Bonds of War: How Civil War Financial Agents Sold the World on the Union (Civil War America)
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Bound By War is more than just a revisionist account of the US-Philippines conflict. Capozzola provides us with a complex, if at times meandering, history of US empire that should inform our thinking about American global power in the present. For Filipinos, military conscription and racialized, low-wage labor were indistinguishable in the ends they served: the demands of the colony. Please list any fees and grants from, employment by, consultancy for, shared ownership in or any close relationship with, at any time over the preceding 36 months, any organisation whose interests may be affected by the publication of the response. Please also list any non-financial associations or interests (personal, professional, political, institutional, religious or other) that a reasonable reader would want to know about in relation to the submitted work. This pertains to all the authors of the piece, their spouses or partners. Author David Thomson blended Civil War-era financial and political history to show how the marketing and sale of bonds helped ensure foreign…
In the United Kingdom, the National Savings Movement was instrumental in raising funds for the war effort during both world wars. During World War II a War Savings Campaign was set up by the War Office to support the war effort. Local savings weeks were held which were promoted with posters with titles such as "Lend to Defend the Right to Be Free", "Save Your Way to Victory" and "War Savings Are Warships". While war bonds are no longer being sold, old bonds that were sold by the U.S. government to finance the country’s participation in wars may still be worth something today. The value of your war bond will depend on factors such as its series type, its denomination and its issue date. War bonds were recognised as baby bonds which implied that their par values were smaller in comparison to standard bonds. As a result, retail investors found them to be comparatively more affordable. War bonds were also categorised as being non-transferable which meant that they could only be redeemed by the person responsible for purchasing them at the time of maturity. Originally, war bonds had a maturity of 10 years which meant they provided a 2.9 per cent return.Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our A carefully researched, well written, and deeply persuasive book. . . . By centering securities, Thomson reveals how Civil War debt played a crucial role in shaping the modern financial landscape."— H-CivWar May, George Ernest (1922). " Dollar Securities Mobilization". In Chisholm, Hugh (ed.). Encyclopædia Britannica (12thed.). London & New York: The Encyclopædia Britannica Company.
Although war bonds do not typically pay interest, they are sold at a discount and mature to face value, typically after a period of 10 to 30 years. When the United States invaded the Philippines and defeated the remnants of the Spanish Empire in August 1898, Washington had no plans for what came next. It got an insurrection — led by none other than Emilio Aguinaldo, the revolutionary Filipino leader the United States hoped would promote its claims of a benevolent invasion.Herbstman, Joshua T. “Joe I. Herbstman Memorial Collection of American Finance.” http://www.theherbstmancollection.com/#!liberty-loans/c1cwm Garbade, Kenneth D. "Why the U.S. Treasury Began Auctioning Treasury Bills in 1929." FRBNY Economic Policy Review, July 2008. D.K. Holmberg lives in Minnesota and is the author of multiple series including The Cloud Warrior Saga, The Dark Ability, The Endless War, and The Lost Garden. When he's not writing, he's chasing around his two active children.