Alchemy Bag (Equivalent Exchange)

Crafted out of an Alchemical Chest and High Covalence Dust. Gives you a colored alchemy bag, of which there are 16 possible. The above recipe is for a white alchemy bag; for other colors replace the white wool with wool all the same color. Each color has a unique inventory it is tied to. Multiple bags of the same color will always open the same inventory.
Some of the alchemy chest powers apply to these bags:
Repair talismans work like they're supposed to, repairing 1 point per second to everything in the bag.
The Black Hole Band works from within the bag, it pulls items directly into the bag instead of to the player (which has some uses, to be sure!)
The Gem of Eternal Density, naturally, works in the bag.
Exceptions:
Interdiction torches
Watch of Flowing Time
As of 4.16, a bug which previously caused Alchemy Bags obtained via Creative Mode or TMI to crash the game has been fixed.