Willard Sterne Randall

“A detailed look at the economic roots of the American Revolution and the early republic. Randall, the prizewinning expert on the founding era, focuses on a handful of key figures, including Franklin, Washington, Jefferson, John and Samuel Adams, and Robert Morris, perhaps the wealthiest American of his time. For many of them, especially Franklin and Washington, the possibility of acquiring large tracts of unclaimed land to the west of the original Colonies was a key to building wealth. However, British interests saw the possible settlement of the interior as a loosening of the mother country’s economic and political control, and therein lay the seeds of conflict. Other policies—e.g., requirements that goods shipped to England be carried by English ships with English crews—also stifled Colonial enterprise. With the accession of King George III in 1761, a determination emerged to make the Colonies more profitable so as to pay off the massive bills the empire faced after the Seven Years’ War with France. Randall deftly follows these currents as they played out in the lives of the key founders, with numerous ups and downs for each of them during the war. Most felt the impact of post-Revolutionary inflation and other economic ills that led to the creation of the Constitution, largely at the hands of Hamilton, the economic mastermind of the era. Randall also discusses the impact of slavery on the decisions of the founders—notably, the infamous three-fifths clause, which “assured that slaveholding states would control the House of Representatives.” Like Randall’s previous works, especially Unshackling America, the narrative is well written and packed with human interest, providing a valuable update to the Revolutionary-era history many readers may not have studied since high school. A vivid history of how America paid for its Revolution and why the Founding Fathers made the decisions they did.”—Kirkus

“(Starred). In his twelfth book, colonial history scholar and former award-winning reporter Randall re examines progressive historian Charles Beard’s hypothesis that economic forces played an outsized role in shaping the U.S. Constitution. Using sources not available to Beard, Randall shows how the Founders’ finances influenced their economic and political decisions, from the French and Indian War to John Adams’ presidency. Randall asserts that America’s richest colonials were not a monolithic class, describing shifting alliances and rivalries during colonial times and the early days of the republic. Despite substantial riches, the fortunes of many Founders tanked or nearly tanked, Randall reveals, after the revolution. If the revolution had failed, he observes, the British would have hanged, drawn, and quartered the Founders as traitors. The book’s strong organization, the conversion of colonial financial sums to modern dollars, and well-paced and lively writing make for an outstanding work of American history and a joy to read. Alongside the financial history, Randall's account of the Founders’ world is compelling and highly readable, while his description of French aid during the revolution suggests that FDR got the Lend-Lease idea from Louis XVI. Randall’s dry wit drives the true stories of French police searching Ben Franklin's underwear and Sam Adams’ beer career.”—Booklist

“…superb…Randall covers smuggling, war profiteering and privateering, establishing a stable currency, economic diplomacy and much more. The personal stories of the Founding Fathers’ wealth are especially interesting… The Founders’ Fortunes will hold readers’ interests with its carefully drawn portraits of personalities and insightful analyses of events.”—Bookpage

“Randall, award-winning biographer of several Founding Fathers, re-assesses Charles Beard’s argument regarding the economic objectives of wealthy elites in designing the Constitution. Drawing on material unavailable to Beard, Randall examines the financial successes, failures, and motives of key figures, all prominent businessmen, whose monetary health was affected by British mercantile policies. Most were involved in risky land speculation and other schemes to expand their wealth, and fortunes fluctuated significantly pre- and post-Revolution, leaving many of them in debt. The war resulted in grave financial hardships manifested in increased trade restrictions, lack of a dependable currency, conflicts and policy constraints in the “West,” unemployment, rioting, discord among the states, and lack of capital and credit. The Constitution’s defenders argued that only a stable, unified national government could address grievous threats to political and economic independence. In an engaging style, Randall skillfully compiles material from extensive research regarding the compelling impact of the Founders’ personal financial interests on their political decision-making—from rebelling against Britain through ratifying the Constitution—but contends that they were not driven exclusively by personal gain. VERDICT: This accessible, concise, yet informative work would benefit from a conclusion summarizing Randall’s observations. It will appeal to general readers and academics.”—Library Journal

“Historians have attributed the American Revolution to ideology, nationalism, and restless ambition, but in this thoughtful book Willard Sterne Randall reminds readers that the pursuit of economic gain was also a decisive motivating factor. Some merchants, land speculators, penniless lawyers, and debt-ridden office holders glimpsed a better material future through American independence, and some found that their dreams came true under the new national government in the 1790s. The Founders’ Fortunes is a rewarding reconsideration of the birth of the American nation, all the more so in this time of an enhanced awareness of our frayed social fabric and economic inequities.” —John Ferling, author of Winning Independence: The Decisive Years of the Revolutionary War, 1778–1781

“The adage ‘follow the money’ was as true in the Revolutionary era as in our own. By examining the dollars-and-cents (or pounds-and-pence) side of events, Willard Randall offers a refreshing perspective on the nation’s founding. Translating values into our own currency gives us an appreciation of, for example, Ben Franklin’s $110,000 salary (in today’s dollars) as postmaster general; or Martha Custis’ nearly $4 million fortune when she married George Washington; to say nothing of the staggering British national debt of $20 trillion. Founders’ Fortunes is an eminently readable book with the sharp vignettes and incisive character portraits that bring history to life.”—Jack Kelly, author of Valcour: The 1776 Campaign That Saved the Cause of Liberty

“It is common knowledge that the finances of the United States at its founding were extremely shaky. Less well known is that the personal finances of many key Founders were also shaky. Will Randall's study reveals the Founders' fluid personal financial circumstances, and how those circumstances worked to shape the decisions they made as public servants. Randall extends and amplifies Charles Beard's influential economic interpretation of the Constitution that launched ‘Progressive’ history-writing more than a century ago.”—Richard Sylla, Professor Emeritus of Economics, NYU Stern