[abalone]

No, the current American meaning does not trace back to the founding fathers. Thomas Paine espoused many socialist ideas such as common property and economic equality. These are indeed core tenants of true classical libertarianism.

The term "Libertarianism" was appropriated in the mid 20th century by radical capitalists and completely eviscerated of its meaning. They turned a blind eye to the authoritarianism and centralized power of corporations. Even Adam Smith (another classical libertarian, pre-capitalist thinker) warned about this.