Page:David Atkins - The Economics of Freedom (1924).pdf/329



Having already shown that 1 “1918” dollar is the equivalent of 363 square feet of an average population-density of 1 man per 18 acres, it may be interesting to realize that the value expressed by 3.25 cents would represent approximately title to 11.8 square feet of United States territory, which gives much greater dignity to $140⁄4303$ cents than its present pretense of being title to about three-quarters of a grain of practically nonexistent gold.

The dollar side of these simple equations is so entirely aerial that all the calculations would have to be adjusted by our Conversion Committee. At the moment they do not mean much as far as precision is concerned, but their significance is very great with reference to the main argument. Whether we have “several billion” dollars out, or not, we can see that the effort men will bid for the certified freedom represented by the control of 363 square feet of U. S. territory is a much sounder indication of the fundamental value which underlies our currency and credit instruments than a rate of interest which can vary between 5 per cent and 125 per cent per annum, expressed in terms of $140 × 100⁄4304$ grains of gold, particularly when a large part of the unknown quantity x may be in Europe when most needed.

The foregoing calculations have been made to show that the flow of effort with which we are concerned has a net measurable current value, and that this value, if we know our area and population within a region of order, can only be finally measured in terms of hours. If the gold-standardist protests it will be purely because he is hypnotized by his ritual. He now measures value in the same way himself. The chief trouble with the gold-standardist is that he has been taking his own