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:
“I can not believe that war is the best solution. No one won the last war, and no one will win the next war.”
—Eleanor Roosevelt (1884–1962)
“The cycle of the machine is now coming to an end. Man has learned much in the hard discipline and the shrewd, unflinching grasp of practical possibilities that the machine has provided in the last three centuries: but we can no more continue to live in the world of the machine than we could live successfully on the barren surface of the moon.”
—Lewis Mumford (1895–1990)
“Newspaperman: That was a magnificent work. There were these mass columns of Apaches in their war paint and feather bonnets. And here was Thursday leading his men in that heroic charge.
Capt. York: Correct in every detail.
Newspaperman: He’s become almost a legend already. He’s the hero of every schoolboy in America.”
—Frank S. Nugent (1908–1965)