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

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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). Dretske’s research in 'microhistorical' materials is impressive in providing social context for these soldiers’ service."— Timothy Roberts, H-Net Despite the Philippines’ new status, the burgeoning Cold War allowed the United States to retain its former colony without occupying it. In 1947, Congress passed the Military Bases Agreement (MBA), compelling the Philippines to provide the US twenty-three military installations. It was, in the words of president Sergio Osmeña, “a virtual nullification of Philippine independence.” At the same time, US military bases became the second-largest employer in the country, making base towns “want war — and pray for war.” 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.

Keshen, Jeff (2004). Saints, sinners, and soldiers: Canada's Second World War. Vancouver: UBC Press. ISBN 0-7748-0923-X.Bonds of War” examines how these bonds were marketed and sold, how the bonds grew in the U.S., and overseas, and what the long term consequences were for the American and world economies. Jay Cooke worked very closely with Treasury Secretary Salmon Chase and others throughout the war, during Reconstruction and throughout the nineteenth century so his efforts are at the center of this important title. He makes an important point that confidence became a domestic commodity, which contributed to the strength and durability of the economy during the Civil War period than the emphasis of cotton and slavery during the antebellum period in the U.S. Canada [ edit ] A. J. Casson's Canadian Victory Bonds poster Give Us The Tools 1941 Victory Bond sales in Montreal in 1943 Walt Disney Studios (1941). "All Together". archive.org. National Film Board of Canada . Retrieved 23 January 2020. Historian Christopher Capozzola’s powerful new book, Bound by War, chronicles this history of America’s pre- and postwar empire in the Philippines and the broader Pacific. In Capozzola’s view, American and Filipinos’ experience of fighting and dying during the twentieth century wedded the two countries in an interminable and unequal union — their futures formed by an undying colonialism and the United States’ ascension to global primacy.

But it is Capozzola’s story of Filipino laborers and their ingenuity in navigating the limits of empire that make his book such a rich read, and one that reveals the original qualities of US empire building. As ordinary Filipinos sought to act in the empire, their value became contingent on the extent to which United States expanded its power because of that labor. In the hope of securing their own land’s independence, Filipinos would participate, even volunteer, to strengthen the American empire beyond the Philippines, limiting the power of their own independence in the process. This was not so much a dialectical interaction as a synergistic relationship, a tale not of complicity but necessity. Browne, Porter Emerson (1918). A Liberty Loan Primer. New York: Liberty Loan Committee, Second Federal Reserve District. OCLC 2315245. Kimble, James J. (2006). Mobilizing the home front: war bonds and domestic propaganda. Dallas: Texas A&M University Press. ISBN 1-58544-485-5. Streib, G.F. (1948). Idealism and war bonds: Comparative study of the two world wars. Oxford Journals, Public Opinion Quarterly 12, 272–279. 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)Filipinos’ participation in America’s way of war created these contorted bonds, Capozzola argues, but America’s desire for cheap, local (Filipino) labor maintained them. In its dependence on colonized laborers to run the colony, America’s empire was no different than the British and French empires of the twentieth century — each relied on local, cheap labor to maintain regional control and global influence. Unlike the British and French empires, though, labor on behalf of the military regularly became a means of obtaining social provisions in the United States after World War I. Published: November 2022 At War with King Alcohol Debating Drinking and Masculinity in the Civil War KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary." 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

Garbade, Kenneth D. "Why the U.S. Treasury Began Auctioning Treasury Bills in 1929." FRBNY Economic Policy Review, July 2008. Despite all these measures, recent research [14] has shown that patriotic motives played only a minor role in investors' decisions to buy these bonds. The war also meant better jobs for Filipinos. War production gave them access to unions like the Congress of Industrial Organizations, higher wages, and better living conditions. The United States now depended on Filipino workers and soldiers, and the “decades of exclusion, uncertainty, and denial faded, at least for a moment.” The Philippines received its independence in 1946. The burgeoning Cold War allowed the United States retain its former colony without occupying it.But the question remained: how would the shift in output be arranged? How should the war be paid for? There were three possibilities: taxation, borrowing, and printing money. A common consensus was that more needed to be done to sell the bonds to small investors and the common man, rather than large concerns. The poor reception of the first issue resulted in a convertible re-issue five months later at the higher interest rate of 4% and with more favorable tax terms. When the new issue arrived it also sold below par, although the Times noted that "no Government bonds can sell at par except temporarily and by accident." [4] The subsequent 4.25% bond priced as low as 94 cents upon arrival. [5] Barclays bond strategist Moyeen Islam said: “For those of us who love the gilt market, it’s a sad day – there’s a few old-timers crying in the corner. But it’s symbolic more than anything.” Leffingwell, R. C. “Treasury Methods of Financing the War in Relation to Inflation.” Proceedings of the Academy of Political Science in the City of New York vol. 9, no. 1 (June 1920): pp. 16-41. In the Philippines, a string of autocrats — from Quezon to Marcos to Duterte — hitched their fortunes to American power. Service in the colony gave them greater access to the metropole. Each wrapped themselves in nationalist slogans while ingratiating themselves with US leaders, assuring them that the Philippines needed American power to defend itself from the same threats that Americans feared: communism and unemployment.