flared to a conical shape as it extends down inside the dust-catcher shell, which is 35 ft. in diameter, 37 ft. high on the straight side, and has a conical top and bottom. The slope of the bottom is 50° with the horizontal. The cone-shaped pipe inside the dust-catcher shell is 42 ft. high and is 19 ft. 7 in. in diameter at its bottom lip where it releases the gas in-

Jan 1, 1943

By J. R. Finlay

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

Jan 1, 1903

By Vincent P. Gi. ccnella

GOLD was discovered in Gold Canyon on May 15, 1849. Following this discovery placer miners worked the gravels in the canyon for-ten years, finally discovering the outcrop of the Comstock lode at Gold Hill in May, 1859, and in Ophir ravine on June 12 of the same year. Before long large quantities of gold and silver, were taken from the lode and one of the West's most spectacular mining booms drew thousands of fortune seekers to Nevada. After a long period of production activity waned and in late years little mining was done. The recent reopening of the old mines and the discovery of ore in other parts of the vein, and in other veins of the district, has led to a revival of interest in the Comstock. Virginia City, Gold Hill, and Silver City, situated along the great vein system, are enjoying a period of prosperity and a large influx of people.

Jan 1, 1934

By Rossiter W. Raymond

(Chattanooga Meeting, October, INS.) THE formal outline of Mr. Hague's life and work is embraced in the following statement, chiefly based upon data furnished by him, at my request, shortly before his death. At that time the probability that I would survive to record his death was apparently small; but I urged upon him the duty of providing, whether for me or for my successor as Secretary of the Institute, trustworthy material for the notice which somebody would some day have to write-and which might otherwise be incomplete or incorrect. Mr. Hague, with characteristic promptness and freedom from affectation, did what I asked of him; and I am therefore . able to present an authoritative sketch-concerning the details of which I shall add my own comments, and some particulars obtained from others of his personal friends. James Duncan Hague was born Feb..24, 1836, at Boston, Mass., where his father, Rev. William Hague, D.D., an eminent clergyman, then resided. After a preliminary, education in private. schools, be studied in 1854 at the, Lawrence Scientific School of Harvard University; in 1855 and 1856 at the University of Göttingen, Hanover; and from 1856 to 1858 at the Royal Mining Academy of Freiberg, Saxony. In 1859-1861 he was attached as chemist to a South Sea exploring expedition, sent by W. H. Webb, of New York, to examine Jarvis, Baker, and other islands for phosphate-deposits. After the outbreak of the Civil War, he entered the U. S. Navy, serving for a year as Judge Advocate to the fleet stationed at Port Royal, S. C. In 1863 he became Superintendent of the Albany and Boston copper-mine, in the Lake Superior region, where he was also connected with the earliest development of the Calumet and Hecla property. In 1867 he became the First Assistant Geologist in Clarence King's famous Exploration of

Feb 1, 1909

By Evan Evans

WITH the expiration on April 30, 1941, of the agreement between the anthracite operators and the United Mine Workers of America, a new agreement was entered into, providing for a general wage increase of 7 1/2 per cent effective May 1, to be brought to a total of 10 per cent on Oct. 1. Contract rates were increased from the rates established under the agreement of September 1923, and hourly rates were raised above the agreement of May 1936 as modified from the eight-to seven-hour day in May 1937. The new rates are to be in force for the duration of the agreement, ending April 30, 1943.

Jan 1, 1942

By T. L. Johnston

MUCH has been said and written about deep mine shafts and deep drill holes as man in his search for mineral wealth digs deeper into the earth's crust. Each year some new extra depth is heralded as a record, but with unlimited possibilities of going still deeper. In contrast to "digging deep," "mining high" is limited by the height of the mountains (Mt. Everest being the maximum with its 29,000-ft. elevation) and also by the extent of human endurance. An ex- ample of what might be called near- stratosphere mining in what is probably the highest mine worked by compressed air in the world is seen in a recent project in the Andes mountains of southwestern Bolivia.

