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 like love, it always finds a way.”
—Bertolt Brecht (1898–1956)
“It is a happy thing that there is no royal road to poetry. The world should know by this time that one cannot reach Parnassus except by flying thither.”
—Gerard Manley Hopkins (1844–1889)
“Since the war nothing is so really frightening not the dark not alone in a room or anything on a road or a dog or a moon but two things, yes, indigestion and high places they are frightening.”
—Gertrude Stein (1874–1946)