Bonds of War: How Civil War Financial Agents Sold the World on the Union (Civil War America)

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Hilt, Eric; Rahn, Wendy (2020). "Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s". The Journal of Economic History. 80 (3): 746–781. doi: 10.1017/S0022050720000297. ISSN 0022-0507. S2CID 158736064. How did the United States pay for the Civil War? Financier Jay Cooke helped save the Union and bring confidence to businesses, governments, and citizens rich and poor in the U.S. and in many countries throughout the world especially in Europe. According to David Thomson, Cooke and his traveling agents depended a great deal on International bond sales. McAdoo, William G. “American Rights” [transcription of a sound recording], American Leaders Speak: Recordings from World War I and the 1920 Election, American Memory Project, Library of Congress, no publication date.

The government of Austria-Hungary knew from the early days of the First World War that it could not count on advances from its principal banking institutions to meet the growing costs of the war. Instead, it implemented a war finance policy modeled upon that of Germany: [4] in November 1914, the first funded loan was issued. [5] As in Germany, the Austro-Hungarian loans followed a prearranged plan and were issued at half yearly intervals every November and May. The first Austrian bonds paid 5% interest and had a five-year term. The smallest bond denomination available was 100 kronen. [5]In addition to providing a compelling and revealing account of the hardships endured on and off the battlefield, Diana L. Dretske draws from recent scholarship on the soldier and immigrant experience to help readers understand how the stories of these men reflected larger dynamics that shaped and were shaped by America’s bloodiest war. Theirs is an important story and one that The Bonds of War tells well.”— Ethan S. Rafuse, author of McClellan's War: The Failure of Moderation in the Struggle for the Union In the 1906 Bud Dajo and 1913 Bud Bagsak massacres, hundreds of Muslim minority Moros (men, women, and children) were killed by Philippine Scouts (some of them Moros too) because the US military feared they were “plotting the slaughter of Americans.” Army officials decried the Scouts’ excesses at Bud Bagsak, while patronizingly upholding Filipinos’ qualifications for military service — Filipinos had to run their own nation, they self-servingly claimed. This post, originally published 13 September 2013, focused on violence in the Middle East, specifically Syria, and the potential that the United States could enter the conflict and what that might mean for the markets. Given the recent turmoil in Eastern Europe and the developing international crisis, we are responding to requests from Enterprising Investor readers to provide an update.

As in other countries, the majority investors were not individuals but institutions and large corporations. [13] Industries, university endowments, local banks and even city governments were the prime investors in the war bonds. [13] In part because of intense public pressure and in part due to patriotic commitment the bond drives proved extremely successful, raising approximately 10billion marks in funds. [14] Although extremely successful the war bond drives only covered two-thirds of war-related expenditures. [14] Meanwhile, the interest payable on the bonds represented a growing expense which required further resources to pay it. [14] United Kingdom [ edit ] The British Sovereign Will Win / Invest in the War Loan To-Day. A British publicity label from World War One. Sutch, Richard, “Financing the Great War: A Class Tax for the Wealthy, Liberty Bonds for All,” Berkeley Economic History Laboratory Working Paper WP2015-09, September 2015. http://behl.berkeley.edu/files/2015/09/WP2015-09_Sutch.pdf. The Vietnam War widened the gulf between Filipinos in the two nations. Filipino Americans drafted in the war were placed in the same servant positions they worked in during World War I and confronted the same racism within the military’s ranks. Vietnam gave Filipinos greater leverage in proving their loyalty to the United States and an opportunity to demand more from Lyndon Johnson’s Great Society (as Americans, Filipinos were “entitled to services,” they argued). Vogel, Martin (1922). " Liberty Loan Publicity Campaigns". In Chisholm, Hugh (ed.). Encyclopædia Britannica (12thed.). London & New York: The Encyclopædia Britannica Company. Racial hierarchies created both soldiers and servants for the military. The US Navy enlisted Filipinos as messmen in kitchens and “seamen at ports all over the Pacific,” where they encountered poor pay relative to other members of the working class but saw the United States as a dependable employer. But by World War I, a war ostensibly to end colonialism, military service meant more than a job. Filipinos expected “new rights of citizenship” to accompany enlistment.The United States government extended the interest that could accumulate on government bonds such that bonds sold between 1941 and 1965 could accrue interest for a period of 40 years. Bonds issued following 1965 were able to accrue interest for 20 years. Following the end of the Second World War, War Bonds came to be classified as Series E bonds which were issued until 1980. In 1980, Series E bonds were replaced by Series EE bonds. Taking a Look at the History of War Bonds When the US campaign turned into a police operation — in other words, a permanent counterinsurgency —army officials began recruiting Filipino soldiers to replace Americans, believing they would “know the enemy’s personality and his territory . . . and would be naturally amenable to white officers’ commands.” Capozzola shows that Filipino conscription encouraged the Americans to wage war with greater cruelty while deflecting culpability. The Philippine Scouts, officially a unit of the US Army, would become the counterrevolutionary force blamed for mass killings and torture — waterboarding was a native invention, claimed one army captain — rather than Americans. The Philippine Scouts, officially a unit of the US Army, would become the counterrevolutionary force blamed for mass killings and tortures like waterboarding. (Wikimedia Commons) Leaf, Walter (1927). Banking. Home university library of modern knowledge. H. Holt and Company. p.46.

