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 world and/or war:
“But this I know; the writer who possesses the creative gift owns something of which he is not always master—something that at times strangely wills and works for itself.... If the result be attractive, the World will praise you, who little deserve praise; if it be repulsive, the same World will blame you, who almost as little deserve blame.”
—Charlotte Brontë (1816–1855)
“O I know they make war because they want peace; they hate so that they may live; and they destroy the present to make the world safe for the future. When have they not done and said they did it for that?”
—Elizabeth Smart (1913–1986)