War bond

War bonds are debt securities issued by a government to finance military operations and other expenditure in times of war. In practice, modern governments finance war by putting additional money into circulation, and the function of the bonds is to remove money from circulation and help to control inflation. War bonds are either retail bonds marketed directly to the public or wholesale bonds traded on a stock market. Exhortations to buy war bonds are often accompanied by appeals to patriotism and conscience. Retail war bonds, like other retail bonds, tend to have a yield which is below that offered by the market and are often made available in a wide range of denominations to make them affordable for all citizens.

Put it into National War Bonds
United Kingdom national war bond advertisement (1918)

Before World War I

1847 $1,000 6% Loan
U.S. Government Loan for the Mexican–American War

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 $11 million 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. Until July 2015, perhaps the oldest bonds still outstanding as a result of war were the British Consols, some of which were the result of the refinancing of incurring debts during the Napoleonic Wars, but these were redeemed following the passing of the Finance Act 2015.[1]

World War I

Austria and Hungary

Und Ihr Zeichnet 7 Kriegsanleihe Crisco restoration and colours
Austrian poster promoting war bonds (1917)
Austrian War Bond, item 1
An Austrian war bond (1915)

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:[2] in November 1914, the first funded loan was issued.[3] 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.[3]

Hungary issued loans separately from Austria in 1919, after the war and after it had separated from Austria, in the form of stocks that permitted the subscriber to demand repayment after a year's notice. Interest was fixed at 6%, and the smallest denomination was 50 korona.[3] Subscriptions to the first Austrian bond issue amounted to the equivalent of $440 million; those of the first Hungarian issue were equivalent to $235 million.[3]

The limited financial resources of children were tapped through campaigns in schools. The initial minimum Austrian bond denomination of 100 kronen still exceeded the means of most children,[4] so the third bond issue, in 1915, introduced a scheme whereby children could donate a small amount and take out a bank loan to cover the rest of the 100 kronen.[4] The initiative was immensely successful, eliciting funds and encouraging loyalty to the state and its future among Austro-Hungarian youth.[4] Over 13 million kronen was collected in the first three "child bond" issues.[4]


Canada's involvement in the First World War began in 1914, with Canadian war bonds called "Victory Bonds" after 1917.[5] The first domestic war loan was raised in November 1915, but not until the fourth campaign of November 1917 was the term Victory Loan applied. The First Victory Loan was a 5.5% issue of 5, 10 and 20 year gold bonds in denominations as small as $50. It was quickly oversubscribed, collecting $398 million or about $50 per capita. The Second and Third Victory Loans were floated in 1918 and 1919, bringing another $1.34 billion.[6] For those who could not afford to buy Victory Bonds, the government also issued War Savings Certificates. The government awarded communities who bought large amounts of bonds Victory Loan Honour Flags.[7]


So hilft dein Geld
German war bonds by Lucian Bernhard

Unlike France and Britain, at the outbreak of the First World War Germany found itself largely excluded from international financial markets.[8] This became most apparent after an attempt to float a major loan on Wall Street failed in 1914.[8] As such, Germany was largely limited to domestic borrowing, which was induced by a series of war credit bills passing the Reichstag.[9] This took place in many forms; however, the most publicised were the public war bond (Kriegsanleihe) drives.[8]

Nine bond drives were conducted over the length of the war and, as in Austria-Hungary, the loans were issued at six-month intervals. The drives themselves would often last several weeks, during which there was extensive use of propaganda via all possible media.[10] Most bonds had a rate of return of 5% and were redeemable over a ten-year period, in semi-annual payments.[8] Like war bonds in other countries, the German war bonds drives were designed to be extravagant displays of patriotism and the bonds were sold through banks, post offices and other financial institutions.[8]

As in other countries, the majority investors were not individuals but institutions and large corporations.[11] Industries, university endowments, local banks and even city governments were the prime investors in the war bonds.[11] In part because of intense public pressure and in part due to patriotic commitment the bond drives proved extremely successful, raising approximately 10 billion marks in funds.[12] Although extremely successful the war bond drives only covered two-thirds of war-related expenditures.[12] Meanwhile, the interest payable on the bonds represented a growing expense which required further resources to pay it.[12]

United Kingdom

The British Sovereign Will Win Invest in the War Loan To-Day poster stamp
The British Sovereign Will Win / Invest in the War Loan To-Day. A British publicity label from World War One.

