Archive - May 15, 2022

  by Jeremiah Norris (Colombia 1963-65) • Michael Meyer, who served as a Volunteer in China 1995-97, has published Benjamin Franklin’s Last Bet: The Favorite Founder’s Divisive Death, Enduring Afterlife, and Blueprint for American Prosperity. In it, he documented how Franklin, at the end of his life, made a “deathbed wager” on the survival of the United States: a gift totaling two thousand pounds to Boston and Philadelphia, to be lent out to tradesmen, over the next two centuries to jump start their careers. Each loan would be repaid with interest over ten years. If all went according to Franklin’s inventive scheme, the final payout in 1991 would be a windfall. The concept that Franklin set in place can easily be seen as the institutional basis for the subsequent emergence of foundations in America, emerging from a seed grant that in its time was considered as a ‘charitable’ donation, then . . .