Review

Culture

Grace

Music

Race

15 November 2024

5 min read

Revisiting Amazing Grace inspires new songs

Today’s musicians capture both the barbaric and the beautiful.

Jonathan Evens

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

three folk musicians face the camera across a meadow

Angeline, Cohen & Jon.

John Newton’s Amazing Grace was originally written to accompany his sermon for New Year’s Day 1773 and has become the most recorded and most sung hymn in the world. Last year was the 250th anniversary of the hymn’s creation while next year is the 300th anniversary of Newton’s birth.

The former slave trader who became a Church of England minister and abolitionist, preached his sermon on the theme of God’s mercy as outlined in a biblical passage from the first book of Chronicles. There, King David prays ‘Who am I Lord and what is my family that you have brought me thus far?’ Newton found parallels with his own life, having been saved from sinfulness and a storm at sea.

Among the many events and projects marking the two anniversaries, a folk album entitled Grace Will Lead Me Home may well be one of the most interesting. That is because, while it celebrates the hymn and its legacy, this album also explores “the distance between the world’s most beloved hymn and a most vile and shameful period in history, the trans-Atlantic slave trade”.

As captain of a slave ship when he became a Christian, Newton continued shipping Africans across the Atlantic. Later, he became Curate in Charge at St Peter and St Paul’s Church in Olney, where he befriended William Cowper and wrote the words to many hymns, including ‘Amazing Grace’. Later still, he lent his voice to the abolitionist cause. Despite these tensions in Newton’s life-story, the love that people have for ‘Amazing Grace’, including those who are descended from the slaves that Newton shipped across the Atlantic, became very apparent in a series of interviews conducted as part of the project before the songs forming the album were written and selected.

‘I’m going to hear John Newton preach’ is a key track on the album in which Jon Bickley describes Newton’s transformation from “foul-mouthed drunken sailor” to the captain able to “talk about how Grace can set you free”. In between, however, Bickley notes that the slaves disembark “leaving a trail of blood across the quay” while “the Captain’s in his cabin” writing about grace. Bickley’s songs on the album culminate in a powerful plea for reparations for slavery entitled ‘Sorry’. He writes:

“300 years after the birth of John Newton the road to redemption for those nations who profited from the slave trade looks long and difficult but surely it starts by saying Sorry.”

Bickley collaborated on the album with two musicians who have also played on other recent folk albums exploring the transatlantic slave trade and its legacy. Both Angeline Morrison and Cohen Braithwaite-Kilcoyne played on a project by Reg Meuross entitled Stolen From God, while Morrison had also released The Sorrow Songs, which featured Braithwaite-Kilcoyne, to considerable acclaim. Both artists brought the weight of their study as well as their considerable artistic talents to the Grace Will Lead Me Home project.

Braithwaite-Kilcoyne brought the profound and arresting ‘Press Gang Song’ to the album. This is a resume of what it takes to become a slave trader from a readiness to “sail the fierce sea” to the willingness to “abuse your fellow man lead him shackled in chains”, “brutalise and violate, disregard their cries of pain”, “cast them overboard to a watery grace”, “for when that you do you shall master your trade”. This was the journey taken by Newton in becoming a slave trader.

Morrison, whose ‘Grace will lead me home’ is based on the Christian hope of resurrection, also writes from that perspective in ‘The Hand of Fanny Johnson’ from The Sorrow Songs. There, having noted the universality of death which “comes for the rich and the lowly”, she sings:

“My dear mother said that a funeral is holy,
The sanctified earth receiving the body,
And in the hereafter that’s when we will all be
Remade, entire and whole.”

Stolen from God, while clearly noting and condemning the way in which European Christians viewed the degradation inflicted on others as their God-given route to wealth, also makes some words of Frederick Douglass, a former slave turned abolitionist, writer and orator, central to the song cycle:

“Between the Christianity of this land and the Christianity of Christ, I recognize the widest possible difference… so wide that to receive the one as good, pure and holy, is of necessity to reject the other as bad, corrupt, and wicked… I love the pure, peaceable and impartial Christianity of Christ; I therefore hate the corrupt, slave-holding, women-whipping, cradle-plundering, partial and hypocritical Christianity of this land.”

The song ‘Stolen from God’ makes this contrast its central theme:

“God made these hands to hold and caress
He made these hands to worship and bless
He made these hands to hold my own child
God made these hands to be mild”

Yet, those involved in the slave trade:

“You made these hands to blister and bleed
To slave for the white man and bend to his greed
To cut coffee for gentlemen cane for their wives
At the cost of my family’s lives”

As a result, your legacy is “written in blood, everything stolen from God”.

This contradiction in the Christianity that underpinned the transatlantic slave trade is central to the story of Amazing Grace and its legacy (see Bickley’s ‘The choir still sings Amazing Grace’). Newton did come to see the error of his ways and lend his voice to the abolitionist cause in support of those like William Wilberforce, Thomas Clarkson and Olaudah Equiano. Meuross effectively captures the beginning of this change in a song called ‘Bridgewater’ about an early petition against slavery:

“Reverend Chubb Mr Tucket Mr White
Call on every Christian soul to join the fight
To stand up as a nation ‘gainst this wicked violation
Though it might be bad for trade you know it’s right…
O brother oh brother oh brother
First the tide must turn before the flood”

The Sorrow Songs, Stolen From God and Grace Will Lead Me Home are three deeply moving and challenging albums, with Morrison and Braithwaite-Kilcoyne as the exceptional musicians linking all three, that tackle the history of the transatlantic slave trade, unearthing both incredible tales and uncomfortable truths. The Church is among the institutions that need most to hear and receive the truths and tales these albums share.

Angeline Morrison – The Sorrow Songs (Topic Records 2022)

Reg Meuross – Stolen From God (Hatsongs Records 2023)

Angeline, Cohen & Jon – Grace Will Lead Me Home (Invisible Folk 2024)

Article

Culture

Economics

Ethics

1 May 2025

1 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence Fletcher is a journalist at the Financial Times.

A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.

$Trump coin marketing image.

gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend.

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin.

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”.

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap.

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages).

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history.

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators.

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s.

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities?

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources...

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment.

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis.

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation).

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk.

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production.

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold.

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains.

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one.

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded.

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank.

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option.

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”.

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud.

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment.

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved.

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.