"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.”

“He 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.”