Before World War I
Governments throughout history have needed to borrow money to fight wars. Traditionally they dealt with a small group of rich financiers such as Jakob Fugger and Nathan Rothschild but no particular distinction was made between debt incurred in war or peace. An early use of the term "war bond" was for the $11m raised by the US Congress in an Act of 14 March 1812, to fund the War of 1812, but this was not aimed at the general public. Perhaps the oldest bonds still outstanding as a result of war are the British Consols, some of which are the result of the refinancing of debts incurred during the Napoleonic Wars.
Read more about this topic: War Bond
Famous quotes containing the words war i, world and/or war:
“War is regarded as nothing but the continuation of state policy with other means.”
—Karl Von Clausewitz (1780–1831)
“In this world of sin and sorrow there is always something to be thankful for. As for me, I rejoice that I am not a Republican.”
—H.L. (Henry Lewis)
“Signal smokes, war drums, feathered bonnets against the western sky. New messiahs, young leaders are ready to hurl the finest light cavalry in the world against Fort Stark. In the Kiowa village, the beat of drums echoes in the pulsebeat of the young braves. Fighters under a common banner, old quarrels forgotten, Comanche rides with Arapaho, Apache with Cheyenne. All chant of war. War to drive the white man forever from the red man’s hunting ground.”
—Frank S. Nugent (1908–1965)