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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, … - Andrew Dickson White
" "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.
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About Andrew Dickson White
Andrew Dickson White (November 7, 1832 – November 4, 1918) was an American diplomat, author, and educator who was the co-founder and first president of Cornell University.
Biography information from Wikiquote
Also Known As
Alternative Names:
Andrew D. White
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A. D. White
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A.D. White
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Andrew White
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Additional quotes by Andrew Dickson White
The young man [Turgot] destined for an ecclesiastical career was placed within walls carefully designed to keep out all currents of new thought; his studies, his reading, his professors, his associates, all were combined to keep from him any results of observation or reflection save those prescribed: probably, of all means for stifling healthy and helpful thought, a theological seminary, as then conducted—whether Catholic or Protestant, Jewish or Mohammedan, was the most perfect.
His [Turgot's] first important literary and scholastic effort was a treatise On the Existence of God. Few fragments of it remain, but we are helped to understand him when we learn that he asserted, and to the end of his life maintained, his belief in an Almighty Creator and Upholder of the Universe. It did, indeed, at a later period suit the purposes of his enemies, exasperated by his tolerant spirit and his reforming plans, to proclaim him an atheist; but that sort of charge has been the commonest of missiles against troublesome thinkers in all times.
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Against all these assertions Grotius published to the world a demonstration that no such rights could exist. His whole argument was mainly a development of two postulates. The first of these was that the right of nations to communicate with one another had been universally recognized; that it was based on a fundamental law of humanity; that the liberty of the sea being necessary to enable nations to communicate with one another, it could not be taken away by any power whatever. The second was that every attempt to make an ocean highway a monopoly of any single nation is forbidden by the immensity of the sea, its lack of stability, its want of fixed limits. This argument in places seemed thin. The book [Mare Liberum], after the custom of the time, was filled with an array—far more than sufficient—of learned citations; but its most significant feature—that which went to make it the herald of a new epoch—was that it took its stand upon the inalienable rights of mankind,—that it mainly deduced these rights neither from revelation nor from national enactments, but from natural law as ascertained by human reason.
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