"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 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."

“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.”

“He 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.”

“The young man 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.”

“The theologians who took up the work which the first reformers had laid down soon came to consider intolerance as a main evidence of spiritual life: erelong they were using all their powers in crushing every germ of new thought. Their theory was simply that the world had now reached its climax; that the religion of Luther was the final word of God to man; that everything depended upon keeping it absolutely pure; that men might comment upon it in hundreds of pulpits and lecture rooms and in thousands of volumes;—but change it in the slightest particle—never. And in order that it might never be changed it was petrified into rituals and creeds and catechisms and statements, and, above all, in 1579, into the "Formula of Concord," which, as more than one thoughtful man has since declared, turned out to be a "formula of discord.”

“Educational theories of Andrew Dickson White”

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