My early years abroad were spent mainly upon the European Continent, and public duties since have led me to make prolonged stays in various Continent… - 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.

This whole theory [of John Law and Jean Terrasson], as dear to French financial schemers in the eighteenth century as to American "Greenbackers" in the nineteenth, had resulted, under the Orleans Regency and Louis XV, in ruin to France financially and morally, had culminated in the utter destruction of all prosperity, the rooting out of great numbers of the most important industries, and the grinding down of the working people even to starvation.

Carlyle uttered a pregnant truth when he said that the history of any country is in the biographies of the men who made it.