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:
“Whoever lights the torch of war in Europe can wish for nothing but chaos.”
—Adolf Hitler (1889–1945)
“I find ... that he is happiest of whom the world sais least, good or bad.”
—Thomas Jefferson (1743–1826)
“Our young people have come to look upon war as a kind of beneficent deity, which not only adds to the national honor but uplifts a nation and develops patriotism and courage. That is all true. But it is only fair, too, to let them know that the garments of the deity are filthy and that some of her influences debase and befoul a people.”
—Rebecca Harding Davis (1831–1910)