In August 1914 the gold reserves of the Bank of England, and effectively of all banking institutions in Great Britain, amounted to £9 million (equivalent to £779 million in 2015).[13] The banks feared the declaration of war would trigger a run on the banks, so the Chancellor David Lloyd George extended the August bank holiday for three days to allow time for the passing of the Currency and Bank Notes Act 1914, by which Britain left the gold standard. Under this Act the Treasury issued £300 million (equivalent to £25.1 billion in 2013) of paper banknotes, without the backing of gold, with which the banks could repay their obligations.[13] Leading banker Walter Leaf described these Treasury notes as "essentially a War Loan free of interest, for an unlimited period, and as such was a highly profitable expedient from the point of view of the Government".[14]

The first interest-bearing War Loan was issued in November 1914 at an interest rate of 3.5%, to be redeemed at par in 1925–28. It raised £333 million; £350 million at face value as it was issued at a 5% discount.[15] It was revealed in 2017 that public subscriptions amounted to £91m, and the balance had been subscribed by the Bank of England, under the names of then governor, John Gordon Nairne, and his deputy Ernest Harvey.[16] It was followed by £901 million of a second War Loan in June 1915, at 4.5%. £17.6 million of this was accounted for by conversion of the 3.5% issue, and a further £138 million by holders of 2.5% and 2.75% Consols, who were also allowed to transfer to the higher interest rate.[13] The government also pledged that if they issued War Loans at even higher interest, holders of the 4.5% bonds might also convert to the new rate.[13] In his memoirs Lloyd George stated his regret that his successor Reginald McKenna increased the interest rate at a time when investors had few alternatives. Not only did it directly increase the nation's annual interest payments by £100 million but it meant interest rates were higher throughout the economy during the post-war depression.[15]

Compared to France, the British government relied more on short-term financing in the form of treasury bills and exchequer bonds during World War I.[17] Treasury bills provided the bulk of British government funds in 1916, and were available for terms of 3, 6, 9 and 12 months at an interest rate of 5%.[17] Although these were not formally designated as war bonds, advertising was explicit about their purpose. This April 1916 advertisement for 5% Exchequer bonds was typical of the time: "LEND YOUR MONEY TO YOUR COUNTRY. The soldier does not grudge offering his life to his country. He offers it freely, for his life may be the price of Victory. But Victory cannot be won without money as well as men, and your money is needed. Unlike the soldier, the investor runs no risk. If you invest in Exchequer Bonds your money, capital and interest alike, is secured on the Consolidated Fund of the United Kingdom, the premier security of the world."[18]

Policy changed when Asquith's government fell in December 1916 and Bonar Law became Chancellor in the new coalition government. The third War Loan was launched in January 1917 at a 5% discount to face value and paying 5% interest (or 4% tax-free for 25 years), a rate Lloyd George described as "penal".[15] Holders of existing War Loans, Treasury Bills and War Expenditure Certificates could convert to the 5% issue.[13] Of the £2.08 billion raised by the 5% War Loan,[19] only £845 million was new money; the rest was conversions of £820 million of 4.5% Loan, £281 million of Exchequer Bonds and £130 million of Treasury Bills.[13] Labour politician Tom Johnston would later write of the 1917 War Loan "No foreign conqueror could have devised a more complete robbery and enslavement of the British Nation".[13]

On 30 June 1932 Neville Chamberlain announced that the Government would exercise its right to call in the 5% War Loan, offering a choice of taking cash or continuing the loan at 3.5%.[20] Although they were obliged to give 90 days' notice of such a change, a 1% tax-free cash bonus was offered to holders who acted by 31 July.[20] This conversion saved the government about £23 million net per year.[20] On 3 December 2014 the UK Government announced it would redeem the outstanding war loans on 9 March 2015.[21]

United States

Advertising poster for World War I Liberty Bonds

In 1917 and 1918, the United States government issued Liberty Bonds to raise money for its involvement in World War I. An aggressive campaign was created by Secretary of the Treasury William Gibbs McAdoo to popularize the bonds, grounded largely as patriotic appeals.[22] The Treasury Department worked closely with the Committee on Public Information in developing Liberty Bond campaigns.[23] The resulting propaganda messages often borrowed heavily from military colloquial speech.[23]

The government used famous artists to make posters, and used movie and stage stars to host bond rallies. Al Jolson, Ethel Barrymore, Marie Dressler, Elsie Janis, Theda Bara, Fatty Arbuckle, Mabel Normand, Mary Pickford, Douglas Fairbanks and Charlie Chaplin were among the celebrities who made public appearances promoting the patriotic element of purchasing Liberty Bonds.[24] Chaplin also made a short film, The Bond, at his own expense for the drive.[25] Even the Boy Scouts and Girl Scouts sold bonds under the slogan "Every Scout to Save a Soldier". The campaign spurred community efforts across the country to sell the bonds and was a great success resulting in over-subscriptions to the second, third and fourth bond issues.[26] According to the Massachusetts Historical Society, "Because the first World War cost the federal government more than $30 billion (by way of comparison, total federal expenditures in 1913 were only $970 million), these programs became vital as a way to raise funds."[27]

World War II


A. J. Casson's Canadian Victory Bonds poster Give Us The Tools 1941
News. First Victory Bond in N.D.G BAnQ P48S1P09334
Victory Bond sales in Montreal in 1943

