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Updated: May 19, 2025
Turgot's Memorial is as cogent an exposure of the mischief of Usury Laws to the public prosperity, as the more renowned pages either of Bentham or J. B. Say on the same subject, and it has the merit of containing an explanation at once singularly patient and singularly intelligent, of the origin of the popular feeling about usury and its adoption by the legislator.
It is not by arms but by arguments and facts that economists like us, faithful to the teachings of the physiocrats and of Adam Smith, have sought to protect ourselves against it. On the eve of the war, at the inauguration of Turgot's Monument, we set forth his ideas of liberty and humanity in opposition to the German realpolitik.
In affairs of government, the priceless qualities are not merely originality of resource, but a sense for things that are going wrong, and a sufficiently vigorous will to set them right. One general expression serves to describe this most important group of Turgot's undertakings.
The essay did not establish even a plausible case, but it was paradoxical and suggestive, and attracted more attention than Turgot's thoughtful discourse in the Sorbonne. In the Discourse on Inequality Rousseau dealt more directly with the effect of civilisation on happiness.
It takes fewer words to describe Turgot's way of dealing with this oriental mixture of extravagance, injustice, and squalor. The Intendant of Caen had already proposed to the inhabitants of that district the alternative plan of commuting the corvée into a money payment. Turgot adopted and perfected this great transformation.
'We see certain wild animals, male and female, scattered over the fields, black, livid, all burnt by the sun, bound to the earth that they dig and work with unconquerable pertinacity; they have a sort of articulate voice, and when they rise on their feet, they show a human face; in fact they are men. That these violent and humiliating contrasts are eternal and inevitable, is the last word of the dominant philosophy of society; and one of the reasons why Turgot's life is worth studying, is that he felt in so pre-eminent a degree the urgency of lightening the destiny of that livid, wild, hardly articulate, ever-toiling multitude.
M. Necker, an able banker from Geneva, for a long while settled in Paris, hand and glove with the philosophers, and keeping up, moreover, a great establishment, had brought to the comptroller-general a work which he had just finished on the trade in grain; on many points he did not share M. Turgot's opinions.
For many years no attempt at note issue or deposit banking was possible in France. So late as the foundation of the Caisse d'Escompte, in Turgot's time, the remembrance of Law's failure was distinctly felt, and impeded the commencement of better attempts.
There has never been any question in our controversy of a capuchin wasting his time in quenching the darts of the flesh, though, by the way, in the whole sum of time wasted, the term expressing the time lost in satisfying the appetites of the flesh would probably be found to be decidedly the greater of the two. This parenthesis is one of a hundred illustrations of Turgot's habitual refusal to be carried out of the narrow path of exact rationality, or to take for granted a single word of the common form of the dialect even of his best friends and closest associates.
As it has been sententiously expressed, 'The part of the sages was now played out; room was now for the men of destiny. If the repudiation of a popular assembly was the cardinal error in Turgot's scheme of policy, there were other errors added.
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