Jan 1, 1939

By H. E. Cline

Solidification of Pb-Sn alloys ranging in composition from 1.2 to 56 at. pct Pb ws observed with polarized light. Lamellar structures were observed over a larger range of compositions in alloys containing excess tin than excess lead, as expected from constitutional supercooling. The occurrence of pools of supercooled liquid surrounded by lead is explained by the difficulty in nucleating tin. Cells and dendrites weve observed in tin-rich alloys. Evidence was found that the degenerate structure formed at low growth rates, the formation of faults, and abrupt changes in composition and structure can be attributed to non-steady-state growth. The apparent interface shape was observed to have deep grooves at the interphase boundaries. HUNT and Jackson have observed the shape of the interface during growth of organic eutectics. They observed the formation of lamellar faults and shape instabilities upon changes in growth rate. The lamellar structure in these organic eutectics was not restricted to the eutectic composition. Recent work by Mollard and Flemings2 indicated that Pb-Sn alloys from 12 to 26 at. pct Pb could be solidified with a lamellar or rodlike structure if a sufficiently steep temperature gradient was used at a slow growth rate. Observations of the solid liquid interface of the Pb-Sn eutectic were made by Davies3 using polarized light. Photographs were at too low a magnification to determine the interface shape, but he has concluded that tin was the leading phase. In the following experiments, solidification of a range of Pb-Sn alloys from 1.2 to 56 at. pct Pb was observed using polarized light, to determine the factors controlling stability of the lamellar structure. EXPERIMENTAL Procedure. One hundred-gram ingots of alloys prepared from 99.999 pct pure Pb and Sn were cast into graphite molds under argon. The compositions of the alloys were 1.2, 6, 12, 26, 36, 46, and 56 at. pct Pb. Two-gram pieces were melted between two cover glass slides which were squeezed into a 1-mm separation. Samples were then observed under polarized light in a hot stage shown in Fig. 1. A long working distance objective designed for viewing at 500 times was used. Photography was made difficult by the lack of illumination and contrast at these high magnifications. By using an elliptical polarization compensator, as suggested by A. Holik, the contrast and illumination could be optimized. Photographs could be taken only at slow growth rates to avoid excessive interface motion during the 15-sec exposure used. The solidification rate was varied by increasing or decreasing the power to the heater. It was found that insulation was necessary to avoid undesired growth rate fluctuations. The temperature gradient, as measured with two thermocouples 1 cm apart, was 80" ± 20°C per cm during all the experiments reported here. The advantage of this procedure is in being able to observe solidification while it is occurring. However, the observations are restricted to the glass-metal surface and may be influenced by this surface. Also, one has no knowledge of the interior of the sample, in contrast to studies of the freezing of transparent organic eutectics.' Observations. The alloy near the eutectic composition (26 at. pct Pb) solidified in a lamellar structure when the growth rate was uniform. If the growth

Jan 1, 1968

By John T. Crawford

Introduction Loading and hauling systems are evaluated in open pit mining for new properties, expanding existing operations, changing systems or equipment, and equipment replacement analysis. The objective of such evaluations is to determine the equipment needed to handle planned tonnages at the lowest cash flow cost. Cash flow costs are used to combine capital outlays with operating and maintenance costs. Leasing costs could be substituted for capital costs with appropriate modifications to calculation procedures. These modifications will not be covered. This chapter will describe methods of evaluating loading and hauling systems, concentrating on some of the more often raised questions concerning quantitative data. While the methods described are not the only ones in current use, they have a record of proven reliability. The shovel and haulage truck system is used In the examples because of its common use in open pit mines. In medium to large open pit mines, electric shovels and diesel-electric drive haulage trucks are normally used. The basic ideas presented in this chapter apply to all loading and hauling systems, with appropriate modifications. The process of performing a shovel and haulage truck evaluation can be time-consuming and tedious because of the quantity of data involved, but it is not particularly difficult. The examples used to Illustrate shovel and haulage truck evaluation are based on a hypothetical open pit mine operating 350 days per year producing 31 750- 000 t (35,000,000 st, 100,000 stpd) annually, of which 11 110 000 t ( 12,250,000 st, 35,000 stpd) are ore. Selection of the optimum shovel and haulage truck fleets will be shown. The principal sources of data for the examples or any other equipment evaluation are equipment manufacturers and actual operations. Whenever possible, actual operating experience should be used to verify estimates. The quantitative data presented herein are unrelated to a specific existing mining operation.

