"Turgot on progress and political economy"

“Turgot : Life and Works" by David Hart”

“All merchandize has the two essential properties of money, to measure and to represent all value: and in this sense all merchandize is money.”

“Gold and silver are constituted, by the nature of things, money, and universal money, independent of all convention, and of all laws.”

“The fate of America is already decided — Behold her independent beyond recovery. — But will She be free and happy? — Can this new people, so advantageously placed for giving an example to the world of a constitution under which man may enjoy his rights, freely exercise all his faculties, and be governed only by nature, reason and justice — Can they form such a Constitution? — Can they establish it upon a never failing foundation, and guard against every source of division and corruption which may gradually undermine and destroy it? … It is impossible not to wish ardently that this people may attain to all the prosperity of which they are capable. They are the hope of the world. They may become a model to it. They may prove by fact that men can be free and yet tranquil; and that it is in their power to rescue themselves from the chains in which tyrants and knaves of all descriptions have presumed to bind them under the pretence of the public good. They may exhibit an example of political liberty, of religious liberty, of commercial liberty, and of industry. The Asylum they open to the oppressed of all nations should console the earth. The case with which the injured may escape from oppressive governments, will compel Princes to become just and cautious; and the rest of the world will gradually open their eyes upon the empty illusions with which they have been hitherto cheated by politicians. But for this purpose America must preserve herself from these illusions; and take care to avoid being what your ministerial writers are frequently saying She will be — an image of our Europe — a mass of divided powers contending for territory and commerce, and continually cementing the slavery of the people with their own blood.”

“Not only there does not exist, nor can exist, any other revenue than the clear produce of land, but it is the earth also that has furnished all capitals, that form the mass of all the advances of culture and commerce. It has produced, without culture, the first gross and indispensible advances of the first labourers; all the rest are the accumulated fruits of the œconomy of successive ages, since they have begun to cultivate the earth. This œconomy has effect not only on the revenues of proprietors, but also on the profits of all the members of laborious classes. It is even generally true, that, though the proprietors have more overplus, they spare less; for, having more treasure, they have more desires, and more passions; they think themselves better ensured of their fortune; and are more desirous of enjoying it contentedly, than to augment it; luxury is their pursuit. The stipendiary class, and he chiefly the undertakers of the other classes, receiving profits proportionate to their advances, talents, and activity, have, though they are not possessed of a revenue properly so called, a superfluity beyond their subsistence; but, absorbed as they generally are, only in their enterprizes, and anxious to increase their fortune; restrained by their labour from amusements and expensive passions; they save their whole superfluity, to re-convert it in other enterprizes, and augment it.”

“All is more or less proper to serve as a common measure, in proportion as it is more or less in general use, of a more similar quality, and more easy to be divided into aliquot parts. All is more or less applicable for the purpose of a general pledge of exchange, in proportion as it is less susceptible of decay or alteration in quantity or quality.”