Whenever any nation entrusts to its legislators the issue of a currency not based on the idea of redemption in standard coin recognized in the commerce of civilized nations, it entrusts to them the power to raise or depress the value of every article in the possession of every citizen.

He [Grotius] avoided another danger as serious as his precocity had been. He steered clear of the quicksands of useless scholarship, which had engulfed so many strong men of his time. The zeal of learned men in that period was largely given to knowing things not worth knowing, to discussing things not worth discussing, to proving things not worth proving. Grotius seemed plunging on, with all sails set, into these quicksands; but again his good sense and sober judgment saved him: he decided to bring himself into the current of active life flowing through his land and time, and with this purpose he gave himself to the broad and thorough study of jurisprudence.

Turgot's attempt... showed how the results that had followed Law's issues of paper money must follow all such issues. As regards currency inflation, Turgot saw that the issue of paper money beyond the point where it is convertible into coin is the beginning of disaster—that a standard of value must have value, just as a standard of length must have length, or a standard of capacity, capacity, or a standard of weight, weight. He showed that if a larger amount of the circulating medium is issued than is called for by the business of the country, it will begin to be discredited, and that paper, if its issue be not controlled by its relation to some real standard of value, inevitably depreciates no matter what stamp it bears. Turgot developed his argument [on currency inflation] with a depth, strength, clearness, and breadth, which have amazed every dispassionate reader from that day to this. It still remains one of the best presentations of this subject ever made; and what adds to our wonder is that it was not the result of a study of authorities, but was worked out wholly from his own observation and thought. Up to this time there were no authorities and no received doctrine on the subject; there were simply records of financial practice more or less vicious; it was reserved for this young student, in a letter not intended for publication, to lay down for the first time the great law in which the modern world, after all its puzzling and costly experiences, has found safety.

Refusing to heed his argument the French people had again to be punished more severely than in John Law's time: the over-issue of assignats and mandats during the Revolution came forty years after his warning; and paper money inflation was again paid for by widespread bankruptcy and ruin.

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Into the very midst of all this welter of evil, at a point in time to all appearance hopeless, at a point in space apparently defenseless, in a nation of which every man, woman, and child was under sentence of death from its sovereign, was born a man who wrought as no other has ever done for a redemption of civilization from the main cause of all that misery; who thought out for Europe the precepts of right reason in international law; who made them heard; who gave a noble change to the course of human affairs; whose thoughts, reasonings, suggestions, and appeals produced an environment in which came an evolution of humanity that still continues. Huig de Groot, afterward known to the world as Hugo Grotius was born at Delft in Holland on Easter day of 1583. It was at the crisis of the struggle between Spain and the Netherlands. That struggle had already continued for twenty years, and just after the close of his first year, in the very town where he was lying in his cradle, came its most fearful event, that which maddened both sides—the assassination of William of Orange, nominally by Balthazar Gerard, really by Philip II of Spain.

I was... told by a person who had known him [future Emperor Nicholas II] intimately from his childhood, that, though courteous, his main characteristic was an absolute indifference to most persons and things about him, and that he never showed a spark of ambition of any sort. This was confirmed by what I afterward saw of him at court. He seemed to stand about listlessly, speaking in a good-natured way to this or that person when it was easier than not to do so; but on the whole, indifferent to all which went on about him. After his accession to the throne, one of the best judges in Europe, who had many opportunities to observe him closely, said to me, "He knows nothing of his empire or of his people; he never goes out of his house, if he can help it." This explains in some degree the insufficiency of his program for the Peace Conference at The Hague and for the Japanese War, which, as I revise these lines, is bringing fearful disaster and disgrace upon Russia.

There was strong warrant for pretensions... As far back as 1493, Pope Alexander VI had settled disputes between Spain and Portugal arising out of their rivalry in the Orient and the Occident by drawing a line from pole to pole one hundred leagues west of the Azores, giving all west of it to the Spanish, all east of it to the Portuguese. Both these nations attempted more or less persistently to exercise the sway thus given over the oceans as well as over the continent. The Portuguese forbade under heavy penalties any person, whether native or alien, to pass through the waters off the African and Brazilian coasts without special permission; the Spanish were hardly less severe toward those who without leave approached their dependencies. But, though the realization of the earth's rotundity renewed the old difficulty, and Spain and Portugal discovered that the Papal decision was futile, since all their new dominions could be approached both from the east and the west, both nations continued to maintain, as best they could, their sovereignty over the vast oceans. Other nations followed these examples.

His [Sarpi's] career soon revealed another cause of his return; he evidently felt the same impulse which stirred his contemporaries, Lord Bacon and Galileo, for he began devoting himself to the whole range of scientific and philosophical studies, especially to mathematics, physics, astronomy, anatomy, and physiology. In these he became known as an authority, and before long was recognized as such throughout Europe. It is claimed, and it is not improbable, that he anticipated Harvey in discovering the circulation of the blood, and that he was the forerunner of noted discoverers in magnetism. Unfortunately the loss of the great mass of his papers by the fire which destroyed his convent in 1769 forbids any full estimate of his work; but it is certain that among those who sought his opinion and advice were such great discoverers as Acquapendente, Galileo, Torricelli, and Gilbert of Colchester, and that every one of these referred to him as an equal, and indeed as a master.

While I have given references which will enable historical students to verify my statements and follow them further, I have constantly had in mind the average man intelligently interested in political affairs. It is for this reason that to each of these personages is given a somewhat extended historical setting which may enable any reader to understand his environment, the men and things with which he contended, and the results which he sought and accomplished.

The British ambassador was Sir Robert Morier. He too was a strong character, though lacking apparently in some of General [der Infanterie] von Schweinitz's more kindly qualities. He was big, roughish, and at times so brusque that he might almost be called brutal. When bullying was needed it was generally understood that he could do it con amore.

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The French philosophy of the eighteenth century was in full strength. Those were the years in which Voltaire ruled European opinion, and Turgot could not but take account of his influence. Yet no one could apparently be more unlike those who were especially named as the French philosophers of the eighteenth century. He remained reverential; he was never blasphemous, never blatant; he was careful to avoid giving needless pain or arousing fruitless discussion; and, while the tendency of his whole thinking was evidently removing him from the orthodoxy of the Church, his was a broader and deeper philosophy than that which was then dominant.