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

He [Turgot] now, in 1749, at the age of twenty two, wrote... a letter which has been an object of wonder among political thinkers ever since. Its subject was paper money. Discussing the ideas of John Law, and especially the essay of Terrasson which had supported them, he dissected them mercilessly, but in a way useful not only in those times but in these. ...Terrasson's arguments in behalf of unlimited issues of paper had been put forth in 1720. ...and he declared that the material used for bearing the sign of value is indifferent ...and that if a sovereign issues enough of paper promises, he will be able to loan or even to give money in unlimited amounts to his needy subjects. ...without danger of depreciation. ...Terrasson also made the distinction between the note of a business man and notes issued by a government, that the former comes back and must be paid, but that the latter need not come back and can be kept afloat forever by simple governmental command, thus becoming that blessed thing—worshiped widely, not many years since, in our own country—"fiat money."

Never was there a more perfect demonstration of the truth asserted by Daniel Webster, that, of all contrivances for defrauding the working people of a country, arbitrary issues of paper money are the most effective.

For similar folly, our own country, in the transition from the colonial period, also paid a fearful price; and from a like catastrophe the United States has been twice saved in our time by the arguments formulated by Turgot.