The Banker Who Made America - Thomas Willing and the Rise of the American Financial Aristocracy, 1731-1821

If you haven't followed the money, chances are you don't know the real story of America and its Revolution. Nothing gives a clearer insight into this history than the life of early America's dominant merchant trader, first bank president, and first central banker, Thomas Willing.

In this book, Richard Vague shows how Willing bankrolled - and in the process helped save - the Revolution and then fundamentally shaped the financial architecture of the young Republic. So powerful was Willing that President John Adams complained that George Washington and Alexander Hamilton were governed by him. Yet at a decisive moment in Willing's life he voted against independence, as conflict between Pennsylvania's moneyed elite and the emergent lower and middle classes embroiled the politics of 1776 in bitter class conflict. This dynamic would continue after independence, as Willing and his associates attempted to tame the democratic forces unleashed by revolution and thereby set up a tension that has never stopped shaping US politics.

This dramatic untold story sheds genuinely new light on the genesis of the American Republic, as well as the enduring economic and political conflicts that still shape US society today.

List of contents

Introduction

 

PART ONE: EMERGENCE

 

1. "A life of care & anxiety"

2. "I propose to continue in business"

3. "Perfidious and deserving of annihilation"

4. "The melancholy state of the North American commerce"

 

PART TWO: POLARIZATION

 

5. "May we not ... rely on your suspending your trade with Great Britain?"

6. "Know ye, we despise you"

7. "In wars the longest purse must chiefly determine the event"

8. "Extremely unanimous, spirited, zealous and determined"

 

PART THREE: REVOLUTION

 

9. "The prospect of interest or some reward"

10. "The proper time for America to make her bargain"

11. "They will have blood for blood"

12. "The opulent merchants of this city"

13. "The loss of our independence is impossible"

14. "A flagitious contempt of moral obligations"

 

PART FOUR: COUNTERREVOLUTION

 

15. "Vanity, luxury, drunkenness and debauchery"

16. "The adventurous pursuits of commerce"

17. "A pathless wilderness"

18. "The great men are going to get all we have"

 

PART FIVE: EXPLOSION

 

19. "To make new loans on advantageous terms"

20: "One continued scene of parties upon parties"

21. "The temptations of momentary exigencies"

22. "The rage of gambling in the stocks"

23. "The deepest regret"

24. "Such prominent marks of prosperity"

25. "An immense quantity of land"

26. "I can never do things small; I must either be a man or a mouse"

27. "My domestic happiness has vanished"

28.  "We all tremble about the magnitude of the American account"

29. "He could not articulate"

30. "At that dread hour"

 

EpilogueIntroduction

 

PART ONE: EMERGENCE

 

1. "A life of care & anxiety"

2. "I propose to continue in business"

3. "Perfidious and deserving of annihilation"

4. "The melancholy state of the North American commerce"

 

PART TWO: POLARIZATION

 

5. "May we not ... rely on your suspending your trade with Great Britain?"

6. "Know ye, we despise you"

7. "In wars the longest purse must chiefly determine the event"

8. "Extremely unanimous, spirited, zealous and determined"

 

PART THREE: REVOLUTION

 

9. "The prospect of interest or some reward"

10. "The proper time for America to make her bargain"

11. "They will have blood for blood"

12. "The opulent merchants of this city"

13. "The loss of our independence is impossible"

14. "A flagitious contempt of moral obligations"

 

PART FOUR: COUNTERREVOLUTION

 

15. "Vanity, luxury, drunkenness and debauchery"

16. "The adventurous pursuits of commerce"

17. "A pathless wilderness"

18. "The great men are going to get all we have"

 

PART FIVE: EXPLOSION

 

19. "To make new loans on advantageous terms"

20: "One continued scene of parties upon parties"

21. "The temptations of momentary exigencies"

22. "The rage of gambling in the stocks"

23. "The deepest regret"

24. "Such prominent marks of prosperity"

25. "An immense quantity of land"

26. "I can never do things small; I must either be a man or a mouse"

27. "My domestic happiness has vanished"

28.  "We all tremble about the magnitude of the American account"

29. "He could not articulate"

30. "At that dread hour"

 

Epilogue

Introduction

 

PART ONE: EMERGENCE

1. "A life of care & anxiety"

2. "I propose to continue in business"

3. "Perfidious and deserving of annihilation"

4. "The melancholy state of the North American commerce"

 

PART TWO: POLARIZATION

5. "May we not ... rely on your suspending your trade with Great Britain?"

6. "Know ye, we despise you"

7. "In wars the longest purse must chiefly determine the event"

8. "Extremely unanimous, spirited, zealous and determined"

 

PART THREE: REVOLUTION

9. "The prospect of interest or some reward"

10. "The proper time for America to make her bargain"

11. "They will have blood for blood"

12. "The opulent merchants of this city"

13. "The loss of our independence is impossible"

14. "A flagitious contempt of moral obligations"

 

PART FOUR: COUNTERREVOLUTION

15. "Vanity, luxury, drunkenness and debauchery"

16. "The adventurous pursuits of commerce"

17. "A pathless wilderness"

18. "The great men are going to get all we have"

 

PART FIVE: EXPLOSION

19. "To make new loans on advantageous terms"

20: "One continued scene of parties upon parties"

21. "The temptations of momentary exigencies"

22. "The rage of gambling in the stocks"

23. "The deepest regret"

24. "Such prominent marks of prosperity"

25. "An immense quantity of land"

26. "I can never do things small; I must either be a man or a mouse"

27. "My domestic happiness has vanished"

28.  "We all tremble about the magnitude of the American account"

29. "He could not articulate"

30. "At that dread hour"

 

Epilogue

About the author

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 previous books include The Case for a Debt Jubilee and The Paradox of Debt.

Product details

• Authors: Vague Richard
• Publisher: Wiley
• Languages: English
• Product format: Hardback
• Release: 18.11.2025
• EAN: 9781509569083
• ISBN: 978-1-5095-6908-3
• No. of pages: 368
• Subjects: Social sciences, law, business > Business > Economics; Economics, BUSINESS & ECONOMICS / Economic History, Economic history, United States of America, USA, History of the Americas, c 1765 to 1783 (American Revolutionary period), c 1783 to c 1800 (American Federalist era)