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:
“The Minstrel Boy to the war is gone
In the ranks of death you’ll find him,
His father’s sword he has girded on,
And his wild harp slung behind him.”
—Thomas Moore (1779–1852)
“Thank God for tea! What would the world do without tea? How did it exist?”
—Sydney Smith (1771–1845)
“It is well that war is so terrible: we would grow too fond of it!”
—Robert E. Lee (1807–1870)