The Founding Fortunes: How the Wealthy Paid for and Profited from America’s Revolution

This book highlights the dark sides of the American Revolution, while leaving some of the brighter developments visible. Revolutions have to be financed. Armies have to be supplied with food, uniforms, ammunition, weapons. People expect to be paid for their services in all of the above, and many take the opportunity to indulge in shady manipulations to make a fortune at the expense of the common cause. Distribution of wealth, property and income were more democratic in the American colonies-becoming-states than in most of the world, but capitalism and democracy were in many respects opposing ideals. Patriots who had credit with overseas suppliers put it on the line, sometimes losing all. Banks were developed to finance the armies, while enriching the subscribers. Speculators bought up essential supplies, then held them until prices rose enormously, both for civilian life and quartermasters. A counter-revolution by the wealthy, both within the revolutionary war, as well as up to and beyond the constitutional convention, shaped the country that emerged. But it didn’t win every battle.