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By L. BENEDICT

COMMENTING on the report of the latest Royal Commission for India, the September, 1926, issue of the National City Bank's monthly letter states, among other things, that "The decision of the Royal Commission is against the proposal for a gold coinage, but in favor of placing the silver coins and paper currency now redeemable in silver on a gold basis." Also, it quotes the following from the Royal Commission's report: The essence of the proposal * * * * * is that the ordinary medium of circulation in India should remain as at present the currency note and the silver rupee, and that the stability of the currency in terms of gold should be secured by making the currency directly convertible into gold for all purposes, but the gold should not circulate as money. It must not circulate at first, and it need not circulate ever. In this connection it may be stated that during the last one hundred and fifty years or so unsuccessful attempts have been made by the governments of different nations of the world to devise a plan or plans by which gold and silver could be used concurrently for money purposes and, particularly, as standard money; such, for example, as bimetallism, which, of course, is impracticable. But, since none of such plans has been adopted generally it is logical to conclude that their proponents did not shape them so as to conform to the basic principle of standard money, or else political issues were deemed to be dominant, or, perhaps, it was partly due to each.

Jan 1, 1926

By William H. Bassett

RECENTLY it has become the custom of retiring presidents to talk of the relations of the Institute to its membership and its constituency- and it seems a good precedent to follow. Past-president Smith reviewed our relations to materials and to society in general. Mr. Bradley spoke of the value and use of our publications and of our educational duties. My message will be in regard to the coordination of our various groups of member interests and of service to industry. This Institute has, within its organization, four divisions and fourteen technical committees--each interested in a separate put very definite subject, and each covering a phase of mining engineering interest. These vary from geology and the geophysical methods of prospecting, to the physics of the structure of metals, truly "from the mine to the consumer"-from the preparation for mining to the final use of that which has been mined.

Jan 1, 1931

By George J. Young

DR . JOHN A . CHURCH, in his treatise on the Comstock Locle 1 gave a full and clear account of the conditions of the mine during the period of greatest activity. The difficulties in the way of deep mining at that time were excessive water and high temperature. The drainage of the mines taxed the financial resources of the mining companies, and the high temperatures restricted the capacity of the miners for underground labor. In spite of these difficulties exploratory work was continued until the financial burden of removing the water became too great. The companies then restricted the work to the upper levels. The years 1883 to 1886 marked the period of cessation of deep mining. For 12 years thereafter mining was confined to the levels above the Sutro tunnel; and, while the question of drainage was more or less agitated, nothing of importance was done until the formation of the Comstock Pumping Association in 1898. Since that time successive levels have been drained until, at present, on the north-end mines, a depth of 700 ft. below the Sutro-tunnel level has been reached. Mining is now carried on in the Ophir mine from the 1,700- to the 2,200-ft. levels, and a winze is being sunk to make connection with the 2,300-ft. level (the 2,450 ft. of the C. & C. shaft). In 1903-the Ward Shaft Association was formed to undertake the draining of the Central and Gold Hill group of mines, and at the present time a depth of 2,500 ft. has been reached in the Ward shaft. The situation at the Ward looks promis¬ing, and the 3,000-ft. level may be reached in the near future. It is proposed to establish a large pumping-station on this level, and then begin the opening of known ore-bodies and the prospecting for new ones. The main factors which have contributed to the successful solution of the drainage problem are the Sutro tunnel, the use of the hydraulic elevator as a sinking-pump, the concentration of pumping-units, and cheap electrical power. The question of high temperature and its control still remains as a minor but important problem. The temperatures encountered in the new workings are as great as those in the earlier periods. The Comstock was considered the hottest group of mines in the world, and I am not aware of similar conditions in any other mining-district. A water-temperature as high as 160° F. has been reported from the Ward shaft, and temperatures below the Sutro tunnel are very high in many instances.