Canada's involvement in the Second World War began when Canada declared war on Nazi Germany on September 10, 1939, one week after the United Kingdom. Approximately half of the Canadian war cost was covered by War Savings Certificates and war bonds known as "Victory Bonds" as in World War I.[28] War Savings Certificates began selling in May 1940 and were sold door-to-door by volunteers as well as at banks, post offices, trust companies and other authorised dealers.[28] They matured after seven years and paid $5 for every $4 invested but individuals could not own more than $600 each in certificates. Although the effort raised $318 million in funds and was successful in financially involving millions of Canadians in the war effort, it only provided the Government of Canada with a fraction of what was needed.[28]

The sale of Victory Bonds proved far more successful financially. There were ten wartime and one postwar Victory Bond drives. Unlike the War Savings Certificates, there was no purchase limit to Victory Bonds.[28] The bonds were issued with maturities of between six and fourteen years with interest rates ranging from 1.5% for short-term bonds and 3% for long-term bonds and were issued in denominations of between $50 and $100,000.[28] Canadians bought $12.5 billion worth of Victory Bonds or some $550 per capita with businesses accounting for half of all Victory Bond sales.[28] The first Victory Bond issue in February 1940 met its goal of $20 million in less than 48 hours, the second issue in September 1940 reaching its goal of $30 million almost as quickly.[29]

When it became apparent that the war would last a number of years the war bond and certificate programs were organised more formally under the National War Finance Committee in December 1941, directed initially by the president of the Bank of Montreal and subsequently by the Governor of the Bank of Canada.[29] Under the more honed direction the committee developed strategies, propaganda and the wide recruitment of volunteers for bonds drives. Bond drives took place every six months during which no other organization was permitted to solicit the public for money.[29] The government spent over $3 million on marketing which employed posters, direct mailing, movie trailers, radio commercials and full page advertisement in most major daily newspaper and weekly magazine.[30] Realistic staged military invasion, such as the If Day scenario in Winnipeg, Manitoba, were even employed to raise awareness and shock citizens into purchasing bonds.[31]


The Nazi regime never attempted to convince the general populace to buy long-term war bonds as had been done during the First World War.[32] The Reich government did not want to present any perceived form of public referendum on the war, which would be the indirect result if a bond drive did poorly.[33] Rather, the regime financed its war efforts by borrowing directly from financial institutions, using short-term war bonds as collateral.[32] German bankers, with no demonstration of resistance, agreed to taking state bonds into their portfolios.[32] Financial institutions transferred their money to the Finance Department in exchange for promissory notes. Through this strategy, 40 million bank and investment accounts were quietly converted into war bonds, providing the Reich government with a continuous supply of money.[34] Likewise, German bank commissioners compelled occupied Czechoslovakia to buy up German war bonds. By the end of the war, German war bonds accounted for 70% of investments held by Czechoslovakian banks.[34]

United Kingdom

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".

United States

President Franklin D. Roosevelt introduces the Series E Bond.

By the summer of 1940, the victories of Nazi Germany against Poland, Denmark, Norway, Belgium, the Netherlands and France and Luxembourg brought urgency to the government, which was discreetly preparing for possible United States involvement in World War II.[35] Of principal concern were issues surrounding war financing. Many of President Franklin D. Roosevelt's advisers favored a system of tax increases and enforced savings program as advocated by British economist John Maynard Keynes.[35] In theory, this would permit increased spending while decreasing the risk of inflation.[35] Secretary of the Treasury Henry Morgenthau, Jr. however preferred a voluntary loan system and began planning a national defense bond program in the fall of 1940. The intent was to unite the attractiveness of the baby bonds that had been implemented in the interwar period with the patriotic element of the Liberty Bonds from the First World War.[36]

"85 Million Americans Hold War Bonds" - NARA - 514205
A poster designed to encourage war bond purchases.

Henry Morgenthau Jr. sought the aid of Peter Odegard, a political scientist specialised in propaganda, in drawing up the goals for the bond program.[37] On the advice of Odegard the Treasury began marketing the previously successful baby bonds as "defense bonds".[37] Three new series of bond notes, Series E, F and G, would be introduced, of which Series E would be targeted at individuals as "defense bonds".[37] Like the baby bonds, they were sold for as little as $18.75 and matured in ten years, at which time the United States government paid the bondholder $25.[37] Large denominations of between $50 and $1000 were also made available, all of which, unlike the Liberty Bonds of the First World War, were non-negotiable bonds.[37] For those that found it difficult to purchase an entire bond at once, 10-cent savings stamps could be purchased and collected in Treasury-approved stamp albums until the recipient had accumulated enough stamps for a bond purchase.[38] The name of the bonds was eventually changed to War Bonds after the Japanese attack on Pearl Harbor on 7 December 1941, which resulted in the United States entering the war.

