total of $448,430,000,000 and we can use this as a basis for a purely hypothetical case. It is not an unreasonable sum since it means that our gross earnings in 1918 of 61 billion “1918” dollars, as calculated by the National Bureau of Economic Research,[1] are only about 13.7 per cent, from which we have to deduct the total expenses of 104.18 million employees and retainers before we consider the question of a dividend. Let us take, then, our per capita wealth in terms of the “1918” dollar as 448,430,000,000104,180,000, or $4304.
We must not forget, however, that a large portion of this is capital, or stored effort, subject to depreciation or enhancement, being similar to reserves of water stored in a reservoir. One of the tasks of our Conversion Committee then would be to separate basic value from reserves. Definite figures are not available, but taking a general view of the figures assembled by Professor Seligman in his discussion of the Single Tax[2] we may be justified in assuming, purely for the sake of argument, that 50% of this is personal property and equipment and the other 50% is the rental value of the land. On the basis of this assumption the per capita share in basic value may be taken as one-half, or $2152, and the total sum of basic value as $224,215,000,000.
This sum of 224.215 billion dollars we may take, then, as our real value in terms of which we can measure both larger and smaller values just as we estimate the density and volume of the sun, and the density and volume of a human hair in terms of our basic measurable realities—the density and volume of the earth.
