War Finance

Cover War Finance
War Finance
Nicholson, J. Shield (Joseph Shield), 1850-1927
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In this country we are still paying for the wars that saved Europe from Napoleon, not to mention the wars of the eighteenth century which gained (and sometimes lost) colonies and dependencies. In their origins these national i82 WAR FINANCE debts meant the provision of money for the actual carrying on of the wars.
In the present war everybody knows that we shall have to raise " money " by taxes and borrow " money " by loans. We are also encouraged to believe that our' money power is stronger th
...an that of the enemy, and that finance will play a great part in securing victory. But we are always thrown back on the question, " What is the money ? Where is it to come from ? " Probably some people have still the idea that by money we mean gold and silver, especially gold, and that hoarding gold is specially unpatriotic, because the Government wants all the gold it can lay hands on. But as a matter of fact, gold forms only a small part of modern money. The great commerce of the country is carried on.

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