Codicil to the Will of Benjamin Franklin A Loan Fund for Two Hundred Years Benjamin Franklin (1706–1790) 23 June 1789 Cold Library · Open Stacks · S-008012 · https://coldlibrary.com/s/008012 Rights: Written by Benjamin Franklin, who died in 1790; this printing is a nineteenth-century Harper & Brothers edition (its publishers’ advertisement is dated 1839). Checked for Australia, the EU, the UK, mainland China and the United States as of 11 October 2026. Guidance, not legal advice. Source: Project Gutenberg #36338, https://www.gutenberg.org/cache/epub/36338/pg36338.txt (retrieved 2026-10-11) Generated 2026-10-14 from https://coldlibrary.com/en/open-stacks/franklin-codicil-two-hundred-years ---- It has been an opinion, that he who receives an estate from his ancestors is under some kind of obligation to transmit the same to his posterity. This obligation does not lie on me, who never inherited a shilling from any ancestor or relation. I shall, however, if it is not diminished by some accident before my death, leave a considerable estate among my descendants and relations. The above observation is made merely as some apology to my family for my making bequests that do not appear to have any immediate relation to their advantage. I was born in Boston, New-England, and owe my first instructions in literature to the free grammar-schools established there. I have, therefore, already considered those schools in my will. But I am also under obligations to the state of Massachusetts for having, unasked, appointed me formerly their agent in England, with a handsome salary, which continued some years; and although I accidentally lost in their service, by transmitting Governor Hutchinson's letters, much more than the amount of what they gave me, I do not think that ought in the least to diminish my gratitude. I have considered that among artisans, good apprentices are most likely to make good citizens; and having myself been bred to a manual art, printing, in my native town, and afterward assisted to set up my business in Philadelphia by kind loans of money from two friends there, which was the foundation of my fortune, and of all the utility in life that may be ascribed to me, I wish to be useful, even after my death, if possible, in forming and advancing other young men, that may be serviceable to their country in both these towns. To this end I devote two thousand pounds sterling, which I give, one thousand thereof to the inhabitants of the town of Boston, in Massachusetts, and the other thousand to the inhabitants of the city of Philadelphia, in trust, to and for the uses, intents, and purposes herein after mentioned and declared. The said sum of one thousand pounds sterling, if accepted by the inhabitants of the town of Boston, shall be managed under the direction of the selectmen, united with the ministers of the oldest Episcopalian, Congregational, and Presbyterian churches in that town, who are to let out the same upon interest at five per cent. per annum, to such young married artificers, under the age of twenty-five years, as have served an apprenticeship in the said town, and faithfully fulfilled the duties required in their indentures, so as to obtain a good moral character from at least two respectable citizens, who are willing to become their sureties in a bond, with the applicants, for the repayment of the money so lent, with interest, according to the terms hereinafter prescribed; all which bonds are to be taken for Spanish milled dollars, or the value thereof in current gold coin: and the managers shall keep a bound book or books, wherein shall be entered the names of those who shall apply for and receive the benefit of this institution, and of their sureties, together with the sums lent, the dates, and other necessary and proper records respecting the business and concerns of this institution: and as these loans are intended to assist young married artificers in setting up their business, they are to be proportioned by the discretion of the managers, so as not to exceed sixty pounds sterling to one person, nor to be less than fifteen pounds. And if the number of appliers so entitled should be so large as that the sum will not suffice to afford to each as much as might otherwise not be improper, the proportion to each shall be diminished, so as to afford every one some assistance. These aids may, therefore, be small at first; but as the capital increases by the accumulated interest, they will be more ample. And in order to serve as many as possible in their turn, as well as to make the repayment of the principal borrowed more easy, each borrower shall be obliged to pay, with the yearly interest, one tenth part of the principal; which sums of principal and interest so paid in shall be again let out to fresh borrowers. And as it is presumed that there will always be found in Boston virtuous and benevolent citizens willing to bestow a part of their time in doing good to the rising generation, by superintending and managing this institution gratis, it is hoped that no part of the money will at any time be dead or diverted to other purposes, but be continually augmenting by the interest, in which case there may, in time, be more than the occasion in Boston shall require: and then some may be spared to the neighbouring or other towns in the said state of Massachusetts, which may desire to have it, such towns engaging to pay punctually the interest, and the proportions of the principal annually to the inhabitants of the town of Boston. If this plan is executed, and succeeds, as is projected, without interruption for one hundred years, the sum will then be one hundred and thirty-one thousand pounds, of which I would have the managers of the donation to the town of Boston then lay out, at their discretion, one hundred thousand pounds in public works, which may be judged of most general utility to the inhabitants, such as fortifications, bridges, aqueducts, public buildings, baths, pavements, or whatever may make living in the town more convenient to its people, and render it more agreeable to strangers resorting thither for health or a temporary residence. The remaining thirty-one thousand pounds I would have continued to be let out on interest, in the manner above directed, for another hundred years; as I hope it will have been found that the institution has had a good effect on the conduct of youth, and been of service to many worthy characters and useful citizens. At the end of this second term, if no unfortunate accident has prevented the operation, the sum will be four millions and sixty-one thousand pounds sterling, of which I leave one million and sixty-one thousand pounds to the disposition and management of the inhabitants of the town of Boston, and three millions to the disposition of the government of the state, not presuming to carry my views farther. All the directions herein given respecting the disposition and management of the donation to the inhabitants of Boston, I would have observed respecting that to the inhabitants of Philadelphia; only, as Philadelphia is incorporated, I request the corporation of that city to undertake the management agreeably to the said directions, and I do hereby vest them with full and ample powers for that purpose. And having considered that the covering its ground-plat with buildings and pavements, which carry off most of the rain, and prevent its soaking into the earth, and renewing and purifying the springs, whence the water of the wells must gradually grow worse, and, in time, be unfit for use, as I find has happened in all old cities, I recommend that, at the end of the first hundred years, if not done before, the corporation of the city employ a part of the hundred thousand pounds in bringing by pipes the water of Wissahiccon Creek into the town, so as to supply the inhabitants, which I apprehend may be done without great difficulty, the level of that creek being much above that of the city, and may be made higher by a dam. … Considering the accidents to which all human affairs and projects are subject in such a length of time, I have, perhaps, too much flattered myself with a vain fancy that these dispositions, if carried into execution, will be continued without interruption, and have the effects proposed; I hope, however, that if the inhabitants of the two cities should not think fit to undertake the execution, they will at least accept the offer of these donations as a mark of my good-will, a token of my gratitude, and a testimony of my earnest desire to be useful to them even after my departure. I wish, indeed, that they may both undertake to endeavour the execution of the project, because I think that, though unforeseen difficulties may arise, expedients will be found to remove them, and the scheme be found practicable.