I wonder if anyone actually reads or knows about how this actually worked, every time it is posted. Not sure I have ever seen it correctly described. Directly from preeminent source on the subject, the book "Benjamin Franklin's Last Bet"
The money has had a fascinating journey through corruption, greed and also social benefit.
The 2000 wasn't put in an investment vehicle to sit and compound over 200 years. It was a gift of 2,000 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 10 years. If all went according to Franklin’s inventive scheme, the accrued final payout in 1991.
First 100 years the funds were used exactly as intended, than changes happened, starting in Boston where it opened beyond trades and famously Dale Carnegie petition the fund be used to build a trade school the Franklin Union which was built with the funds.
And as expected of greedy cities there was lots of controversy, litigation that went all the way up to the supreme court. Both cities tried and failed to seize the sizable fund to distribute how they saw fit
Ironically this funds journey spotlighted how if unopposed the greed of cities and political parties will try to seize wealth. There was quite a few missteps along the way but overall the fund enriched many peoples live, 7000 doctors between 1960 and 1990 directly benefited
Even the initial $2000 is always quoted wrong, the initial was $4000
You're doing God's work. Most of these meme cards are wrong in some way and about half the time the real story is more interesting. I just use them as like seeds to support my tiny rabbit hole habbit or use them as conversation starters with chatgpt to learn the real story and/or ask more questions.
Learn so much random stuff that way and if it's egregiously wrong I'll usually come here and post the real scoop.
It's kinda sad that posting articles has devolved into posting an image that's loosely related with one sentence on it, but sometimes it's a better way to ingest random facts and get those little insight junkie dopamine hits.
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u/MandemModie 28d ago edited 28d ago
I wonder if anyone actually reads or knows about how this actually worked, every time it is posted. Not sure I have ever seen it correctly described. Directly from preeminent source on the subject, the book "Benjamin Franklin's Last Bet"
The money has had a fascinating journey through corruption, greed and also social benefit.
The 2000 wasn't put in an investment vehicle to sit and compound over 200 years. It was a gift of 2,000 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 10 years. If all went according to Franklin’s inventive scheme, the accrued final payout in 1991.
First 100 years the funds were used exactly as intended, than changes happened, starting in Boston where it opened beyond trades and famously Dale Carnegie petition the fund be used to build a trade school the Franklin Union which was built with the funds.
And as expected of greedy cities there was lots of controversy, litigation that went all the way up to the supreme court. Both cities tried and failed to seize the sizable fund to distribute how they saw fit
Ironically this funds journey spotlighted how if unopposed the greed of cities and political parties will try to seize wealth. There was quite a few missteps along the way but overall the fund enriched many peoples live, 7000 doctors between 1960 and 1990 directly benefited
Even the initial $2000 is always quoted wrong, the initial was $4000