Suppose, however, that the theories of the alchemists are entirely erroneous from beginning to end, and are nowhere relieved by the merest glimmer of truth. Still they were believed to be true, and this belief had an important influence upon human thought. Many men of science have, I am afraid, been too prone to regard the mystical views of the alchemists as unintelligible; but, whatever their theories may be to us, these theories were certainly very real to them: it is preposterous to maintain that the writings of the alchemists are without meaning, even though their views are altogether false. And the more false their views are believed to be, the more necessary does it become to explain why they should have gained such universal credit. Here we have problems into which scientific inquiry is not only legitimate, but, I think, very desirable,--apart altogether from the question of the truth or falsity of alchemy as a science, or its utility as an art. What exactly was the system of beliefs grouped under the term "alchemy," and what was its aim? Why were the beliefs held? What was their precise influence upon human thought and culture? It was in order to elucidate problems of this sort, as well as to determine what elements of truth, if any, there are in the theories of the alchemists, that The Alchemical Society was founded in 1912, mainly through my own efforts and those of my confreres, and for the first time something like justice was being done to the memory of the alchemists when the Society's activities were stayed by that greatest calamity of history, the European War. Some students of the writings of the alchemists have advanced a very curious and interesting theory as to the aims of the alchemists, which may be termed "the transcendental theory". According to this theory, the alchemists were concerned only with the mystical processes affecting the soul of man, and their chemical references are only to be understood symbolically. In my opinion, however, this view of the subject is rendered untenable by the lives of the alchemists themselves; for, as Mr WAITE has very fully pointed out in his _Lives of Alchemystical Philosophers_ (1888), the lives of the alchemists show them to have been mainly concerned with chemical and physical processes; and, indeed, to their labours we owe many valuable discoveries of a chemical nature. But the fact that such a theory should ever have been formulated, and should not be altogether lacking in consistency, may serve to direct our attention to the close connection between alchemy and mysticism.