William McKinley Quotes

When it was necessary to raise money for the prosecution of the war, and a loan was sought of two hundred millions of dollars, more than fourteen hundred millions were subscribed by the people of the United States, and for the first time in our history your government my government sells a three-per-cent. bond, a bond which sold at par, which is now worth a premium of five cents on every dollar, which profit has gone to the people. For it was a popular loan, and no citizen was able to receive more than five thousand dollars worth of bonds.

 
Context
This is an excellent historical quotations showing how our government financed the Spanish American War. Wars have always placed economic stress on the nations which wage then. In the American Revolution we borrowed from individuals and from France. After that all our wars were financed by a combination of war bond sales, other borrowing, and tax increases—all except the George W, Bush Afghanistan and Iraq Wars which were not funded thus complicating an economic crises caused by Bush’s Great Recession. While some critics saw Bush’s actions as reprehensible and irresponsible—it was the only time in American history where tax rates were cut in wartime, Bush’s team had a plan. They had an ideological point of view that said that major tax cuts would spur the economy and lead to MORE government revenue as a result of the growth that would come. However, in this case there not only was no growth, but there was the worst recession in American History. But there was a plan to finance the war—it just went awry.
William McKinley
William McKinley
  • Born: January 29, 1843
  • Died: September 14, 1901
  • Nationality: American
  • Profession: President

William McKinley was the 25th president of the United States, serving from March 4, 1897, until his assassination six months into his second term. McKinley led the nation to victory in the Spanish–American War, raised protective tariffs to promote American industry and kept the nation on the gold standard in a rejection of free silver (effectively, expansionary monetary policy).