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 a blessing compared with national degradation.”
—Andrew Jackson (1767–1845)
“In this world there’s room for everyone, and the good earth is rich and can provide for everyone. The way of life can be free and beautiful, but we have lost the way. Greed has poisoned men’s souls, has barricaded the world with hate, has goosestepped us into misery and bloodshed.”
—Charlie Chaplin (1889–1977)
“The most absurd apology for authority and law is that they serve to diminish crime. Aside from the fact that the State is itself the greatest criminal, breaking every written and natural law, stealing in the form of taxes, killing in the form of war and capital punishment, it has come to an absolute standstill in coping with crime. It has failed utterly to destroy or even minimize the horrible scourge of its own creation.”
—Emma Goldman (1869–1940)