A Willing Philadelphia Story: Richard Vague on the Wealthiest & Most Invisible American Founding Father
Keen On America
Willing's Fiscal Conservatism Toward Federal Debt
Richard notes Willing twice refused US loans and once called a loan early, enforcing fiscal prudence on the government.
“Washington and Hamilton were governed by Willing.” — John Adams, 1813
Thomas Willing voted against the Declaration of Independence. He was the wealthiest man in Philadelphia, the largest merchant trader in North America, an Anglican slave trader printing money. So he saw little reason to declare independence from Britain. Especially since the renegades — the poor Scots-Irish Presbyterians flooding into the country, the MAGA people of their day — had no love of wealthy aristocrats like himself. And then Willing did something that took everyone, even perhaps himself, by surprise: he financed the very revolution he’d voted against.
In The Banker Who Made America, the financial historian Richard Vague tells a story that reframes the Founding. After Bunker Hill, Willing financed the smuggling of gunpowder via the Caribbean at a critical moment in the struggle against the British. He and his partner Robert Morris became the principal suppliers of finance and other essential materiel for the revolution. When the Continental Currency collapsed in inflationary chaos, it was Willing’s bank that financed the second half of the war. The purpose of America’s first bank, like the Bank of England before it, was to fund war. Without it, there would have been no successful revolution.
But the real revelation in the Willing story is political. Pennsylvania radicals created the most democratic constitution in American history — an annually elected lower house, neither an upper house nor a governor with veto power. Willing and his fellow financial elites like George Washington and Alexander Hamilton hated this form of people’s democracy. So when they showed up in 1787 to write the US Constitution, they’d learned their lesson: too much democracy is dangerous to the wealthy. The result — an unelected Senate, an unelected president, judges appointed for life — was, as Vague puts it, “a counterrevolution against democracy.” Even Thomas Paine ended up on Willing’s payroll. This Philadelphia story became the American story. Follow the money.
Five Takeaways
• Thomas Willing Voted Against Independence — Then Financed It: The wealthiest man in Philadelphia, the largest merchant trader in North America, an Anglican coastal elite making money hand over fist. He voted against the Declaration of Independence on July 2, 1776. Then he smuggled gunpowder through the Caribbean, funded the Continental Army, and created America’s first bank to finance the back half of the war. John Adams wrote that Washington and Hamilton were “governed by Willing.” Nobody knows his name.
• The Constitution Was a Counterrevolution Against Democracy: Pennsylvania radicals created the most democratic constitution in American history — annually elected lower house, no upper house, no governor with veto power. Willing and the financial elites clawed it back. The 1787 US Constitution gave America an unelected Senate, an unelected president, and judges appointed for life. Vague calls it a counterrevolution. The tension between money and democracy has never stopped shaping American politics.
• Even Thomas Paine Ended Up on Willing’s Payroll: The great radical pamphleteer, author of Common Sense, defender of the rights of man — working for the financial elite he should have loathed. Man’s gotta eat. It tells you everything about the relationship between money and idealism in the American founding.
• The Revolution Wasn’t About High Taxes: Americans’ tax burden was lighter than Britain’s. The real causes were financial: George Washington wanted to speculate on land west of the Appalachians. Willing wanted to start a bank. The British prevented both. The revolution was capitalism demanding permission to operate. Follow the money, Vague argues, and most history that’s written without its financial dimension is incomplete.
• Some Things Never Change: The purpose of America’s first bank was to fund war. The Bank of England was created for the same reason in 1694. The Pentagon is seeking $200 billion for Iran as we speak. American debt has grown to $39 trillion. Willing was the only person ever to turn down the US government for a loan — and he did it twice. We could use a Willing now.
About the Guest
Richard Vague is a businessman, banker, and commentator on economics. He is the former Secretary of Banking and Securities for the Commonwealth of Pennsylvania. His books include The Banker Who Made America (Polity, 2026), The Case for a Debt Jubilee, and The Paradox of Debt.
References:
• The Banker Who Made America by Richard Vague (Polity, 2026) — the book under discussion.
• Adam Gopnik, “Who Bankrolled the American Revolution?” — The New Yorker review referenced in the conversation.
• Episode 2842: Symbolic Capitalism vs. Symbolic Democracy — yesterday’s TWTW on whether capitalism permits democracy or the reverse. Willing is the proof.
• Philadelphia Citizen excerpt — an excerpt from the book covering Willing’s vote against independence.
About Keen On America
Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,800 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting.
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