What did Ben Franklin mean when he said "The sun of liberty is set; you must light up the candle of industry & economy"?

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Part of the problem here is that you have a garbled quote. This is from Botta's book on the Revolution which, believe it or not, was the primary source for many histories on the Revolution for over a hundred years, even though Botta was an Italian, it was written in Italian and the author had never even been to America. The book is actually pretty good, but is filled with fractured quotes and apocryphal information. Here is the real letter that Franklin wrote:

....Depend upon it, my good friend, that every possible step was taken to prevent the passage of the Stamp Act. But the tide was too strong against us. The nation was provoked by American claims of Independence, and all parties joined in resolving by this act to settle the point. We might as well have hindered the sun's setting. But since it is down, my friend, and it may be long ere it rises again, let us make as good a night of it as ve can. We may still light candles. Frugality and industry will go a great way towards indemnifying us. Idleness and pride tax with a heavier hand than kings and parliaments. If we can get rid of the former, we may easily bear the latter. Our country produces, or is capable of producing, all the necessaries of life; the wasting superfluities come from hence. Let us have but the wisdom. 'to be content for a while with our own, and this country will soon feel, that its loss, in point of commerce, is infinitely more than its gain in taxes.

Extract of a letter from a North American (Dr. Franklin) to his friend in America (Charles Thomson,) dated July 11, 1765

As you can see Botta botched the quote and took it out of context. The metaphor is that stopping the Stamp Act was as impossible as stopping the sun from setting. This then becomes an ongoing metaphor for inevitable British policy.

Franklin was not shy about chiding native Americans for being punch-swilling layabouts and prancing posers. The British made the same sorts of criticisms. For example, take the song Yankee Doodle:

Yankee Doodle went to town a-riding on a pony, Stuck a feather in his cap and called it macaroni!

The British taxes in many cases were pretty small taxes and it was more pride that made the Americans get angry about them the monetary effect.

Franklin felt that the Revolution was brewing because Americans were scape-goating Britain, when in fact it was their own laziness that was the reason for their economic problems.

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Franklin meant that the Stamp Tax had eroded part of Americans' economic "liberty." But they could make up for it through the "candles" of "industry" (hard work), and "economy" (savings).

This is explained by the letter you cited: "if we get rid of the former [idleness and pride], we my easily bear the latter [taxes]."

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