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:
“War is not a life: it is a situation,
One which may neither be ignored nor accepted.”
—T.S. (Thomas Stearns)
“The world of men is dreaming, it has gone mad in its sleep, and a snake is strangling it, but it can’t wake up.”
—D.H. (David Herbert)
“Christians would show sense if they dispatched these argumentative Scotists and pigheaded Ockhamists and undefeated Albertists along with the whole regiment of Sophists to fight the Turks and Saracens instead of sending those armies of dull-witted soldiers with whom they’ve long been carrying on war with no result.”
—Desiderius Erasmus (c. 1466–1536)