Nov 1, 1909

By CHARLES R. KETES

I. INTRODUCTORY. Lake Valley, New Mexico, has long been one of the most widely known mining districts of southwestern United States. For many years its silver-mines have been among the most famous of the country, visited by many mining men and geologists; yet little information regarding the origin of the ore-deposits and the influencing geologic conditions has found its way into print. With the recent revival of public attention, after a decade and a half of utter stagnation, to the mining of silver in the Southwest, special interest attaches to the genesis and geologic disposition of the ore-bodies which are so finely open to inspection in the Lake Valley district. Moreover, the local features here described are typical of the conditions existing over a much larger field. The fact that the ores are chiefly the chloride and the chloro-bromide of silver adds further interest. Data bearing upon the genesis of haloid ore-deposits are, at the present time, very much sought. Arid regions offer particularly favorable conditions for the formation of such ores. This New Mexican district appears to supply solutions to many problems concerning this class of ores, which have long vexed the student of ore-deposits. II. LOCATION AND HISTORY. The town of Lake Valley is situated in Sierra county, in the southwestern part of New Mexico, and 100 miles northwest of El Paso, as the crow flies.From a mining standpoint, the location of the place is itself suggestive, as it lies on the southeastern slope of the great quaquaversal arch of the Colorado plateau. The center of this vast dome is in north-central Arizona, and radii about 150 miles in length reach its foot in all directions. Around its basal margins runs the broad mineralized belt containing most of the great mines of the Southwest, which extends from south-central Colorado southward and southwestward through New Mexico, thence westward through Arizona, northwestward and northward through southeastern California and western Nevada, and, finally, eastward through Nevada and Utah into Colorado again. This great mineralized belt is important as geographically limiting profitable mining over the greater part of five States.

Jan 1, 1908

By T. Lane Carter

(Canal Zone Meeting , October , 1910.) INTRODUCTION. IT is a curious fact that while in our Transactions there are papers dealing with mining-districts in all parts of the world, in Europe, Asia, Africa, and Australia, there is not one which describes the mining possibilities of Nicaragua; our near neighbor. To be most interested in distant objects, like the moon, .and to neglect what lies at our feet, appears to be a trait of human nature. The neglect of Nicaragua is not confined to the American Institute of Mining Engineers. In no other transactions am I :able to find papers dealing with mining in Nicaragua, some parts of which are as much in need of discovery and research as the North Pole.. I hope this paper will be the precursor of many others to be printed in our Transactions, dealing not only with the mining possibilities of Nicaragua, but with the whole of Central America, where there are vast areas awaiting skill and capital for their development. Much of this capital and skill should come from the United States in the future, although it is probable that European capitalists, when they appreciate fully the possibilities, will investigate more and more the mining-resources of Nicaragua and other Central American republics. Fig. 1 is a sketch-map of Nicaragua showing the principal mining-districts. II. HISTORY. Mining in Nicaragua did not begin yesterday. It was commenced by civilized man when the Spanish conquerors penetrated into the interior and forced the natives to procure the precious metal for them. It is strange that the Spaniards did not find more gold, and work on a scale as extensive as in Colombia and other parts of South America. Probably in Nicaragua the Indians covered up most of the rich prospects

Dec 1, 1910

By Cornelius F. Kelley

DURING the war, events moved with unprecedented rapidity. Situations, industrial, economic and financial, arose over night that stressed to the uttermost the ingenuity and ability of those who dealt with them. It was essentially a time demanding action rapid and concentrated, and not one for discussion, either academic or polemic. As a result, matters of importance were necessarily transacted without the desirable opportunity being afforded of enabling a general understanding to be gained as to the relative merit or demerit involved, and in some instances, legislation essential to enable the consummation of an important matter was passed without attracting the public attention then deeply engrossed in the larger aspects of the situation. The result was that so long as the public mind was occupied, little or no concern was given to questions that ordinarily would have invited immediate attention; and in some instances, only when as an aftermath of war a particular subject has become a matter of discussion, criticism not altogether fair is made without first obtaining accurate knowledge as to the conditions that prevailed, the purpose sought to be accomplished, or the results obtained by the action taken.

Jan 1, 1921

Jan 1, 1900

By Richard E. Chism

Jan 1, 1902

By Pierre de P. Ricketts

Having had occasion while in Europe during the past summer to visit some of the foreign mints and assay offices connected with the same, I thought a brief description of the general process of coining employed, and such items connected with assaying as were new, might prove interesting to the Institute. The principal foreign mints are: the Royal Mint, London; and the mints in Paris, Brussels, Utrecht, Berlin, Vienna, Copenhagen, St. Petersburg, Stockholm, Madrid, Milan, Rome, and Constantinople. My time only permitted my visiting a few of the principal and largest given in the list, and for a description of the remainder I am indebted to the kindness of Mr. James M. Napier, who in company with the deputy master, and chemist of the Royal Mint, made a complete inspection of all the European Mints in 1870.

