were conceived and that men are desperate is, of course, from a scientific point of view, only incidental.
With a known resistance to be overcome,—the provision of education, sanitation and transportation facilities,—in proportion to population: with a national conception of order: with economic demand provided for by the constant desire of this measurable population for freedom; and with economic supply also measurable in terms of effective effort, we are insured a minimum basic value; and it is only necessary to make census-area the basis of currency to govern its volume. The vexed question of volume would then settle itself,—exactly as the value of any stream settles itself because of the integral relationship between resistance, volume, density and flow. In the last analysis, this is a matter in which politics should properly have no concern whatever beyond the steady elimination of friction.
If we are discussing currency in good faith, and really mean that it should be a measure and pledge of value, and not a so-called “gold” dollar, then we must realize that a scientific national currency is simply basic value duly commissioned and mobilized,—not a detached bunch of vagrants properly subject to arrest for wearing uniforms and impersonating officers!
Practically, our economic arrangements ought to be such that there would be available, if demanded, a volume of currency up to the full measurable total of basic exchangeable value; and if the integrity of the demand under a scientific system can be tested out by the necessity of pledging individual land-titles[1]the volume of currency would be automatically contracted or expanded to correspond to advantageous use. Both expansion and contraction of volume would be responsive to serious economic effort without the intervention of any apologetic authority.
This—the desired “elasticity” of the economists—arises logically, being a reverse phase of the fundamental economic sequence put forward—Effort, Value, Freedom. Freedom is
- ↑ As matters now stand the owners of real value (area × population × time) must go on their knees to the owners of arbitrary value. Democracy is either asleep, or has a very regal sense of humor.