The War Finance Committee was placed in charge of supervising the sale of all bonds, and the War Advertising Council promoted voluntary compliance with bond buying. Popular contemporary art was used to help promote the bonds such as Any Bonds Today?, a Warner Brothers theatrical cartoon. More than a quarter of a billion dollars' worth of advertising was donated during the first three years of the National Defense Savings Program. The government appealed to the public through popular culture. Norman Rockwell's painting series, the Four Freedoms, toured in a war bond effort that raised $132 million.[39][40] Bond rallies were held throughout the country with famous celebrities, usually Hollywood film stars, to enhance the bond advertising effectiveness. Many motion pictures during the time, especially war dramas (a form of propaganda itself), included a graphic shown during the closing credits advising patrons to "Buy War Bonds and Stamps", which were sometimes sold in the lobby of the theater. The Music Publishers Protective Association encouraged its members to include patriotic messages on the front of their sheet music like "Buy U.S. Bonds and Stamps". Over the course of the war 85 million Americans purchased bonds totalling approximately $185 billion.

Named after the 1942 Hollywood Victory Caravan, a 1945 Paramount-produced film promoted bond sales after the end of World War II. The short subject included Bing Crosby, Bob Hope, Alan Ladd, William Demarest, Franlin Pangborn, Barbara Stanwyck, Humphrey Bogart, and others.

The National Service Board for Religious Objectors offered civilian bonds in the United States during World War II, primarily to members of the historic peace churches as an alternative for those who could not conscientiously buy something meant to support the war. These were U.S. Government Bonds not labelled as defense bonds. In all, 33,006 subscriptions were sold for a total value of $6.74 million, mostly to Mennonites, Brethren, and Quakers.[41][42]


  1. ^ "About Gilts". UK Debt Management Office. Archived from the original on 2016-11-10. Retrieved 2015-11-04.
  2. ^ Bogart, p. 240
  3. ^ a b c d Bogart, p. 239
  4. ^ a b c d Healy, p. 244
  5. ^ "CBC News In Depth: Canada Savings Bonds". CBC. 2007-10-03. Archived from the original on August 11, 2010. Retrieved 2010-08-16.
  6. ^ Hillier, Norman. "Victory Loans". The Canadian Encyclopedia. Historica-Dominion. Retrieved 2009-12-12.
  7. ^ "4 Reasons for Buying Victory Bonds". World Digital Library. 1917. Retrieved 2013-06-30.
  8. ^ a b c d e Chickering (2004), p. 104
  9. ^ "Reichstag Receives $2,856,000,000 Bill" (PDF). The New York Times. 1916-10-28. Retrieved 2011-07-12.
  10. ^ Chickering (2007), p. 196
  11. ^ a b Chickering (2007), p. 198
  12. ^ a b c Chickering (2004), p. 105
  13. ^ a b c d e f g Johnston, Thomas (1934). The Financiers And The Nation. London: Methuen. pp. 45–52.
  14. ^ Leaf, Walter (1927). Banking. Home university library of modern knowledge. H. Holt and Company. p. 46.
  15. ^ a b c Lloyd George, David (1938). War Memoirs Volume I. London: Odhams Press. pp. 73–4.
  16. ^ "Bank governor covered up failure of war bonds". The Times. 8 August 2017. p. 20.
  17. ^ 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.
  18. ^ "Lend your Money to your Country". The Glasgow Herald. April 13, 1916. p. 9.
  19. ^ Another £52 million was raised from the 4% tax-free issue in 1917.
  20. ^ a b c "Mr. chamberlain's statement", Hansard, 267: 2121–26, 30 June 1932
  21. ^ United Kingdom Debt Management Office (3 December 2014). "Press notice Redemption of 3½% War Loan" (PDF). Archived from the original (PDF) on 2017-09-23. Retrieved 23 September 2017.
  22. ^ Kimble, p.15
  23. ^ a b Kimble, p.16
  24. ^ Gale Encyclopedia of U.S. Economic History
  25. ^ Chaplin, Charlie (1964). My Autobiography.
  26. ^ New York Times, March 27, 1918, page 4.
  27. ^ "Focus on: Women and War". Massachusetts Historical Society. 2002. Archived from the original on 2006-05-20. Retrieved 2006-10-18.
  28. ^ a b c d e f Keshen, p. 31
  29. ^ a b c Keshen, p. 32
  30. ^ Keshen, p.33
  31. ^ Keshen, p. 34
  32. ^ a b c Aly & Chase, p. 294
  33. ^ Aly & Chase, p. 298
  34. ^ a b Aly & Chase, p. 295
  35. ^ a b c Kimble, p. 19
  36. ^ Kimble, p. 20
  37. ^ a b c d e Kimble, p. 23
  38. ^ Kimble, p. 24
  39. ^ "Michener Art Museum Pairs Famed American Illustrators Rockwell and Hargens for Fall Exhibitions in New Hope" (Press release). The James A. Michener Art Museum. 2007-08-08. Archived from the original on February 7, 2008. Retrieved 2008-04-05.
  40. ^ Saturday Evening Post, March 20, 1943, Vol. 215 Issue 38, p. 4-4, 1/5p; (AN 18990616).
  41. ^ Gingerich, Melvin (1949). Service for Peace, A History of Mennonite Civilian Public Service. Akron, Pa.: Mennonite Central Committee. pp. 355–358. OCLC 1247191.
  42. ^ "Mennonite Central Committee Peace Section". Global Anabaptist Mennonite Encyclopedia Online. 1987.


