This chapter discusses the “seigniorage argument” in favor of public money issuance, according to which public finances could be improved if the state more fully exercised the…
Abstract
This chapter discusses the “seigniorage argument” in favor of public money issuance, according to which public finances could be improved if the state more fully exercised the privilege of money creation, which is, today, largely shared with private banks. This point was made in the 1930s by several proponents of the “100% money” reform scheme, such as Henry Simons of the University of Chicago, Lauchlin Currie of Harvard and Irving Fisher of Yale, who called for a full-reserve requirement in lawful money behind checking deposits. One of their claims was that, by returning all seigniorage profit to the state, such reform would allow a significant reduction of the national debt. In academic debates, however, following a criticism first made by Albert G. Hart of the University of Chicago in 1935, this argument has generally been discarded as wholly illusory. Hart argued that, because the state, under a 100% system, would be likely to pay the banks a subsidy for managing checking accounts, no substantial debt reduction could possibly be expected to follow. The 100% money proponents never answered Hart’s criticism, whose conclusion has often been considered as definitive in the literature. However, a detailed study of the subject reveals that Hart’s analysis itself appears to be questionable on at least two grounds: the first pertains to the sources of the seigniorage benefit, the other to its distribution. This chapter concludes that the “seigniorage argument” of the 100% money authors may not have been entirely unfounded.
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In view of the increasing use of fuming nitric acid, particularly as a rocket fuel, it becomes a matter of importance to study the corrosive effects of the acid upon the materials…
Abstract
In view of the increasing use of fuming nitric acid, particularly as a rocket fuel, it becomes a matter of importance to study the corrosive effects of the acid upon the materials which handle it. Some interesting research on this problem was recently undertaken by the author on behalf of the United States Air Force. The report has been made available in this country through the Technical Information and Documents Unit of the Department of Scientific and Industrial Research.
The inhibition of corrosion of Al‐Cu (4%) alloy B26S in decinormal solutions of phosphoric acid by different amines has been studied. The efficiency of the inhibitors increases in…
Abstract
The inhibition of corrosion of Al‐Cu (4%) alloy B26S in decinormal solutions of phosphoric acid by different amines has been studied. The efficiency of the inhibitors increases in the order: triethylamine, di‐cyclohexylamine, diethylamine, cyclohexylamine, di‐n‐propylamine, isopropylamine, ethylenediamine, trimethylamine, n‐butylamine, dimethylamine, ethylamine, hexamine, n‐propylamine, methylamine. At constant acid concentration, the inhibitor efficiency increases with increase in the concentration of the inhibitor whereas at constant inhibitor concentration the efficiency decreases with increase in the concentration of the acid. Very little correlation appears to exist between either the pKb values or the molecular weight and the extent of inhibition. Maximum inhibition is achieved in those cases where the pH of the inhibited solution lies in the non‐corrosive range (4.5–8.5).
In the introduction a brief explanation is given of the mechanism of vanadium corrosion, and in the further sections the results of comparative tests conducted with various types…
Abstract
In the introduction a brief explanation is given of the mechanism of vanadium corrosion, and in the further sections the results of comparative tests conducted with various types of austenitic steels are described. Chromised and chromium nitrided layers are shown to have considerable corrosion‐resistance, which increases with the increasing chromium content of the layers. The effect of the structure of the saturated layers has only secondary importance.
The literature on electroless gold deposition processes is reviewed both with respect to bath formulation and the kinetics of the electrochemical reduction and oxidation reactions…
Abstract
The literature on electroless gold deposition processes is reviewed both with respect to bath formulation and the kinetics of the electrochemical reduction and oxidation reactions involved. Some modified formulations are discussed in more detail and components processed by the use of electroless gold deposition are illustrated.
Kasturie Premlall, J. Herman Potgieter and S. Potgieter‐Vermaak
The effect of chlorides on corrosion of reinforcing steel is well documented in the literature. However, few studies have focused attention on the effect of sulphates on the…
Abstract
Purpose
The effect of chlorides on corrosion of reinforcing steel is well documented in the literature. However, few studies have focused attention on the effect of sulphates on the corrosion of low carbon steel in alkaline media. This paper aims to address this issue.
