E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
The way to wealth. The ancient alchemists thought there was a substance which would
convert all baser metals into gold. This substance they called the philosophers stone. Here the word stone is about equal to the word substratum, which is compounded of the Latin sub and stratus (spread-under), the latter being related to the verb stand, stood, and meaning something on which the experiment stands. It was, in fact, a red powder or amalgam to drive off the impurities of baser metals. (Stone, Saxon, stán.)
Philosophers stone. According to legend, Noah was commanded to hang up the true and genuine philosophers stone in the ark, to give light to every living creature therein.
Inventions discovered in sarching for the philosophers stone. It was in searching for this treasure that Bötticher stumbled on the invention of Dresden porcelain manufacture; Roger Bacon on the composition of gunpowder; Geber on the properties of acids; Van Helmont on the nature of gas; and Dr. Glauber on the salts which bear his name.