Abstract
AbstractThe close of the First World War signalled a proliferation of newly established nation-states across Europe. However, the unilateral proclamations of these states’ independence did not guarantee their international recognition, nor did it guarantee their financial viability. This article examines the funding of two such states: the unrecognized Lithuanian (1919–23) and Irish (1919–21) republics. Both funded their wars of independence by selling ‘war bonds’ to their respective diasporas in the United States; the Lithuanians raising almost $1.9m from c. 28,000 subscribers and the Irish raising $5.8m from c. 300,000 subscribers. Communication between the organizers of these bond drives was virtually non-existent, but following the example of the US Liberty Loans they employed remarkably similar tactics. Yet, issued by self-proclaimed nation-states with neither territorial integrity nor a credible history of borrowing, the Lithuanian and Irish war bonds promised a return only when the states had received international recognition. In this sense, they were examples of what the authors term Pre-Sovereign Debt. Practically, they were a focal point for agitation for governmental recognition and rousing of American public opinion. Symbolically, they were tangible representations of the Lithuanian and Irish pretensions to statehood.
Highlights
Both funded their wars of independence by selling ‘war bonds’ to their respective diasporas in the United States; the Lithuanians raising almost $1.9m from c. 28,000 subscribers and the Irish raising $5.8m from c. 300,000 subscribers
Jonas Žilius approached the American Bank Note Company with an unusual request. He was representing the Republic of Lithuania, a state with neither territorial integrity nor international recognition, and his request was that the Bank Note Company print bonds for this non-sovereign republic
The American Bank Note Company was approached by the representative of another unrecognized
Summary
The article examines the diaspora communities from which the Lithuanian and Irish republics sought to raise funds, placing them in the context of American politics during and after the First World War. Attention turns to the focus of this article: the Lithuanian and Irish bond drives in America.
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