It may be remarked here that the few words which Franklin ever let drop concerning paper money indicate that he had given it little thought. He said that in Europe it seemed "a mystery," "a wonderful machine;" and there is no reason why he should have understood it better than other people in Europe. He also said that the general effect of the depreciation had operated as a gradual tax on the citizens, and "perhaps the most equal of all taxes, since it depreciated in the hands of the holders of money, and thereby taxed them in proportion to the sums they held and the time they held it, which is generally in proportion to men's wealth."[76] The remark could not keep a place in any very profound discussion of the subject; but it should be noted that in this point of view the contention of de Vergennes might be logically defended, on the ground that a foreigner ought not to be taxed like a citizen; but the insuperable difficulty of making the distinction practicable remained undisposed of. [Note 76: See also Franklin's _Works_, vii. 343.] CHAPTER XIV PEACE NEGOTIATIONS: LAST YEARS IN FRANCE The war had not been long waging before overtures and soundings concerning an accommodation, abetted and sometimes instigated by the cabinet, began to come from England. Nearly all these were addressed to Franklin, because all Europe persisted in regarding him as the one authentic representative of America, and because Englishmen of all parties had long known and respected him far beyond any other American. In March, 1778, William Pulteney, a member of Parliament, came under an assumed name to Paris and had an interview with him. But it seemed that England would not renounce the theory of the power of Parliament over the colonies, though willing by way of favor to forego its exercise. Franklin declared an arrangement on such a basis to be impossible.