Jan 1, 1979

By R. J. Woody

Design of the most economic continuous counter-current decantation (CCD) circuit is based on selection of the number of stages and the wash volume that will give the minimum summation of the following items: 1) Capital and operating costs of the CCD circuit. 2) Capital and operating costs of the precipitation circuit. 3) Value of the dissolved product lost.

Jan 1, 1959

||Abad, Leopoldo F., Min Engr, Div of Mines, Bureau of Science Manila, P I '23 Abadilla, Quirico A, Geol, Lago Pet Corp Box 172, Maracaibo, Venezuela '20 ||Abbey, Robert Graham, The W W Sly Mfg Co Train Ave, Cleveland, Ohio '21 Abbott, A. N., Mines Supt, Mazapil Copper Co, Ltd Concepcion del Oro, Mexico '23 Abbott, Clarence E., Mgr, Mines & Quarries, Tenn Coal, Iron & R R Co, 1242 Brown Marx Bldg, Birmingham, Ala. '04 Abbott, Louis Benjamin, Chief Engr , Consolidation Coal Co , Elkhorn Div Jenkins, Ky. '16 Abbott, Robert R., Met Engr , Peerless Motor Car Co Cleveland, Ohio '12 ||Abbott, Wells Osborn, Ray Consolidated Copper Co Hayden, Ariz. '23 Abeel, George H, Jr., Cons Min Engr 4612 West 17th St , Los Angeles, Cal '18 Abel, Albert E., Asst to Pres, Valley Mould & Iron Corp Sharpsville, Pa. '19 Abernathy, George Elmer, Prof of Geol & Min , Kansas State Teachers College, Pittsburg, Kans. '20 Abey, Hiroshi, Min & Met Engr, Min & Met Dept, The Higher Technical School, Osaka, Japan. '17 ||d'Ablaing, Philip R, Chem , Anaconda Copper Min Co Great Falls, Mont '25 Aborn, Robert H , Research Assoc., Mass Inst of Tech Cambridge, Mass '19 Abouchar, Sylvain Sley, Min. Engi & Geol , care of S H Sekaly, 13 Rue El Nimr, Cairo, Egypt '17

Jan 1, 1923

(The following list contains the names of those members of the Institute of whose connection with military service we have only recently become acquainted; it also includes the names of a few who have recently been promoted or transferred, indicated by a *. A complete list was published in the Year Book, issued as a supplement of the Bulletin for March, 1918.) *AMBLER, HARRY A., 1st Lieutenant, 0. R. C., 30th Infantry, A. E. F. BAKER, R. F., Private, Intelligence Section, Headquarters 90th Division. *BARTON, L. A., Captain, 604th Engineers. *BATTEN, H. L., Lieutenant, Canadian Engineers, C. E. F. *BENSEL, J. A., Major, U. S. Reserves. BIRKETT, HOWARD, Lieutenant, Aviation, U. S. Signal Corps. BLOOMFIELD, E. C., Lieutenant, 1st Canadian Tunnelling Co. BOOTH, L. E., Watertown Arsenal, Det. E. 0. C., N. A., Watertown, Mass. *BOWMAN, REGINALD G., 1st Lieutenant, Engineers, U. S. R., Int. Ord. Dept. No. 4, A. E. F. *BRADLEY, CLARENCE I., Convois Automobile Section 585,. S. S. U., P. A. R., B. C. M.