Create a new account in TreasuryDirect so you can buy and manage Treasury savings bonds and securities Keshen, Jeff (2004). Saints, sinners, and soldiers: Canada's Second World War. Vancouver: UBC Press. ISBN 0-7748-0923-X. a b Horn, Martin (2002). Britain, France, and the financing of the First World War. McGill-Queen's Press. p.82. ISBN 978-0-7735-2294-7. Witowski, Terrence H. (2003). World War II Poster Campaigns: Preaching Frugality to American Consumers. Journal of Advertising: Volume 32, number 1/spring 2003. pp.69–82. Bogart, Ernest Ludlow (1919). David Kinley (ed.). Direct and Indirect Costs of the Great World War (2nded.). Vancouver: Oxford University Press. ISBN 0-7748-0923-X.Published: August 2023 The Democratic Collapse How Gender Politics Broke a Party and a Nation, 1856-1861 Capozzola’s book illuminates this sine qua non of America’s empire. As colonial dependency became the means of prosperity for Filipinos in the twentieth century, the peculiar, transactional relationship between labor and rights in the United States — assimilation through exploitation — obscured the brutality of the Philippine-American War, during and beyond 1898. Those “bonds of war,” between warfare and welfare, allowed the United States to create an empire without the sting of an enduring imperial history. In the Beginning In 1965, Ferdinand Marcos assumed the presidency of the Philippines, promising a “better life for the people” lest the Philippines become “the Vietnam of the 1970s.” His notoriously corrupt rule sparked student protests, high inflation, and calls for his removal from power. Marcos answered demonstrations with martial law in in 1972, ostensibly to prevent crime and revolutionary unrest. Marcos then purged the military, dissolved the legislature, and arrested his opponents. The United States, which depended on the Philippines’ military bases, raised no objections. Browne, Porter Emerson (1918). A Liberty Loan Primer. New York: Liberty Loan Committee, Second Federal Reserve District. OCLC 2315245. For the task of molding public opinion, Wilson turned to an investigative journalist, George Creel, who staffed the Committee on Public Information with psychologists, fellow journalists, artists, and advertising designers. The committee developed many of the techniques now associated with modern advertising. The magazine illustrator Howard Chandler Christy drew Liberty as an attractive young woman dressed in a see-through gown cheering on the troops. The man now regarded as the “father of public relations,” Edward Bernays, also worked for Creel, pioneering the techniques of manipulating and managing public opinion based on the theories of mass psychology. The committee appealed to innate motives: the competitive (which city would buy the most bonds), the familial (“My daddy bought a bond. Did yours?”), guilt (“If you can’t enlist, invest”), fear (“Keep German bombs out of your home”), revenge (“Swat the Brutes with Liberty Bonds”), social image (“Where is your Liberty Bond button?”), gregariousness (“Now! All together”), the impulse to follow the leader (President Wilson and Secretary McAdoo), herd instincts, maternal instincts, and – yes – sex. Bernays’s uncle was Sigmund Freud.

For Filipinos, like Americans, labor in the warfare state brought access to the welfare state. The terms of that access depended on the conflict, but the potential for Filipinos to receive basic rights through military service — opportunities for migration, citizenship, employment, and personal stability in either the United States or the Philippines — encouraged colonialism, and a colonial mindset, even after Filipino independence in 1946.Across the Pacific Ocean, Filipinos in the United States looked to take advantage of new laws that encouraged family migration for longtime residents, allowing them to assimilate in “Cold War suburbia.” As more Filipinos settled throughout America’s cities, native Filipinos were sent across Asia under the Philippine Expeditionary Force to Korea to defend South Korea. Americans once again relied on local labor to operate the military bases that became the “anchor of a Pacific strategy” during the Korean War. “Anti-communism would keep the two nations bound together,” Capozzola writes of the early Cold War years, but “only militarism remained to bind the two nations together” after the Korean War. People Power This power of America’s empire thus lies in the invisible, compulsory labor required to keep it running. Historian Daniel Immerwahr has argued that Americans have a long history of hiding their empire — its “pointillist” archipelago of military bases, territories, and colonies. But if the American empire is hidden it is because it is everywhere — in the working-class migrants from America’s territories, the welfarist incentives for military service, the local and imported labor needed to operate eight hundred military bases around the globe, the economic and military arrangements between the United States and its allies and client states that provide jobs in a globalized economy.