At the same time we must not lose sight of the fact that the substances which we now recognize as elements have not only resisted the most powerful analytical agencies and dissociating forces, but have maintained their elemental character in spectrum analysis, and shown their presence as distinct elements in the sun and other heavenly bodies where they must have been subjected to the action of the most energetic decomposing forces. So that in the present state of our knowledge the near prospect of successful transmutation does not seem to be very bright, although we cannot regard it as impossible. In the article from which we have already quoted, Sir William Ramsay, after discussing the bearing of certain experiments in regard to the parting with and absorbing of energy by certain elements, says: "If these hypotheses are just, then the transmutation of the elements no longer appears an idle dream. The philosopher's stone will have been discovered, and it is not beyond the bounds of possibility that it may lead to that other goal of the philosophers of the dark ages--the _elixir vitae_. For the action of living cells is also dependent on the nature and direction of the energy which they contain; and who can say that it will be impossible to control their action, when the means of imparting and controlling energy shall have been investigated!" In the event of the discovery of a cheap method of producing gold, the change which would certainly occur in our financial or currency system would be important, if not revolutionary. It has become the fashion at present with certain writers to scout the so-called "quantitative theory" of money as if it were an exposed fallacy. Now the quantitative theory of money rests on one of the most well-grounded and firmly established principles in political economy: the trouble is that the writers in question do not understand it or even know what it is. At present, the production of gold barely keeps pace with the increasing demand for the metal as currency and in the arts, but if that production were increased ten-fold, the value of gold would decline and prices would go up astonishingly. One of the objects which the better class of alchemists had in view was the making of gold to such an extent that it might become quite common and cease to be sought after by mankind. One alchemical writer says: "Would to God that all men might become adepts in our art, for then gold, the common idol of mankind, would lose its value and we should prize it only for its scientific teaching." FOOTNOTES: [2] Genesis vi, 2. VI THE FIXATION OF MERCURY