  • Address of President Franklin D. Roosevelt in connection with the opening of the fifth war loan drive. 2009. Essential Speeches.
  • Aly, Götz; Chase, Jefferson (2007). Hitler's beneficiaries: plunder, racial war, and the Nazi welfare state. New York: Macmillan. ISBN 0-8050-7926-2.
  • Bird, William L. Jr; Rubenstein, Harry R. (1998). Design for victory : World War II posters on the American home front. New York, NY: Princeton Architectural Press.
  • Bogart, Ernest Ludlow (1919). David Kinley (ed.). Direct and Indirect Costs of the Great World War (2nd ed.). Vancouver: Oxford University Press. ISBN 0-7748-0923-X.
  • Chickering, Roger (2004). Imperial Germany and the Great War, 1914–1918 (2nd ed.). Cambridge: Cambridge University Press. ISBN 0-521-54780-6.
  • Chickering, Roger (2007). The Great War and urban life in Germany: Freiburg, 1914–1918. Cambridge: Cambridge University Press. ISBN 0-521-85256-0.
  • Keshen, Jeff (2004). Saints, sinners, and soldiers: Canada's Second World War. Vancouver: UBC Press. ISBN 0-7748-0923-X.
  • Kimble, James J. (2006). Mobilizing the home front: war bonds and domestic propaganda. Dallas: Texas A&M University Press. ISBN 1-58544-485-5.
  • Sparrow, J.T. (2008). "Buying our boys back": The mass foundations of fiscal citizenship in World War II. Journal of Policy History, 20(2), 263–286. Italic or bold markup not allowed in: |publisher= (help)
  • Streib, G.F. (1948). Idealism and war bonds: Comparative study of the two world wars. Oxford Journals,Public Opinion Quarterly 12, 272–279. Italic or bold markup not allowed in: |publisher= (help)
  • 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.

External links

Canada Savings Bond

Canada Savings Bonds were investment instruments that were offered by the Government of Canada in between the years 1945 and 2017, sold between early October and December 1 of every year. The financial products were issued by the Bank of Canada and were intended to offer a competitive rate of interest and had a guaranteed minimum interest rate.

Carole Lombard

Carole Lombard (born Jane Alice Peters; October 6, 1908 – January 16, 1942) was an American film actress. She was particularly noted for her energetic, often off-beat roles in the screwball comedies of the 1930s. She was the highest-paid star in Hollywood in the late 1930s.

Lombard was born into a wealthy family in Fort Wayne, Indiana, but was raised in Los Angeles by her single mother. At 12, she was recruited by the film director Allan Dwan and made her screen debut in A Perfect Crime (1921). Eager to become an actress, she signed a contract with the Fox Film Corporation at age 16, but mainly played bit parts. She was dropped by Fox after a car accident left a scar on her face. Lombard appeared in 15 short comedies for Mack Sennett between 1927 and 1929, and then began appearing in feature films such as High Voltage and The Racketeer. After a successful appearance in The Arizona Kid (1930), she was signed to a contract with Paramount Pictures.

Paramount quickly began casting Lombard as a leading lady, primarily in drama films. Her profile increased when she married William Powell in 1931, but the couple divorced after two years. A turning point in Lombard's career came when she starred in Howard Hawks' pioneering screwball comedy Twentieth Century (1934). The actress found her niche in this genre, and continued to appear in films such as Hands Across the Table (1935) (forming a popular partnership with Fred MacMurray), My Man Godfrey (1936), for which she was nominated for the Academy Award for Best Actress, and Nothing Sacred (1937). At this time, Lombard married "the King of Hollywood", Clark Gable, and the supercouple gained much attention from the media. Keen to win an Oscar, Lombard began to move towards more serious roles at the end of the decade. Unsuccessful in this aim, she returned to comedy in Alfred Hitchcock's Mr. & Mrs. Smith (1941) and Ernst Lubitsch's To Be or Not to Be (1942)—her final film role.

Lombard's career was cut short when she died at the age of 33 on board TWA Flight 3 on Mount Potosi, Nevada, while returning from a war bond tour. Today, she is remembered as one of the definitive actresses of the screwball comedy genre and American comedy, and ranks among the American Film Institute's greatest female stars of classic Hollywood cinema.

