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 war is dreadful. It is the business of the artist to follow it home to the heart of the individual fighters—not to talk in armies and nations and numbers—but to track it home.”
—D.H. (David Herbert)
“The middle years of parenthood are characterized by ambiguity. Our kids are no longer helpless, but neither are they independent. We are still active parents but we have more time now to concentrate on our personal needs. Our children’s world has expanded. It is not enclosed within a kind of magic dotted line drawn by us. Although we are still the most important adults in their lives, we are no longer the only significant adults.”
—Ruth Davidson Bell. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 3 (1978)
“Against war one might say that it makes the victor stupid and the vanquished malicious. In its favor, that in producing these two effects it barbarizes, and so makes the combatants more natural. For culture it is a sleep or a wintertime, and man emerges from it stronger for good and for evil.”
—Friedrich Nietzsche (1844–1900)