Sea Isle, N.J. — James Fenimore Cooper's historical novel The Last of the Mohicans concludes with Tamenund (1628-98), the tribal leader of an Indian clan in the Delaware Valley, lamenting the pain of old age and the near-extinction of his people.

"Why should Tamenund stay?" he asks. "The pale-faces are the masters of the earth, and the time of the red-man has not yet come again."

Well, there's big news up the beach in Atlantic City that would bring a big smile to the old chief's face.

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Ralph R. Reiland (photo) is an associate professor of economics and the B. Kenneth Simon professor of free enterprise at Robert Morris University in Pittsburgh.