Consol (bond)

Consols (originally short for consolidated annuities, but subsequently taken to mean consolidated stock) was a name given to certain government debt issues in the form of perpetual bonds, redeemable at the option of the government. They were issued by the U.S. Government and the Bank of England. The first British Consols were issued in 1751. They have now been fully redeemed. The first U.S. Government Consols were issued in the 1870s.

Four Freedoms (Norman Rockwell)

The Four Freedoms is a series of four 1943 oil paintings by the American artist Norman Rockwell. The paintings—Freedom of Speech, Freedom of Worship, Freedom from Want, and Freedom from Fear—are each approximately 45.75 inches (116.2 cm) × 35.5 inches (90 cm), and are now in the Norman Rockwell Museum in Stockbridge, Massachusetts. The four freedoms refer to President Franklin D. Roosevelt's January 1941 Four Freedoms State of the Union address in which he identified essential human rights that should be universally protected. The theme was incorporated into the Atlantic Charter, and became part of the charter of the United Nations. The paintings were reproduced in The Saturday Evening Post for over four consecutive weeks in 1943, alongside essays by prominent thinkers of the day. They became the highlight of a touring exhibition sponsored by The Post and the U.S. Department of the Treasury. The exhibition and accompanying sales drives of war bonds raised over $132 million.This series has been the cornerstone of retrospective art exhibits presenting the career of Rockwell, who was the most widely known and popular commercial artist of the mid-20th century, but did not achieve critical acclaim. These are his best-known works, and by some accounts became the most widely distributed paintings. At one time they were commonly displayed in post offices, schools, clubs, railroad stations, and a variety of public and semi-public buildings.Critical review of these images, like most of Rockwell's work, has not been entirely positive. Rockwell's idyllic and nostalgic approach to regionalism made him a popular illustrator but a lightly regarded fine artist during his lifetime, a view still prevalent today. However, he has created an enduring niche in the social fabric with Freedom from Want, emblematic of what is now known as the "Norman Rockwell Thanksgiving".

Freedom from Fear (painting)

Freedom from Fear is the last of the well-known Four Freedoms oil paintings produced by the American artist Norman Rockwell. The series was based on the four goals known as the Four Freedoms, which were enunciated by President Franklin D. Roosevelt in his State of the Union Address on January 6, 1941. This work was published in the March 13, 1943, issue of The Saturday Evening Post alongside an essay by a prominent thinker of the day, Stephen Vincent Benét. The painting is generally described as depicting American children being tucked into bed by their parents while the Blitz rages across the Atlantic in Great Britain.

Fremont Theater

The Fremont Theater is a historic movie theater in San Luis Obispo, California in the United States of America. It is among the last Streamline Moderne theaters built by architect S. Charles Lee. It opened in 1942 on the eve of U.S. entry to World War II. Throughout its early years it served both as a moving pictures theater and a live theater. It hosted war bond shows in early years and later hosted such attractions as Adam Ant and Yes.In the late 20th century, developers wanted to raze the building to install a new multiplex, but public outcry saved the theater. The company built its multiplex next door, capitalizing off the historic structure while also supporting it financially with the additional screens.The theater is now one of the main locations for the San Luis Obispo International Film Festival.

George Beurling

George Frederick "Buzz" Beurling, (6 December 1921 – 20 May 1948) was the most successful Canadian fighter pilot of the Second World War.

Beurling was recognised as "Canada's most famous hero of Second World War", as "The Falcon of Malta" and the "Knight of Malta", having been credited with shooting down 27 Axis aircraft in just 14 days over the besieged Mediterranean island. Before the war ended his official total climbed to either 31 or 31​1⁄3. Beurling's wartime service was terminated prior to war's end. In an attempt to continue combat flying in the postwar era, Beurling lost his life in a crash while attempting to deliver an aircraft to Israel.

George Weissinger Smith

George Weissinger Smith was mayor of Louisville, Kentucky from 1917 to 1921. His maternal grandfather, George Weissinger, published the Louisville Journal (which became the Courier-Journal) during the controversial tenure of George D. Prentice.

George Smith graduated from Louisville Male High School in 1883, from the University of Virginia in 1886, and from the University of Louisville School of Law in 1887. He practiced law throughout the rest of his life. He entered politics in 1898 with his election to the Kentucky General Assembly.

Smith ran for mayor in 1917 on an anti-corruption platform. Louisville's dominant political boss for three decades, John Henry Whallen, had died in 1913 and his less charismatic brother was unable to use the party's political machine to defeat Smith. Smith followed through on election promises, shutting down brothels and gambling along the then-seedy Green Street. After the Louisville Herald drummed up public interest with a naming contest, the Republican-majority city council gave the street its modern name, Liberty Street, in 1918. He also ordered the Louisville Police Department to assist federal agents in enforcing Prohibition.

