Chapter XI
A Basic Dollar
(D) Calculation of the equivalent of the so-called “gold” dollar in terms of the proposed census-area unit.
We have here for one starting point the fact that the basic per capita wealth of the United States in 1918 was the control of 18 acres: for the other, the momentary approximation of a per capita dollar wealth of 4304[1] “1918” dollars.
These figures, taken for what they are worth, show that the tangible value of one person per 18 acres, in orderly relationship with approximately 104.18 million persons per 1,903,215,360 acres, enriched by all our present facilities, equipment and genius, was $4304 in 1918. This approximate result is, by now, post-mortem and badly decomposed, but that is the fault of the so-called “gold” dollar, not of our basic values. It expresses, only as of that date, the per capita wealth of the United States in terms of our drifting dollar.
Now if we are to do any measuring of value, we must follow scientific procedure and eliminate all possible factors that are not ultimate and measurable; for this reason we must be guided by the estimate that one half of this sum is privately owned capital subject to enhancement or decay, and that the other half, namely, 2152 dollars,[2] represents that occupancy-value of area which arises from the capitalized demand of a freely moving population for advantageous foothold.
Getting down to simpler mathematical expressions, we have the following to consider: If for the sake of space we call the human unit “man,” and take our average population-density as 1 man per 18 acres, then
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