Page:David Atkins - The Economics of Freedom (1924).pdf/294



the conditions already indicated we are faced logically as a nation, with one of three fairly definite alternatives. The alternative we choose will depend very largely upon our national reaction to intolerable pressure, as we grow fully aware of it. The three channels open to us are:—

First, Economic bondage to the holders of our newly created “gold-dollar.”

Second, Repudiation of our so-called gold-dollar by revolution.

Third, Partial repudiation (or dilution) of our so-called gold-dollar by legislative process.

Under the first alternative, if as a nation we are capable of taking pressure as meekly as is hoped, and urged in the name of thrift, by those who now stand unharmed after our cyclone of inflation and deflation, we shall settle down for from twenty to fifty years of patient and truly exemplary service to our newly created aristocracy. This is most unlikely. However thankless the task of waking a dreamer to realities, these innocent advocates of the virtues of resignation and meekness should be told at once that what they dream will not come true.

The second avenue we may follow, namely, the repudiation of our so-called gold-dollars by revolution, will only be taken if our reaction to pressure is violent. If our natural good sense has been too dangerously diluted by the past flood of unscrutinized immigrants with their prejudice against order, it is possible that as a nation we may rise up, and without much nicety, smash title to all property—either gold which does not