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 the statesman’s game, the priest’s delight,
The lawyer’s jest, the hired assassin’s trade.”
—Percy Bysshe Shelley (1792–1822)
“What would the world be, once bereft
Of wet and wildness? Let them be left,
O let them be left, wildness and wet;
Long live the weeds and the wilderness yet.”
—Gerard Manley Hopkins (1844–1889)
“Borrowers are nearly always ill-spenders, and it is with lent money that all evil is mainly done and all unjust war protracted.”
—John Ruskin (1819–1900)