Book Reviewed: The Founders' Fortunes: How Money Shaped the Birth of America by Willard Sterne

The U.S. Constitution and economic self-interest of Founding Fathers The death of George Floyd and several young Black men in confrontation with the law-enforcement in the past couple of years sparked anger, and protest the American political system, and the Founders of the U.S. Constitution themselves. Their legacy was unchallenged for two centuries came under attack from academics, media, and the left. Monuments of the Founding Fathers have been defaced and toppled in violent protests across America. In 1913, historian Charles A. Beard of Columbia University argued, in an economic interpretation of the U.S. Constitution argued that the Founding Fathers were more interested in promoting their individual economic and financial interests in the new nation. Since then, many constitutional and historical scholars have challenged this analysis as too narrow, because he did not have the much needed economic and financial data of the Founders. Many scholars including the author of this book have shown that the principles and political philosophies motivated them. They were patriots interested in freedom from the colonial rule and offered their wisdom to a nation that was deeply divided. George Washington was poor when he was growing up. He refused a salary and sought reimbursement for expenses. During the eight-year-long struggle, he lost half his wealth, largely because he neglected his farms. He received no pension. Like some of the Founders, Washington was rich in land and slaves but cash poor. In a long postwar depression, he couldn’t sell or rent his lands. Some of the Founders like Samuel Adams was not rich, and John Hancock crammed the family fortune into a carriage to invest in the American Revolution. James Madison, son of a wealthy Virginia planter, took his seat in Congress, but his widow, Dolly Madison became penniless later in life and had to seek help form one of her former slaves during her difficult economic circumstances. Alexander Hamilton, who created the financial system of the U.S., was so broke when he died in a duel that his friends had to accept a collection for his funeral. This book discusses on the difficulties the Founders faced during the formative years. Fighting the formidable English colonists when they had enormous political and economic superiority over the American colony. The author discusses the events in the history leading up to the American revolution and immediately after that in some detail. A vast amount of material has been covered and it is interesting to note that the Founders of American constitution had good intentions and sought prosperity for its citizens.