The administration soon focused on the World War I effort, with Smith himself involved in war bond drives. Camp Zachary Taylor, one of the largest training camps built for the war effort, was located at was then the edge of the city.

The city grew 40% in size during his administration through annexation of surrounding areas. After his term as mayor, he served as president of the Louisville Water Company until 1926.

He lived on Cherokee Road with his family, and died in 1931 of a cerebral hemorrhage. He was buried in Cave Hill Cemetery.

Ira Hayes

Ira Hamilton Hayes (January 12, 1923 – January 24, 1955) was a Pima Native American and a United States Marine who was one of the six flag raisers immortalized in the iconic photograph of the flag raising on Iwo Jima during World War II. Hayes was an enrolled member of the Gila River Pima Indian Reservation located in the Pinal and Maricopa counties in Arizona. He enlisted in the United States Marine Corps Reserve on August 26, 1942, and, after recruit training, volunteered to become a Paramarine. He fought in the Bougainville and Iwo Jima campaigns in the Pacific Theatre of Operations.

On February 23, 1945, he helped to raise an American flag over Mount Suribachi on Iwo Jima, an event photographed by Joe Rosenthal of the Associated Press. Hayes and the other five flag-raisers became national heroes as a result. In 1946, he was instrumental in revealing the identity of one of the other pictured Marines, who was killed in action on Iwo Jima. However, Hayes was never comfortable with his fame, and after his service in the Marine Corps he descended into alcoholism. He died of exposure to cold and alcohol poisoning after a night of heavy drinking on January 23–24, 1955. He was buried with full military honors at Arlington National Cemetery on February 2, 1955.

Hayes was commemorated in art and film, before and after his death. In 1949, he portrayed himself raising the flag in the motion picture movie, Sands of Iwo Jima. A giant Marine figure of Hayes raising the flag on Iwo Jima with the other five participants is included on the 1954 Marine Corps War Memorial in Arlington, Virginia.

He was the subject of an article by journalist William Bradford Huie, which was adapted for the feature film The Outsider (1961), starring Tony Curtis as Hayes. The movie inspired songwriter Peter La Farge to write "The Ballad of Ira Hayes," which became popular nationwide in 1964 after being recorded by Johnny Cash. In 2006, Hayes was portrayed by Adam Beach in the World War II movie Flags of Our Fathers, directed by Clint Eastwood.

John Basilone

John Basilone (November 4, 1916 – February 19, 1945) was a United States Marine Corps Gunnery Sergeant who was killed in action during World War II. He received the Medal of Honor for heroism above and beyond the call of duty during the Battle for Henderson Field in the Guadalcanal Campaign, and the Navy Cross posthumously for extraordinary heroism during the Battle of Iwo Jima. He was the only enlisted Marine to receive both of these decorations in World War II.

He enlisted in the Marine Corps on June 3, 1940, after serving three years in the United States Army with duty in the Philippines. He was deployed to Guantánamo Bay, Cuba, and in August 1942, he took part in the invasion of Guadalcanal. In October, he and two other Marines used machine guns to hold off an attack by a far numerically superior Japanese force. In February 1945, he was killed in action on the first day of the invasion of Iwo Jima, after he single-handedly destroyed an enemy blockhouse and led a Marine tank under fire safely through a minefield.

He has received many honors including being the namesake for streets, military locations, and two United States Navy destroyers.

Liberty bond

A Liberty bond (or liberty loan) was a war bond that was sold in the United States to support the Allied cause in World War I. Subscribing to the bonds became a symbol of patriotic duty in the United States and introduced the idea of financial securities to many citizens for the first time. The Act of Congress which authorized the Liberty Bonds is still used today as the authority under which all U.S. Treasury bonds are issued.

Rene Gagnon

René Arthur Gagnon (March 7, 1925 – October 12, 1979) was a United States Marine Corps corporal who participated in the Battle of Iwo Jima during World War II. He is best known for having been identified as one of the six Marines who helped raise the second of two U.S. flags atop Mount Suribachi on February 23, 1945, in the iconic photograph Raising the Flag on Iwo Jima. On October 16, 2019, the Marine Corps stated that Private First Class Harold Keller was actually depicted in the photograph, not Gagnon.In 1954, the Marine Corps War Memorial in Arlington, Virginia, was modeled after the famous photograph of the second flag raising which had been generally portrayed since 1945 as the only flag-raising on Mount Suribachi. Although there were photographs taken of the first flag flying on Mount Suribachi, there was no single photograph taken of Marines actually raising the first flag. The first flag flown over the southern end of Iwo Jima was regarded to be too small to be seen by all the American troops on the other side of the mountain, and was replaced hours later the same day by a larger one which had been carried up the mountain by Gagnon. The replacement flag went up as the first flag was being taken down.

