Writing a commentary for the United Methodist News Service, J. Richard Peck encourages readers to heed John Wesley’s advice on economic policy. “In short, Wesley called for higher taxes upon the wealthy and laws that would prohibit the wasting of natural products,” says Peck. He notes that the cure for economic troubles relating to the poor was to repress luxury.

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Frank J. Hanna III, Georgia CEO of Hanna Capital and cofounder of the Solidarity Foundation, is author of the new book What Your Money Means (and How to Use It Well). Hanna, a board member of the Acton Institute, talked to National Review Online editor Kathryn Lopez in a Q&A titled “Virtue and Volatility” about earning money, using it well, the market meltdown, and more.

Read more on Hanna on NRO: Virtue and Volatility…

Here’s another new production from Acton Media – The Effective Stewardship Curriculum. The Effective Stewardship Curriculum is a series of five video lessons, geared toward church small groups or other faith-based educational settings exploring how Christians live out the call to be stewards of our talents, the environment, our fellow man, institutions, and our finances.

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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. Read more on John Hancock Embodied Freedom and Generosity…

A recent survey by the Pew Global Attitudes Project finds that “religion is less likely to be central to the lives of individuals in richer nations than poorer ones” (HT).

Given the Bible’s many warnings about the danger presented by wealth, specifically the temptation to no longer rely on God and his providential care, that probably isn’t surprising. But what might be more surprising is that “the United States, the wealthiest nation, was ‘most notably’ an exception, scoring higher in religiosity than those in Europe. The level of religiosity in the United States was found to be similar to less economically developed countries such as Mexico. Americans tend to be more religious than the publics of other affluent nations, the survey stated.”

Read more on Prosperity, Sexual Sin, and Forgiveness…

Regarding John Armstrong’s insightful post yesterday, I want to pass along some related wisdom on the subject from Richard Baxter from his 1682 treatise, How to do Good to Many. Writing on the text of Galatians 6:10, he writes about the problem and responsibility of passing along wealthy estates to heirs:

Read more on Baxter on the Provision of Affluent Estates…

I love those who love me, and those who seek me find me. With me are riches and honor, enduring wealth and prosperity. My fruit is better than fine gold; what I yield surpasses choice silver. I walk in the way of righteousness, along the paths of justice, bestowing a rich inheritance on those who love me and making their treasuries full.

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Dr. Jay W. Richards

Dr. Jay W. Richards gave an impassioned address at the heavily attended Acton Lecture series yesterday titled, “Myths Christians Believe about Wealth and Poverty.” This topic was especially relevant for me because I graduated from a Wesleyan Evangelical seminary, which constantly preached and proclaimed so many myths Richards addressed, especially “the piety myth.” This was a big problem in seminary, as the gospels were often linked to promoting the modern welfare state, and its goals of wealth redistribution.

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Readings in Social Ethics: Abraham Kuyper, The Problem of Poverty. References below are to page numbers.

• With next week’s reading of Rauschenbusch in view, here’s how Kuyper evaluates Christian socialists: “Socialists constantly invoke Christ in support of their utopias, and continually hold before us important texts from the Holy Word. Indeed, socialists have so strongly felt the bond between social distress and the Christian religion that they have not hesitated to present Christ himself as the great prophet of socialism” (27).

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Readings in Social Ethics: John Wesley, “The Rich Man and Lazarus.” References below are to page numbers.

• A warning on the dangers of riches: “‘There was a certain rich man.’ And it is no more sinful to be rich than to be poor. But it is dangerous beyond expression. Therefore, I remind all of you that are of this number, that have the conveniences of life, and something over, that ye walk upon slippery ground. Ye continually tread on snares and deaths. Ye are, every moment, on the verge of hell. ‘It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of heaven.’ ‘Who was clothed in purple and fine linen.’ And some may have a plea for this: our Lord mentions them that dwell in kings’ houses, as wearing gorgeous, that is splendid apparel, and does not blame them for it. But certainly this is no plea, for any that do not dwell in kings’ houses. Let all of them, therefore, beware how they follow his example, who is lifting up his eyes in hell: let us follow the advice of the Apostle, being ‘adorned with good works, and with the ornament of a meek and quiet spirit’” (316).

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