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:
“So, when old hopes that earth was bettering slowly
Were dead and damned, there sounded ‘War is done!’
One morrow. Said the bereft, and meek, and lowly,
‘Will men some day be given to grace? yea, wholly,
And in good sooth, as our dreams used to run?’”
—Thomas Hardy (1840–1928)
“No man, however benevolent, liberal, and wise, can use a large fortune so that it will do half as much good in the world as it would if it were divided into moderate sums and in the hands of workmen who had earned it by industry and frugality. The piling up of estates often does great and conspicuous good.... But no man does with accumulated wealth so much good as the same amount would do in many hands.”
—Rutherford Birchard Hayes (1822–1893)
“It does not disturb me that those whom I pardon are said to have deserted me so that
they might again bring war against me. I prefer nothing more than that I should be true to
myself and they to themselves.”
—Julius Caesar [Gaius Julius Caesar] (100–44 B.C.)