Savings bond

A savings bond is a retail government bond designed to provide funds for the issuer while also providing a relatively safe investment for the purchaser to save money. The earliest savings bonds were the war bond programs of World War II. Examples of savings bonds include:

Canada Savings Bond

Ontario Savings Bond

Saskatchewan Savings Bond

Japanese Government Bonds for Retail Investors

United States Savings Bonds

The Fighting Generation

The Fighting Generation is a 1944 propaganda short film or public service announcement produced for the U.S. Treasury Department and intended to boost war bond sales, directed by an uncredited Alfred Hitchcock and starring Jennifer Jones as a nurse's aide.

The film was shot in a single day, on October 9, 1944. Rhonda Fleming and actors Steve Dunhill and Tony Devlin were to appear in the scene, according to a call sheet, but in the end, only Jones appears on-screen.

The film survives in the Academy Film Archive and was preserved in 2008. The film is part of the Academy War Film Collection, one of the largest collections of World War II era short films held outside government archives.

Tulsa Outrage

The Tulsa Outrage was an act of vigilante violence perpetrated by the Knights of Liberty against members of the Industrial Workers of the World on November 7, 1917 in Tulsa, Oklahoma.The incident occurred when 12 members of the IWW were convicted by Judge T. D. Evans of the crime of not owning a war bond. Judge Evans also convicted five men who, though they were not members of the IWW, were witnesses for the defense. After sentencing, the police rounded up the 17 men and delivered them into the custody of the black-robed Knights of Liberty, a short-lived local group.

The Knights of Liberty abducted the men at gunpoint and drove them to a deserted location west of town. The men were then, one by one, bound to a tree, whipped, then tarred and feathered.

Wait for Me, Daddy

Wait for Me, Daddy is a photo taken by Claude P. Dettloff on October 1, 1940, of The British Columbia Regiment (Duke of Connaught's Own Rifles) marching down Eighth Street at the Columbia Street intersection, New Westminster, British Columbia. While Dettloff was taking the photo, Warren "Whitey" Bernard ran away from his mother to his father, Private Jack Bernard. The picture received extensive exposure and was used in war-bond drives.

War Activities Committee of the Motion Pictures Industry

The War Activities Committee of the Motion Pictures Industry is a group that was formed by the U.S. motion picture industry to assist the government during World War II. It distributed many government-produced propaganda films and organized war bond drives. Robert B. Wilby, of Wilby-Kinsey Corporation in Atlanta, Georgia, was chairman of the Exhibition Division of the War Activities Committee. He spent time in Europe on tour of the theater of operations, meeting with notable officers such as Lt. Col. G. A. I Druy, M.C., Chief Commander of the Greenadier Buards depot at Caterham, England.

You Came Along

You Came Along (working title Don't Ever Grieve Me) is a 1945 romantic comedy-drama film set in World War II, directed by John Farrow. The original Robert Smith screenplay was rewritten by Ayn Rand. You Came Along stars Robert Cummings and in her film debut, Lizabeth Scott.The plot involves a US Army Air Forces (USAAF) officer who tries to hide his terminal medical condition from a U.S. Treasury Department public relations staff member, whom he just met before a war bond drive. They become romantically involved, agreeing it's "just fun up in the air." When she finds out the truth, she makes a fateful decision to make the most of the little time they have together.You Came Along opens with a stanza from the poem "The Sermon of St. Francis" by Henry Wadsworth Longfellow:

"He giveth you your wings to fly

And breathe a purer air on high,

And careth for you everywhere,

Who for yourselves so little care!"

You Only Live Twice (film)

You Only Live Twice is a 1967 British spy film and the fifth in the James Bond series produced by Eon Productions, starring Sean Connery as the fictional MI6 agent James Bond. The film's screenplay was written by Roald Dahl, and loosely based on Ian Fleming's 1964 novel of the same name. It is the first James Bond film to discard most of Fleming's plot, using only a few characters and locations from the book as the background for an entirely new story.

In the film, Bond is dispatched to Japan after American and Soviet manned spacecraft disappear mysteriously in orbit. With each nation blaming the other amidst the Cold War, Bond travels secretly to a remote Japanese island to find the perpetrators and comes face to face with Ernst Stavro Blofeld, the head of SPECTRE. The film reveals the appearance of Blofeld, who was previously a partially unseen character. SPECTRE is working for the government of an unnamed Asian power, implied to be the People's Republic of China, to provoke war between the superpowers.During the filming in Japan, it was announced that Sean Connery would retire from the role of Bond, but after a hiatus, he returned in 1971's Diamonds Are Forever and later 1983's non-Eon Bond film Never Say Never Again. You Only Live Twice is the first Bond film to be directed by Lewis Gilbert, who later directed the 1977 film The Spy Who Loved Me and the 1979 film Moonraker, both starring Roger Moore.

You Only Live Twice was a great success, receiving positive reviews and grossing over $111 million in worldwide box office.


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