Book Log 2022 #22: Benjamin Franklin's Last Bet by Michael Meyer

Before Benjamin Franklin died, he added a bequest in his will to the cities of Boston and Philadelphia, leaving both 1000 pounds. But it wasn't a simple gift, as he also put specific conditions on the use of the money. For the first 100 years after his death, the funds would only be available to help fund apprenticeships, similar to the one that got him started in the printing business. Any money not loaned out would be invested to collect interest.

After than 100 years, 75 percent of the principal could be used for a public works project, with the remaining money staying invested and available for apprenticeship loans. After another 100 years, whatever money was left could be used as seen fit with no restrictions.

This book tells the story of how the money was spent over time, and the issues that came up along the way. Not surprisingly, there are stories of bad investments and politicians using the money for themselves. But there were also questions of how to manage a bequest as times changed. For example, as apprenticeships became less popular, what options do you have to loan money that would still meet the letter of the gift?

I did like the book, but I felt like there was probably more Franklin backstory than was strictly necessary.