Page:David Atkins - The Economics of Freedom (1924).pdf/307



For the sake of argument let us assume that the average redemption period of these obligations is twenty years. We have upon this very general assumption to pay off the total sum of 30 billion dollars, at the average rate of 1.5 billion per annum, in addition to our current tax obligations of approximately 5.352 billion per annum.

If these figures be taken as a basis, subject to correction, we can realize at any rate that we have committed ourselves to an estimate of a surplus earning capacity, in excess of our urgent personal needs, of approximately 6.85 billion dollars per annum. In other words we have more or less unconsciously credited the whole co-ordinated power-plant known as the United States with such capacity. Before now, for the sake of freedom, we have anticipated value and certified it in terms of “gold” dollars: let us do it again in terms of census-area dollars and get rid of the domination of the arbitrary autocracy of gold just as we have got rid of other autocracies. In effect we would say to those who own gold: “Your domination is ended. You may keep your gold with its so-called intrinsic value for which you have always contended.” And to those who own land: “Your domination is acknowledged: with gold eliminated it is obvious—so obvious that we can see it and apportion your responsibility in terms of taxation. We are