[Footnote i-212: In 1779 (see _Writings_, VII, 294) Franklin explained that the French knew little of paper currency. Mr. Carey offers convincing evidence to show that Franklin helped to predispose the deputies of the first National Assembly to use assignats (_op. cit._, 27-33). See _Of the Paper Money of the United States of America_ (_Writings_, IX, 231-6).] [Footnote i-213: J. F. Watson, _Annals of Philadelphia_ (1844 ed.), I, 533.] [Footnote i-214: Cited by J. Rae in his _Life of Adam Smith_ (London, 1895), 265.] [Footnote i-215: _Ibid._, 266. See Carey's chapter, "Franklin's Influence on Adam Smith," for an exhaustive survey of the _personalia_ linking Adam Smith and Franklin. Both were in London in 1773-1776 and were occasional companions, having in 1759 met in Edinburgh at the home of Dr. Robertson. Probably they again met in Glasgow during the same year. Smith could have received copies of Franklin's works through Hume and Lord Kames; among Franklin's works in Smith's library was _Observations Concerning the Increase of Mankind_; when Smith in the _Wealth of Nations_ observes that colonial population doubles in every twenty to twenty-five years, it seems reasonable to infer that he was beholden to Franklin for the suggestion. It is within the realm of reasonable inference, says Mr. Carey, that Franklin did, as Parton urges, help to educate Smith in the colonial point of view. T. D. Eliot, in "The Relations Between Adam Smith and Benjamin Franklin before 1776," _Political Science Quarterly_, XXXIX, 67-96 (March, 1924), after calling attention to the lack of extant correspondence between them and the silence of their contemporaries concerning a vital relationship, shows a reasonable hesitancy in observing that little is known about Smith's alleged debt to Franklin. Like Wetzel and Carey, Eliot thinks the debt has been exaggerated. He has been unable to prove Dr. Patten's intuition that in 1759 Franklin went to Smith in Scotland to urge him to write a treatise on colonial policy. In 1765 Turgot met Adam Smith. In the following year he published his _Réflexions sur la formation et la distribution des richesses_, antedating Smith's _Wealth of Nations_ by ten years. See J. Delvaille's _Essai sur l'histoire de l'idée de progrès_ (Paris, 1910), chap. IV, on Adam Smith; and Carey, _op. cit._, 152, 158-9, for the relationship between Turgot and Franklin.] [Footnote i-216: Although both Franklin and Smith held to the labor theory of value (Franklin was indebted to Petty for his use of the term), Smith was confirmed in his belief before he knew of Franklin or his works.]