“It was well received by the common people in general; but the rich men disliked it, for it increased and strengthened the clamor for more money, and they happening to have no writers among them that were able to answer it their opposition slackened, and the point was carried by a majority in the House.” In other words, he implies that the boyish debate of twelve young workingmen, resulting in the publication of a pamphlet by one of them, was the means of passing the Pennsylvania paper-money act of 1729. His biographers have echoed his pleasant delusion, and this pamphlet, which in reality contains some of the most atrocious fallacies in finance and political economy, has been lauded as a wonder, the beginning of modern political economy, and the source from which Adam Smith stole the material for his “Wealth of Nations.”[2] In spite of all his natural brightness and laudable efforts for his own improvement, he was but half educated and full of crude enthusiasm. He was only twenty-three, and nothing more could be expected. Fifteen or twenty years afterwards, with added experience, Franklin became a very different sort of person. The man of forty, laboriously investigating science, discovering the secrets of electricity, and rejecting everything that had not been subjected to the most rigid proof, bore but little resemblance to the precocious youth of twenty-three, the victim of any specious sophism that promised a millennium. But he never fully apologized to the world for his paper-money delusion, contenting himself with saying in his Autobiography, “I now think there are limits beyond which the quantity may be hurtful.” Three years after the publication of his pamphlet on paper money he began to study modern languages, and soon learned to read French, Italian, and Spanish. An acquaintance who was also studying Italian often tempted him to play chess. As this interfered with the Italian studies, Franklin arranged with him that the victor in any game should have the right to impose a task, either in grammar or translation; and as they played equally, they beat each other into a knowledge of the language. After he had become tolerably well acquainted with these modern languages he happened one day to look into a Latin Testament, and found that he could read it more easily than he had supposed. The modern languages had, he thought, smoothed the way for him, and he immediately began to study Latin, which had been dropped ever since, as a little boy, he had spent a year in the Boston Grammar School.