freedom arising from effort in a region of order, cannot be determined by one commodity, gold, or all commodities. It can only be measured in terms of total basic value, as circumscribed by its measurable limits, land-area, population and time.
In face of very solemn satisfaction with a state of affairs that encourages gambling rather than production; that sanctions the thwarting of effort and the defrauding of thrift; and that results in periodic chaos and long extended distress, it is most difficult to maintain a purely judicial tone, and assert coldly that our economic procedure is unscientific. It is damnable; and a fervid appeal to long-forgotten equities and to basic realities, however remote, should be forgiven.
And yet generalities must be capable of application. From a business point of view what is proposed is to reorganize our holding company, taking into consideration the undisclosed value of good-will and order; and reissue shares as the valid interests now appear, retaining sufficient of the promotion profits in the treasury to avoid unduly heavy assessments for a number of years. It is also proposed to provide for the issue, on demand, of certificates, or what we call currency, based upon the occupancy-value of area, disregarding all the privately-owned wealth which overlies this basic value. As a business proposal it is practical, conservative and sanctioned by precedent.
To further test the contention that there are some undisclosed assets to be taken into our reckoning, let us put the matter forward for the consideration of the engineer; for in his parlance the proposal is one for the development of energy from known potentialities which it can be shown are not being utilized and are inadequately provided for.
It is proposed first that we provide order and conductivity, these being regarded as necessities. It is shown, also, that effort need not be interfered with at any point after having been set in motion.
It is proposed in the next place that the flow of effort with which we are concerned can be facilitated by employing a medium of exchange which remains always relatively constant in the system at every point and at every moment.
