Yes, it's balanced by not producing massive amounts of bells unchecked.
Like everything in a strategy game, a concept has a positive and a negative.
Positives of producing bells:
- culture borders expand
- higher production output
- politics points towards FF's
Negatives of producing bells:
- King spends on REF
To me, two of the positives are extremely powerful (production output and politics points). This SHOULD be offset by a powerful negative in scale.
I think that approach still has its problems. Its too one sided, sort of A=B. I mean, yes, you do need a negative, but I think many people's point is that the negative becomes unbalanced. Not to mention the way it is implemented is not very fun, which is something people are trying to say but which you seem to not have very much sympathy for.
Here's the problem. Getting founding fathers is fun. Humans like getting stuff, having an advantage, its something that makes the game fun. But the current implementation completely blocks off that fun for most of the game. You're unneccessarily blocking off fun because you need a punishment for getting liberty bells, but that punishment becomes too servere to make the game any fun. The ONLY way to win is to beat the king's forces. That is a problem.
Therefore, I propose a simple solution, at least in terms of gameplay. If you increase the range of punishments available for the king, you can increase the punishments without making the game unwinnable. The player still gets punished for producing liberty bells, but not in a way that they can't win anymore. Not being able to win anymore = no fun, and causes people to stop playing.
So, some ideas for punishments available to the king:
He can recall troops or ships, such as merchantmen, for "help with a European campaign."
Recall colonists to work factories in Europe, (this is actually devastating) For example, the king could recall some or all armorers or blacksmith's for "increasing industrial output in preparation of a war in Europe"
The usual: tax increases, tade embargoes.
Replace the governer of a colony/revoke the royal charter: Causes rebel sentiment to drop as a Royal governer takes over the government, or exiles all elder statesmen.
The king increases aid to the indians, causing a relationship change. Or begins talks with European factions in case rebel sentiment gets out of control.
Those are just some ideas, I'm sure people can come up with more. But the fact is Dale, you have to admit that getting Founding fathers is a fun part of the game, and increasing the REF is not the only way to go about punishing a player for liberty bells.