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:
“There is the guilt all soldiers feel for having broken the taboo against killing, a guilt as old as war itself. Add to this the soldier’s sense of shame for having fought in actions that resulted, indirectly or directly, in the deaths of civilians. Then pile on top of that an attitude of social opprobrium, an attitude that made the fighting man feel personally morally responsible for the war, and you get your proverbial walking time bomb.”
—Philip Caputo (b. 1941)
“Fortunately, the time has long passed when people liked to regard the United States as some kind of melting pot, taking men and women from every part of the world and converting them into standardized, homogenized Americans. We are, I think, much more mature and wise today. Just as we welcome a world of diversity, so we glory in an America of diversity—an America all the richer for the many different and distinctive strands of which it is woven.”
—Hubert H. Humphrey (1911–1978)
“Combativeness was, I suppose, the dominant trait in my grandmother’s nature. An aggressive churchgoer, she was quite without Christian feeling; the mercy of the Lord Jesus had never entered her heart. Her piety was an act of war against Protestant ascendancy. ...The teachings of the Church did not interest her, except as they were a rebuke to others ...”
—Mary McCarthy (1912–1989)