with a compound value, springing from the reciprocal relationship of area and population in a measurable zone of order.
Now to determine the dollar value of any particular area as a basis for taxation—the insurance of value; or as a basis for money—the measure of value, all that it is necessary to do is to multiply this area by a fraction representing the ratio between local population-density and average population-density.
This appears the only possible basis for a scientific unit of economic value under democracy. Our measure of basic value, to remain constant in time can only be expressed in terms of population and area. The unit based upon these components we may call a crown, a doubloon, a dollar or a dynar—it does not matter what we call it, as long as we cease to think childishly of measuring such compound value by 25.8 grains of gold which we find on demand are either not available or, if available, have no relation to our measurable data.
Only with our unit definitely tied to ultimate and measurable data can it be freed from erratic legislation or discreet manipulation, a maximum possible volume of such currency being limited by this data, and a minimum issue ensured by the fact that something real—that is, something limited in total quantity and valued in terms of population-density—has been placed in jeopardy.[1] From a scientific point of view there is only one side to this argument. It is the pseudo-scientific economists, on the strong scent of heresy, who will give tongue.
If a change from tradition to science is within our political and intellectual scope, the internal currency of the United States might then read as follows:
“These notes are issued in acknowledgment of land-titles, lodged in the U. S. Treasury, valued in terms of population-density and guaranteed by a proportional obligation for the insurance of order. They are the only legal tender within the United States in payment of all taxes and other public dues, and in the discharge of all legal obligations between citizens of the United States. They are redeemable upon demand at every branch of the Internal Revenue Department by a receipt for current or future taxation.”
- ↑ See pages 308–9.
