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Bequest

Franklin bequeathed £1,000 (about $4,400 at the time, or about $125,000 in 2021 dollars) each to the cities of Boston and Philadelphia, in trust to gather interest for 200 years. The trust began in 1785 when the French mathematician Charles-Joseph Mathon de la Cour, who admired Franklin greatly, wrote a friendly parody of Franklin's Poor Richard's Almanack called Fortunate Richard. The main character leaves a smallish amount of money in his will, five lots of 100 livres, to collect interest over one, two, three, four or five full centuries, with the resulting astronomical sums to be spent on impossibly elaborate utopian projects. Franklin, who was 79 years old at the time, wrote thanking him for a great idea and telling him that he had decided to leave a bequest of 1,000 pounds each to his native Boston and his adopted Philadelphia.

By 1990, more than $2,000,000 (~$ 4.12 million in 2023) had accumulated in Franklin's Philadelphia trust, which had loaned the money to local residents. From 1940 to 1990, the money was used mostly for mortgage loans. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund accumulated almost $5,000,000 during that same time; at the end of its first 100 years a portion was allocated to help establish a trade school that became the Franklin Institute of Boston, and the entire fund was later dedicated to supporting this institute.

In 1787, a group of prominent ministers in Lancaster, Pennsylvania, proposed the foundation of a new college named in Franklin's honor. Franklin donated £200 towards the development of Franklin College (now called Franklin & Marshall College).