Omnivorous Reader
Follow the Money Ben Franklin’s blueprint for America
By Stephen E. Smith
How is it possible that Ken Burns’ recent four-
hour Ben Franklin documentary received ho-hum reviews? Have PBS devotees grown too familiar with Burns’ still-life voice-over production style? Maybe. But the lackluster reviews are more likely the fault of the kite-flying, bifocaled purveyor of the bon mot, old Ben Franklin himself. He’s every American’s everyman, the most human of our Founding Fathers. We grew up learning about Franklin, and most of us believe we know what needs to be known about the archetypal American Renaissance man. Historian Michael Meyer’s Benjamin Franklin’s Last Bet: The Favorite Founder’s Divisive Death, Enduring Afterlife, and Blueprint for American Prosperity is a timely reminder that there is still much to learn about the influence Franklin continues to wield in 21st century America. When he died in 1790 at the age of 84, Franklin was not universally mourned by his countrymen. Meyer reminds readers that George Washington and the Congress refused to acknowledge attempts by the French to express their condolences at Franklin’s passing, and John Adams had little good to say about his former diplomatic partner. Among his later detractors were Mark Twain, who wrote that Franklin “early prostituted his talents to the invention of maxims and aphorisms calculated to inflict suffering upon the rising generation of all subsequent ages”, and D.H. Lawrence reveled in revising and ridiculing Franklin’s 13 virtues. Meyer’s primary focus is on the influence of Franklin’s last will and testament. William, Franklin’s first-born son who had sided with the British during the Revolution, was left worthless property and ephemera, and his daughter and grandchildren received gifts commensurate with the esteem in which he held them. But it was his “Codicil to Last Will and Testament,” a wordy but straightforward document, that morphed into a hydra-headed legal instrument that would vex administrators, the courts and politicians who attempted to oversee and control its ongoing disbursements. Franklin established endowments for the cities of Philadelphia and Boston. “Having myself been bred to a manual art, printing, in my native town,” Franklin dictated, “and afterwards assisted to set up my business in Philadelphia by kind loans of money from two friends there, which was the foundation of my fortune,
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and of all the utility in life that may be ascribed to me, I wish to be useful even after my death, if possible, in forming and advancing other young men . . . .” Franklin left each city £1,000, or about $133,000 in today’s dollars. The funds were intended to provide small loans to manual and industrial workers — cobblers, coopers, blacksmiths, wheelwrights, carpenters, etc. — to be repaid at 5 percent interest over a 10-year period. In addition to offering a helping hand for the socioeconomic class employed in manual labor, the funds’ underlying intention was to promote good citizenship. (“I have considered, that, among artisans, good apprentices are most likely to make good citizens,” Franklin wrote.) If the principal from the bequests were properly administered, the initial investment should have yielded billions in today’s dollars, making Franklin our first billionaire philanthropist. So, what became of Franklin’s fortune, and where did his generosity lead us? Meyer follows the money, providing a decade-by-decade accounting of the funds’ expenditures while factoring in economic trends, poor oversight by fund managers, legal squabbles, political infighting, and losses incurred during national recessions and depressions. All of which sounds incredibly boring. But be assured there’s nothing tedious about Meyer’s chronicle. What emerges is a lively and thoroughly researched social history of the country viewed through our evolving economic affluence and the increasingly litigious nature of American society. The early ledgers read much like a personalized history of the country: “Turning the musty pages of each loan agreement can feel like reading an old swashbuckling story,” Meyer writes, “bringing the same sense of relief when the last line reveals that a character has made it through. Three cheers for the cabinetmaker Christopher Pigeon, who repaid his debt on time. And a compassionate wag of the head for Paul Revere’s son-in-law, one of only two Boston defaulters.” Unfortunately, there was skullduggery aplenty in the management and disbursement of Franklin’s gifts. In 1838, Philadelphia’s Franklin Legacy treasurer John Thomason purchased Philadelphia The Art & Soul of Greensboro
