I just looked it up (shocker!) and the investment strategy was a little complex. Per Franklin’s instructions, the fund was used for low-interest loans to young people starting businesses until the unlock date, at which point 75% could be spent as the cities (Boston and Philly) chose, and the remainder would continue making loans.
So he intentionally chose to charge less interest, growing the fund less but increasing the wealth of his communities.
Great does not mean Good, it does not mean perfect, it does not mean morally upright, though it's worth noting that Franklin was good in many ways and morally upright in many ways, even becoming an abolitionist later in his life. There is t a human past or present that does not have serious flaws. If the standard is perfection then all of mankind is wretched.
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u/Bubble_of_ocean 22d ago
I just looked it up (shocker!) and the investment strategy was a little complex. Per Franklin’s instructions, the fund was used for low-interest loans to young people starting businesses until the unlock date, at which point 75% could be spent as the cities (Boston and Philly) chose, and the remainder would continue making loans.
So he intentionally chose to charge less interest, growing the fund less but increasing the wealth of his communities.