By Pierre de P. E. M. Ricketts

HAVING had occasion while in Europe during the past summer to visit some of the foreign mints and assay offices connected with the same, I thought a brief description of the general process of coining employed, and such items connected with assaying as were new, might prove interesting to the Institute. The principal foreign mints are: the Royal Mint, London; and the mints in Paris, Brussels, Utrecht, Berlin, Vienna, Copenhagen, St. Petersburg, Stockholm, Madrid, Milan, Rome, and Constantinople. My time only permitted my visiting a few of the principal and largest given in the list, and for a description of the remainder I am indebted to the kindness of Mr. James M. Napier, who in company with the deputy master, and chemist of the Royal Mint, made a complete inspection of all the European Mints in 1870.

Jan 1, 1876

By F. W. Bradley

GOLD is a large subject. One could talk about its geological or mineralogical occurrences, prospect- i11.g for it, mining of .it, its metallurgy or its marketing; but I have decided to limit my discussion to gold as a business-that is, to its production and marketing. In the production of gold, it is necessary to consider the many possible sources, the quantities available, the capital and operating costs and the chances of price-breaking competition. So in the following remarks I shall endeavour to point out that though gold is found in every formation constituting the earth's crust, though it is possible to-find it free in great concentrated placer deposits on the surface, though there are still large unprospected areas of both the surface and the crust, though it may be possible to produce it by the cheapest labor on earth, and by processes not as yet developed, it still has an unlimited market at a definite price. There is no reasonable fear of disturbance by the finding of bountiful deposits, or by cheapening the cost of production due to devaluation, or by the development of any easy processes for direct, or for by product, production.

Jan 1, 1932

By AIME AIME

THE twenty-second annual meeting of the Canadian Mining Institute was held at the King Edward Hotel, Toronto, on Mar. 8, 9, and 10, and was followed on the 11th by an all-day excursion to the International Nickel Refinery at Port Colborne. The meeting was very well attended and dealt with some of the most important matters, both technical and economic, that have ever come before the Canadian Institute. The question of licensing engineers is before the Canadian members as it is before our own in this country and the attitude of the mining engineers across the border is like that of the American mining engineers, opposed to the licensing of the mining. engineer, however they may feel toward the licensing of other branches of the engineering profession. It was well pointed out that such a law, had it been in existence in the last decade or two, would probably have prevented the rapid development of Canada's mines. Whereas one civil engineer can run a line of survey as well as another, perhaps, it is only a question in his case of whether he can or cannot survey. In the case of a mining engineer employed by a man with capital to invest in a development project, unless the man with the money has confidence in the judgment of his engineer the fact that he is a professional man would carry little weight in inducing a large investment toward the development of Canada's resources. It was also pointed out that although the Institute as a whole had not passed on the matter, it would probably be opposed to legislation aiming only for self-interest, but would be heartily in accord with legislation which could be shown to be for the service of the community at large.

Jan 1, 1920

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

By AIME AIME

SCRIPTURE, statistics and imagination all were drawn upon by the speakers who acclaimed Daniel C. Jackling as recipient of the William Lawrence Saunders Gold Medal for 1930. The award was made at a special dinner at the Ritz-Carlton, in New York, on Oct. 31. Lafayette Hanchett, old friend and associate, said that if it were his task to compress the life story of Daniel Jackling into a single sentence, he could find noth¬ing so appropriate as these words from the 22nd Chapter of Proverbs, "See'st thou a man diligent in his business, he shall stand before Kings." Mr. Jackling's diligence, according to the speaker, his love for his task, have been outstanding in his career. W. S. Boyd, now ranking official in the Jackling organization, cited amazing statistics as to the quantity of copper supplied to industry by the four "porphyry". coppers that are under Mr. Jackling's immediate direc¬tion, as well as by those that, in a sense, owe their existence to the pioneer work at Utah Copper. In the aggregate- 16,000,000,000 lb. of copper having an approximate value of $2,700,000,000 have been produced from disseminated ores since 1905; and of this total 42 per cent came from Utah and the Nevada group. Newcomb Carlton, president of the Western Union Telegraph Co., long an admirer of Mr. Jackling, adroitly drew a picture of a similar occasion in some 'foreign country. He imagined Mr. Jackling being raised to the peerage and whimsically addressed him as Sir Daniel, the Right Honorable Earl of Bingham!

