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:
“A nice war is a war where everybody who is heroic is a hero, and everybody more or less is a hero in a nice war. Now this war is not at all a nice war.”
—Gertrude Stein (1874–1946)
“Only a philosophy of eternity, in the world today, could justify non-violence.”
—Albert Camus (1913–1960)
“Bernstein: “Girls delightful in Cuba stop. Could send you prose poems about scenery but don’t feel right spending your money stop. There is no war in Cuba. Signed Wheeler.” Any answer?
Charles Foster Kane: Yes—Dear Wheeler, You provide the prose poems, I’ll provide the war.”
—Orson Welles (1915–1985)