Andrew Dickson White

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.

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.

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.

My early years abroad were spent mainly upon the European Continent, and public duties since have led me to make prolonged stays in various Continental states—France, Germany, the Netherlands, Italy, Russia—where the study of Continental statesmen has been almost forced upon me.

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.

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.

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."

Persons who clamor for governmental control of American railways should visit Germany, and above all Russia, to see how such control results. In Germany its defects are evident enough; people are made to travel in carriages which our main lines would not think of using, and with a lack of conveniences which with us would provoke a revolt; but the most amazing thing about this administration in Russia is to see how, after all this vast expenditure, the whole atmosphere of the country seems to paralyze energy.

The greatness of Turgot now began to appear: while he performed all the duties of the seminary and studied thoroughly what was required, he gave himself to a wide range of other studies, and chiefly in two very different directions—to thought and work upon those problems in religion which transcend all theologies, and upon those problems in politics which are of vast importance in all countries, and which especially needed discussion in his own.

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.

A new danger now beset him [Grotius],—the danger of becoming simply a venal pleader, a creature who grinds out arguments on this or that side, for this or that client:—a mere legal beast of prey. Fortunately for himself and for the world he took a higher view of his life-work: his determination clearly was to make himself a thoroughly equipped jurist, and then, as he rose more and more in his profession, to use his powers for the good of his country and of mankind.

TURGOT...I present today one of the three greatest statesmen who fought unreason in France between the close of the Middle Ages and the outbreak of the French Revolution—Louis XI and Richelieu being the two other. And not only this: were you to count the greatest men of the modern world upon your fingers, he would be of the number—a great thinker, writer, administrator, philanthropist, statesman, and above all, a great character and a great man. And yet, judged by ordinary standards, a failure. For he was thrown out of his culminating position, as Comptroller-General of France, after serving but twenty months, and then lived only long enough to see every leading measure to which he had devoted his life deliberately and malignantly undone; the flagrant abuses which he had abolished restored, apparently forever; the highways to national prosperity, peace, and influence, which he had opened, destroyed; and his country put under full headway toward the greatest catastrophe the modern world has seen.