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 a fevered god
who takes alike
maiden and king and clod....”
—Hilda Doolittle (1886–1961)
“A baby is God’s way of saying the world should go on.”
—Doris Smith. quoted in What Is a Baby?, By Richard and Helen Exley.
“... there was the first Balkan war and the second Balkan war and then there was the first world war. It is extraordinary how having done a thing once you have to do it again, there is the pleasure of coincidence and there is the pleasure of repetition, and so there is the second world war, and in between there was the Abyssinian war and the Spanish civil war.”
—Gertrude Stein (1874–1946)