John Hancock Embodied Freedom and Generosity

Monday, March 17, 2008
Forever known for his signature, the American Founding Father John Hancock (1737-93) was also staunch opponent of unnecessary or excessive taxation. “They have no right [The Crown] to put their hands in my pocket,” Hancock said. He strongly believed even after the American Revolution, that Congress, like Parliament, could use taxes as a form of tyranny.

As Governor of Massachusetts, Hancock sided with the people over and against over zealous tax appropriators and collectors. Hancock argued farmers and tradesmen would never be able to pay their taxes if their land and property were confiscated. He barred government officials from imprisoning farmers too poor to pay taxes. In addition to his views on taxes, Hancock supported cuts in government spending.

Hancock inherited a substantial amount of wealth from merchant trading, a business started by his uncle known as the “House of Hancock.” Hancock’s father, a minister, died when he was just a child. He was raised by his wealthy uncle and aunt. Their wealth gave him a first class education.

Hancock went on to increase the assets and income of his uncle’s business, when he took control of the enterprise. He was quite possibly the richest man in the American Colonies. Hancock enjoyed owning the finest home, attire, furniture, coaches, and wines. As a fault, he could even show a comical attachment to material possessions from time to time. He once organized a military party to challenge the British during the revolutionary war, his part in the conflict was only to last a few weeks and was close to his home, still he galloped to battle with six carriages behind him carrying his finest warrior apparel and the finest French wines. Patriot Generals poked fun at his unnecessary show of pomp and pageantry. Still he fretted, when he realized he was missing a pair of imported leather boots.

While his wealth was immense, so was his generosity. Hundreds of colonists depended on his business for their economic livelihood. In addition, he helped his own ambitious employees start their own entrepreneurial endeavors. He gave lavishly to local churches, charities, the arts, assisted widows, and paid for the schooling of orphans. Hancock also spent his own wealth on public works and aesthetic improvements for the city of Boston.

His enormous popularity was in fact, to a large degree, due to his substantial giving. Hancock was also known for treating others with the characteristics of Christian principles. He treated those of modest means with the same respect as those who had access to wealth and power. Several authors have affectionately referred to him “As a man of the people.” A German officer who fought for the British was astounded at the way he befriended and talked to the very poorest citizens of Boston.

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Can Any Good Come from a Recession?

Monday, March 17, 2008
Following its new-found interest in sound economics, the Vatican’s newspaper, L’Osservatore Romano, has turned its attention to what now seems to be a global downturn.

The usual European trope is that the current troubles are the result of American overspending, overconsumption and unsustainable debt burdens, so it is very surprising to see a contrarian view in Sunday’s paper entitled “The Morality of the Recession.”

Italian banker Ettore Gotti Tedeschi evaluates the credit crunch affecting the U.S. economy and the Federal Reserve’s reaction to lower interest rates as problematic for the rest of the world, but he also sees an opportunity for renewal and reform.

The moral lesson for Europe? Take the chance to reduce wasteful public spending, lower taxes, increase productivity and attract foreign investment. Citing Pope John Paul II’s 1987 encyclical Sollicitudo rei socialis, Gotti Tedeschi draws the conclusion that now is the time for Italy to adopt more flexible economic mechanisms and rid itself of its welfare-state mentality.

Italian elections are just a month away, so it is extremely unlikely any politician would advocate such a bold program; it is, however, exactly what Italy needs. Let’s hope that Vatican officials, at least, are paying attention. Kudos to L’Osservatore Romano and Gotti Tedeschi for taking another courageous stand.
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