A new book by author and venture capitalist Richard Vague reframes the story of the American Revolution by shifting attention away from familiar political and military narratives and toward the financial machinery that made independence possible, writes Adam Gopnik for The New Yorker.
At the center of The Banker Who Made America: Thomas Willing and the Rise of the American Financial Aristocracy, 1731-1821 is the largely forgotten Philadelphia merchant and banker. Vague, who served as Pennsylvania’s Secretary of Banking and Securities from 2020-2023, presents Willing as a pivotal, yet paradoxical figure.
He was not an ardent supporter of independence and even cooperated with British occupiers at times, yet he still played a crucial role in financing the Revolutionary cause.
Alongside Robert Morris, Willing helped channel funds to the Continental Army through complex financial instruments like international credit and bills of exchange.
The Banker Who Made America suggests that revolutions are not only driven by ideals but also by money. Without access to credit, trade networks, and financial ingenuity, the American colonies would have struggled to sustain a prolonged war.
The book describes Willing within the broader development of American finance. After the war, he became the first chief of the Bank of North America (the de facto central bank of the United States) and aligned with Alexander Hamilton’s vision for a centralized financial system, helping shape the nation’s early economic infrastructure.
Ultimately, Vague’s book is most valuable as a corrective. It restores financial actors like Willing to the historical narrative while reminding readers that the founding of the U.S. was as much a story of credit and commerce as it was of courage and conviction.
Read more about Richard Vague’s The Banker Who Made America in The New Yorker.
