[Footnote 403: References to what appear to be the most important passages bearing on the great public questions of the time are given in Appendix D.] [Footnote 404: As a brief and excellent example, we may take a criticism of sinking funds which English statesmen might have read with advantage:-- "Ces rentes tournantes qu'a introduites ici Duverney, à l'imitation de l'Angleterre, sont des précautions que le maître prend contre le maître; emprunteur, il fait impôt, et destine tous les ans une partie de cet impôt pour rembourser; par là il charge davantage ses finances et ses peuples tout à la fois; et, comme il ne dépense pas avec moins de facilité et de légèreté, il charge toujours davantage et les maltôtes ne cessent plus. _Un prince sage devrait prendre le fond d'amortissement sur ses épargnes seules_" (Journal, Rathery, V. p. 442). D'Argenson's ideas on economics are marked by his usual acuteness and independence. He was not a member of the physiocratic school; and though he joined the Economists in deploring the sacrifice of agriculture to manufacturing industry, he did not share their peculiar views as to the exclusive value of land. He was one of the earliest and soundest of Free Traders, maintaining that commerce should not be interfered with except for purely fiscal purposes.] [Footnote 405: See his sketches of Segrez in the Bibliothèque de l'Arsenal, MS. 6164.] [Footnote 406: Journal (édit. Jannet), V. p. 245.] [Footnote 407: Journal (Rathery), VI. p. 57.] [Footnote 408: "L'esprit public," p. 231.] [Footnote 409: Journal (Rathery), VI. p. 182. "Quoi qu'il n'y ait rien que de vertueux dans ce petit roman anglais."] [Footnote 410: In January, 1747, d'Argenson was nominated by the King President of the "Académie des Inscriptions et des Belles-Lettres" (Journal, Rathery, V. p. 349). He gives an amusing account of his original election (Journal, Rathery, I. pp. 165-75). The only contribution of his we have been able to discover in the Journals of the Academy is a paper on French historians and the writing of history (XXVIII. pp. 626-46).] [Footnote 411: Journal (Rathery), VI. p. 197. May 2, 1750.] [Footnote 412: See Scherer, "Études," vol. III.] [Footnote 413: Of M. Aubertin's notice ("L'esprit public") it is but little to say that it is by far the ablest criticism of d'Argenson at present existing. It is presumption even to praise a work so admirably performed. It presents one or two features which one may do oneself the honour to note. (_a_) M. Aubertin seems to accept a little too readily the idea of d'Argenson's practical incapacity. He has not of course examined the events of his ministry.