Jan 7, 1918

P. W. BRIDGMAN.-Owing to a misunderstanding, I did not see Dr. McAdam's and Dr. MacGregor's remarks on my paper on Flow and Fracture (Metals Technology, December 1944, Pp. 32-38), until after their publication. Both Dr. McAdam and Dr. MacGregor speak of my analysis for the stress distribution at the neck of a tension specimen as containing several assumptions; in particular, that the strain is uniform across the section of the neck, that there is no hoop tension at the periphery, and that the plasticity conditions of von Mises hold. As far as the mathematics goes, the situation is no different in this problem of plastic flow than in a conventional problem of elasticity. That solution is unique which satisfies the boundary conditions on the stresses, the stress equations of equilibrium, and in addition the constitutive equations connecting stress and strain in the elastic case, or a corresponding set of equations, of which the von Mises relations are a special form, in the plastic case. In the particular case of the necked tension specimen I have found that there is a solution satisfying the boundary conditions, the stress equations of equilibrium, and the von Mises plasticity conditions in which the strain is uniform across the section, and there is no hoop tension at the periphery. This is therefore the solution, and the uniformity of strain and vanishing of hoop tension at the periphery are to be described as discoveries, over which the operator has no control, rather than as assumptions. The only part of the solution that can properly be described as an assumption is the von Mises plasticity condition. With regard to this it is to be noted that the condition is needed only in a much weakened form, for the analysis uses the condition only at the neck, where the strain is approximately constant. Thus, in the extreme case referred to in a footnote of my paper (p. 37, Met. Tech. Dec. 1944) the actually measured strain across the section varies from 2.4 to 2.6. Obviously it is a much weaker assumption to postulate that the von Mises condition holds in the strain range 2.4 to 2.6 than to assume it to hold for the entire range of strain from o up to 2.6, which would be necessary if the solution applied to the entire tension specimen rather than to the immediate region of the neck only. Furthermore, it is to be commented that under the special conditions of this problem the von Mises condition becomes identical with the maximum shearing-stress criterion of plastic flow; this amounts also to a weakening of the restrictions imposed by the von Mises condition. Dr. MacGregor refers to actual experiments of his own in which the strain was found not to be uniform across the neck. It is to be emphasized, however, that these were experiments on bars of rectangular section, and that the nonuniformity established was a nonuniformity around the perimeter, not a nonuniformity from the surface toward the axis. My method of solution applies only to a circular cross section. It can be said that the solution that satisfies the boundary conditions, etc., would definitely not be expected to demand a uniform strain for noncircular sections. In discussing my results, Dr. McAdam uses a definition of "flow stress" different from mine, so that the immediate applica-

Jan 1, 1945

By AIME AIME

T HE Institute of Metals Division and the Iron and Steel Division will meet jointly at the Stevens Hotel, Chicago, during the week of the American Metals Congress, Sept. 22-26. The Iron and Steel Di- vision of the American Society of Mechanical Engineers, the American Society for Steel Treating and the American Welding Society meet at the same time. but the sessions have been arranged to conflict as little as possible. A rich program of papers and plant visits has been arranged for the members and guests of the two Institute Divisions. The annual dinner and a pro- gram of entertainment are being arranged by the Woman's Auxiliary of the Chicago Section. Members are urged to register immediately up011 arrival and to make dinner and plant visit reservations at the same time.

Jan 1, 1930

||Abad, Leopoldo F, Min Engr, Div of Mines, Bureau of Science Manila, P I '23 Abadilla, Quirico A, Geol , Logo Pet Corp Box 172, Maracaibo, Venezuela '20 ||Abarquez, Ramon F, Met, Bureau of Science Manila, P I '24 ||Abbey, Robert Graham, Student, Case School of Applied Science Cleveland, Ohio '21 Abbott, A N , Mines Supt, Mazapil Copper Co, Ltd Concepcion del Oro, Zac , Mexico '23 Abbott, Clarence E , Mgr, Mines & Quarries, Tenn Coal, Iron & R R Co. 1242 Brown Marx Bldg, Birmingham, Ala '04 Abbott, Louis Benjamin, Chief Engr, Consolidation Coal Co, Elkhorn Div Jenkins, Ky '15 Abbott, Robert R , Met Engr, Peerless Motor Car Co Cleveland, Ohio '12 ||Abbott, Wells Osborn, Ray Consolidated Copper Co Hayden, Ariz '23 Abeel, George H., Jr, Cons Min Engr 4612 W 17th St, Los Angeles, Cal '18 Abel, Albert E , Asst to Pres , Valley Mould & Iron Corp Sharpsville, Pa '19 Abernathy, George Elmer, Prof of Geol & Min , Kansas State Teachers College, Pittsburg, Kan '20 Abey, Hiroshi, Min & Met Engr, Chief Engr, Takata Min Co, 2 Yeirakucho, Nichome, Kojlmachiku, Tokyo, Japan '17 ||d'Ablamg, Philip R , Millman, Old Dominion Silver-Lead Co Ellensburg, Wash '25 Aborn, R H, X-Ray Metallographic Research, Mass Inst of Tech Cambridge, Mass '19 Abouchar, Sylvain Sley, Min Engr & Geol, care of S H Sekaly, 13 Rue El Nimr.

Jan 1, 1923

By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959