Philanthropy, Benjamin Franklin, Daniel Defoe

 I'm reading Benjamin Franklin's Last Bet by Michael Meyer.  Since my bookclub discusses Ike's Gamble Monday, this title seemed like a possible follow-up.  

Basically, in his will Franklin left 1000 £ to his two cities - Boston where he was born, and Philadelphia where he moved after leaving Boston.    The money was to be used to make loans to men starting up in the trades.  (Franklin himself had been helped by people when setting up his print shop.)  They had ten years to pay the money back at 5% interest.  He calculated that this money would grow over two hundred years to a much larger sum.  I haven't gotten far enough into the book to know how successful this was.  I do know that after 100 years, the Boston fund had a value closer to what Franklin had calculated than the Philadelphia fund.  But the Boston fund had made fewer and fewer loans. The author also tells us that Franklin hadn't figured on mechanization and industrialization replacing small tradesman with factories.

But that's not what this post is directly about. Rather it's about Franklin's devotion to the idea of charity.  

Inspirations:  Mather and Defoe

"There was also a Book of Defoe's," Franklin remembered in his memoir, "called An Essay on Projects,  and another of Dr. Mather's, call'd Essays to do Good which perhaps gave me a Turn of Thnking that had an Influence on some of the principal future Events of m Life. . . .

"A bankrupt Daniel Defoe wrote An Essay upon Projects while hiding in Bristol from a London creditor empowered to imprison him.  Published in 1697, two decades before Robinosn Crusoe  brought him fame, Projects laid out Defoe's ideas for social improvement.  These included the education of women, the creation of unemployment benefits, a lottery to benefit charity, fire insurance,  proportional taxation based on income, mortgage interest capped at 4 percent, and a public assistance scheme called the Friendly Society for Widows."  (pp. 124-125)

Franklin Fund Raising Tips

"'I therefore put my self as much as I could out of sight,'  he related in his  autobiography, 'and stated it as a Scheme of a number of Friends, who had requested me to go about and propose it to such as they thought Lovers of Reading. [He was collecting money to build a library.] In this way my Affair went on more smoothly, and I ever after practis'd it on such Occasions and from frequent Successes can heartily recommend it.  The present little Sacrifice of your Vanity will afterwards by amply repaid.'"

"As much as he downplayed his own philanthropy, Franklin came to realize that sometimes the best way to get people to donate to your cause was to publish the names of those who had already contributed."

"By convincing the state assembly to match any amount raised up to £2,000, Franklin secured 'an additional motive to give, since every man's donation would be doubled . . .'"

I guess folks who study philanthropy know this, but I didn't realize such practices went back to Franklin.  I suspect some aspects might be even older than Franklin.  

There are a lot of fascinating tidbits about Franklin, about the beginnings of the nation, and other random ideas.  Here's one quote from the book that made me pause and think:

"In 1800, ten years after Benjamin Franklin's death, only one American in twenty lived in a town of more than 2.500 people.  Four out of five Americans farmed land." (p.107)