Jan 1, 1930

It is probably safe to say that, as the economic well-being of the mining industry goes, so goes the fortunes of mineral explorationists. And in 1977 the industry was not well at all. The year-long depression of the copper industry, marked by layoffs, temporary shutdowns, and mine closures, provided an appropriate background for the collapse of the nickel market, passage of a surface mining law that will affect the hard-rock industry in ways that are yet unclear, and the threat of operating under a new set of rules brought on by reform of the Mining Law of 1872.

Jan 5, 1978

By AIME AIME

ANOTHER meeting of the Institute has passed into history and it fully sustained the reputation of the Institute as a live organization of the men, and nowadays the women, concerned with the mineral . ? industries and those working therein. The field meetings of, the 1nstitute are cine of its pleasantest and most valuable features. As Dr. Raymond used to say, ((It is good for a mining engineer once in a while to see a mine" and these meetings bring back to the mines those who, through progress into higher executive positions, have come to visit them infrequently, at the same time that they give opportunity for the .younger men to see regions and mines aside from those in which they are then working. This, and the formal and' informal interchange of information resulting,, is of the greatest professional value to all, while the meeting of old and making of new friends causes each meeting to be notable in turn. This year's meeting at Salt Lake City was one of the largest that has been held outside of. New York City; 470 members and guests registered while many more were present at the sessions without attending to this formality. '

Jan 1, 1925

By W. R. Ingalls

THE following chronology presents the history of lead-mining in the United States in a brief form and is a useful reference in connection with the statistics of production 1621. Lead was mined and smelted near Falling Creek, Va., to supply the local demand for bullets and shot. This was the first mining and smelting of lead in what is now the United States. 1632. In a report made on the minerals of New England, lead-ore is mentioned. (Bishop, I., 470.) 1650. Supposed beginning of mining by Jesuits in Pima county, Ariz. 1651. Grant of lead-mine at Middletown, Conn., to Gov. John Winthrop.

Jan 9, 1907

By HARRINCTON EMERSON

UNEMPLOYMENT is the most ominous shadow ahead of the industrial nations today. Only two great industrial countries are free from unemployment, France and the Soviet Commonwealth. In France the social unit is the family, not the individual. This has saved France. In the Soviet Commonwealth, development is proceeding so rapidly from agricultural to industrial that there is still a dearth of muscle workers in the non-agricultural enterprises. In the other industrial countries unemployment results both from acute temporary recession in industrial activities and from the rapidly increasing substitution of the machine for the man. Temporary recessions can be mitigated, alleviated by makeshifts, often ill considered. Secular recessions due to a fundamental change in the way of accomplishing physical, chemical results cannot be cured by any makeshift. There must be a period of transition. There is therefore before us the three- fold problem, immediate, prosimate and ultimate.

Jan 1, 1930

By AIME AIME

A PERIOD of business depression and falling prices always raises questions as to the possible responsibility of the monetary or banking system. This is natural enough, for it is agreed that the supply of money or credit is a very important factor in modern business and in prices. However, it is far from being the only important factor. One of the chief merits of the gold standard is that under its workings the supply of currency and credit is regulated automatically to the masimun extent, in- stead of by the control of any arbitrary authority. The supply of new gold comes from the mines, and mining is free. It is distributed among the countries by the currents of trade and the play of economic forces, with the general result that the distribution tends to be in accordance with the economic development of the countries and their ability to use it or command it. Inasmuch as the accumulated stock of monetary gold is very large in comparison with the annual additions, the total avail- able supply changes but little from year to year, and it may be assumed that price-changes that are properly chargeable to gold will take place gradually rather than suddenly.

Jan 1, 1930

By Paul M. Tyler

MUCH has been said in print, and much more that was unprintable, about burdensome controls, taxation, and multiplying restrictive, regulatory, or taxing activities of the Federal Government, but not so much has been said about ways and means whereby the Government can and does render economic assistance. Economics has been defined as the study of men earning a living, and economic assistance to industry as well as to individuals properly should take the form of helping enterprisers to help themselves rather than charity. Proposals to have the Government play Santa Claus must be examined carefully if -only to avoid undue favoritism to politically important persons and downright venality by potentially crooked public officials. Thomas Jefferson is credited with the remark that the best government is the one which governs least. Paternalism is abhorrent to most Americans.

Jan 1, 1947