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:
“... near a war it is always not very near.”
—Gertrude Stein (1874–1946)
“All gentle cant and philosophizing to the contrary notwithstanding, no people in this world ever did achieve their freedom by goody-goody talk and moral suasion: it being immutable law that all revolutions that will succeed, must begin in blood.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“Catholics are necessarily at war with this age. That we are not more conscious of the fact, that we so often endeavour to make an impossible peace with it—that is the tragedy. You cannot serve God and Mammon.”
—Eric Gill (1882–1940)