PORTLAND, Ore.--(BUSINESS WIRE)--As the United States commemorates the 250th anniversary of the Declaration of Independence, Ferguson Wellman Capital Management is sharing “American Ledger, a 250-Year Financial Perspective” from the firm’s investment and wealth management teams that connects founding-era debates over taxation, economic independence, productivity and national investment to the financial decisions facing investors today.
Samantha Pahlow, CTFA, AWMA®, executive vice president, revisits one of the most familiar stories of the American Revolution: that the country was born in a tax revolt. On the eve of independence, American colonists were taxed far less than people in Great Britain. Their central grievance was not simply the size of the bill, but the absence of consent and representation in deciding how taxes were imposed.
“No taxation without representation” was, at its core, a statement about agency — who has a voice, who makes the rules and how individuals respond when decisions affect their financial lives. “That founding insight remains relevant in 2026, although today’s investors navigate a tax system that looks nothing like it did in 1776,” Pahlow added.
“This anniversary gives us an opportunity to look to history for perspective,” said Pahlow. “The lesson for investors is not that taxes are static or simple. It is that thoughtful planning can help people avoid being passive about how their money is treated.”
Alex Harding, CFA, senior vice president, draws a parallel between today’s artificial intelligence infrastructure boom and Alexander Hamilton’s 1791 “Report on the Subject of Manufactures.” Harding notes, “Hamilton believed our young country needed to absorb substantial upfront costs to build domestic mills, forges and supply chains that would reduce dependence on imported goods. In a similar way, today’s leading technology companies are committing significant capital to data centers, computing power and networks that may define the next economic era.”
“Economic transitions often require large-scale, structural capital commitments before their long-term benefits are visible in the markets. Understanding the scale of current AI-related spending and the strategic importance of building infrastructure ahead of demand through a historical lens can help put today’s economy in perspective for investors,” Harding adds.
Jason Norris, CFA, director, noted another parallel with the AI boom: Adam Smith’s 1776 publication of “The Wealth of Nations” to today’s debate over artificial intelligence. “Smith’s view that true national wealth comes not from hoarded gold, but from the productivity of labor — as he illustrated through the division of labor in a pin factory— was revolutionary for its time,” said Norris.
“Today, the debate over AI becomes a modern extension of that same productivity story: a tool for automating routine cognitive tasks so people can focus on strategy, creativity and complex decision-making. Rather than framing AI only as a threat to work, considering that open, competitive access to new technology could lower costs, create new industries and expand opportunity helps frame our attitudes about technology,” Norris adds.
Jake Gradwohl, senior equity trader, examines the creation and continued importance of the Federal Reserve. “For much of our nation’s history, the United States operated without a central bank, leaving currency issuance fragmented and the financial system vulnerable to periodic banking panics. The Panic of 1907, marked by bank runs and market stress, exposed the need for an institution capable of providing liquidity and acting as a lender of last resort.
The Federal Reserve Act of 1913 strengthened financial stability while balancing accountability to Congress with independence from day-to-day political pressure. “More than a century later, the Fed’s ability to make independent monetary policy decisions remains central to the credibility and resilience of the U.S. financial system,” said Gradwohl.
Peter Jones, CFA, executive vice president, looks at the evolution of tariffs from the nation’s founding to today’s investment landscape. “While tariff policy may feel secondary to other 2026 market headlines, it remains a persistent media topic and concern for investors. Today’s tariffs are elevated compared to recent decades, but a look back to the nation’s founding shows that tariffs were once much higher because they were the primary source of federal revenue,” said Jones.
When the Constitution took effect in 1789, the federal government faced the immediate challenge of creating a stable financial foundation for a young nation burdened by Revolutionary War debt. Congress responded with the Tariff Act of 1789 and a national customs system, while Alexander Hamilton built much of the federal revenue system around customs duties. “Two hundred and fifty years later, tariffs serve a different purpose, but the broader lesson endures: economic policy is shaped not only by the challenges of the moment, but by the long-term objective of building a more resilient and prosperous nation,” Jones adds.
The team’s reflections are part of Ferguson Wellman’s broader look at the Spirit of ’76 and the economic themes that have evolved since the country’s founding. By placing current planning, investment, innovation and policy conversations in historical context, the firm aims to help clients and readers have a more holistic perspective.
About Ferguson Wellman Capital Management
Ferguson Wellman is an employee-owned investment advisory firm founded in 1975. The firm manages $10.67 billion for 1,129 individual and institutional clients, offering customized investment portfolios and holistic wealth planning strategies starting at $4 million. Ferguson Wellman has two divisions: West Bearing Investments for clients with $1 million investable assets and our private family office, Octavia Group, for clients with assets starting at $10 million. For more information, visit fergusonwellman.com (data as of March 31, 2026)
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