Design/methodology/approach
This paper describes the results of the investigation into the corrosion behaviour of low carbon steel (typically used as reinforcing steel), exposed to alkaline media at a pH of 9 and 12 with varying concentrations of sulphate and chloride ions, as well as, in sulphate only solutions. An attempt was made to inhibit corrosion of steel exposed to the corrosive media using laser surface treatment of the steel specimens. Mass loss tests and electrochemical tests were conducted to evaluate the effect of sulphate only and the combined effect of sulphate and chloride ions in an alkaline media on steel.
Findings
It was found that sulphate ions could cause corrosion of steel in alkaline media. The severity of the attack increased with increasing sulphate ion concentrations, as well as with combinations of sulphate and chloride ions. The pH 12 conditions seem to show much more critical attack with evidence of pitting corrosion as compared to uniform corrosion for test conditions at a pH of 9. The attempt to inhibit the observed corrosion of steel exposed to the corrosive high alkaline media containing sulphate ions on their own and in combination of chloride ions by laser surface treatment proved to be successful.
Originality/value
The research undertaken here adds to the body of knowledge relating to the effect of sulphate ions on reinforcing steel corrosion in highly alkaline media. Most literature points out that sulphate ions on their own do not have a corrosive effect, but rather, a passivating effect!
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Certain classes of organic chemicals that can behave like carbon black in protecting polythene from thermal degredation have recently been developed at Bell Telephone laboratories…
Abstract
Certain classes of organic chemicals that can behave like carbon black in protecting polythene from thermal degredation have recently been developed at Bell Telephone laboratories in the U.S.A. Mrs. A. Worthington and Dr. W. L. Hawkins described their discovery at a recent meeting of the American Chemical Society in New York. They demonstrated that a number of compounds containing alternating unsaturated bonds provide excellent thermal anti‐oxidant properties in combination with previously reported sulphur‐bearing compounds.
Last month we published abstracts and summaries of some of the papers presented at the Congress, which was held at the Imperial College of Science and Technology from April 10–15…
Abstract
Last month we published abstracts and summaries of some of the papers presented at the Congress, which was held at the Imperial College of Science and Technology from April 10–15 under the auspices of the International Union of Pure and Applied Chemistry. In this issue we publish further abstracts and summaries together with illustrations of many of the corrosionists attending and photographs of some of the many visits which were arranged to works and laboratories. The Congress attracted over 800 delegates.
Pitting inhibition efficiency of SO4− and NO3− on AISI 316L stainless steel in contact with Cl−-containing fiber dyeing solutions together with the influence of the anions on…
Abstract
Purpose
Pitting inhibition efficiency of SO4− and NO3− on AISI 316L stainless steel in contact with Cl−-containing fiber dyeing solutions together with the influence of the anions on absorption behavior of the solutions were investigated. The purpose of the study is to experimentally determine an optimized dyeing solution efficient on both – inhibition of the steel’s pitting and exhaustion of the dyes dissolved.
Design/methodology/approach
Methods such as electrochemical cyclic polarization, UV-visible range spectrophotometry and scanning electron microscopy have been used to assess the performance of two inhibitors on both pitting inhibition of the steel and dissolving ability over the reactive dyes. To find out a promising dyeing solution mixture in both aspects, Cl content of the original dyeing solution was replaced gradually with the inhibiting anions, where the total anionic content was kept constant to unchange the dye exhaustion potential of the solution. Then, those solutions came out with diverse pitting inhibition, and dye absorption levels were compared together for reducing/avoiding the pitting issues of the reactive dyeing vessels of the industry.
Findings
Rather high absorption levels detected by visible range spectrophotometry on the solutions showing sound inhibition levels indicated possibility of unaltered reactive dyeing qualities with an enhanced vessel lifetime as the inhibitive anions replace Cl−. Nitrate performed better than sulfate both on inhibition and absorption in the dyeing solutions. Also, 316L vessels became open to an extra anodic protection in inhibitor added solutions.
Research limitations/implications
The findings are valid for a certain group of reactive dyes and dyeing solutions held at 70°C. However, the testing methods are available to almost any dyeing solution and dyeing temperature.
Originality/value
The work presents a combined testing of pitting inhibition and absorption behavior of dyeing solutions involving Cl− that has not been reported so far. It shows that solution recipes least harmful to the steel vessels can be outlined for various reactive or other types of dye groups.