The war bonds, we learn, were particularly vexing for Wilson because he wanted "pay-as-we-go" financing for the war.
WSJ: Checks & Balances | Museum of American Finance | Of Debt and Taxes | By Mark Yost
Although the stamps did not collect interest, they were frequently redeemable for war bonds of a value equal to the contributed stamps.
Mr Junguito wants to impose war bonds on the grumbling private sector.
This was the icon the government used to sell war bonds, and which led to Mr de Weldon being given the commission by Congress to make the Washington sculpture.
He split the difference and instituted the first graduated income tax, raised inheritance and business taxes, and sold war bonds and other instruments, like the three-cent Victory Stamp signed by Wilson that's on display here.
WSJ: Checks & Balances | Museum of American Finance | Of Debt and Taxes | By Mark Yost
Even in the face of a Great Depression, a World War, a Cold War, recessions, oil shocks, inflation and unemployment, Congress never sought to require the purchase of wheat or war bonds, force a higher savings rate or greater consumption of American goods, or require every American to purchase a more fuel efficient vehicle.
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In the good ole days, post-World War II, stocks yielded more than bonds as professional investors awaited a postwar recession in their crash helmets.
He led the National League in Wins Above Replacement (WAR) the past six years and will approach the career WAR levels of Babe Ruth and Barry Bonds if he keeps up a comparable pace.
For the soldiers still fighting the war, they draw strength on the strong bonds created among their units -- a bond strengthened by the horrors they experience in the field and a pure desire to help each other get home alive.
Right now, he sees vast similarities between the bond market today and the low-interest rate world with high debt-to-GDP after World War II that led to a generational bear market in bonds.
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William Pitt the Younger, however, discovered the downside of discounted bonds when he tried to reduce the national debt during the lull between the American war and the Napoleonic wars.
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