During World War II, the U.S. government issued war bonds to aid the war efforts. Known initially as Defense Bonds, their name was changed to War Bonds after the attack on Pearl Harbor by the Japanese on December 7, 1941. As debt securities used to finance military operations during wartime, the bonds yielded a mere 2.9 per cent return after a 10-year maturity. War bonds were sold to 134 million Americans despite the hardships during the war. Treasury Secretary Henry Morgenthau sold the first Series ‘E’ U.S. Savings Bond to President Franklin D. Roosevelt. A variety of denominations were available, of $25 up to $10,000, but some restrictions applied.
The War Finance Committee supervised all bond sales, and the War Advertising Council encouraged voluntary bond purchases. These two organizations have produced the most advertising in U.S. history. The public was continually urged to buy bonds in the name of defending American freedom and democracy and as safe havens for investment. Advertisements made an emotional appeal to citizens. Bonds offered a lower rate of return than markets, but it was a way to participate in the war effort morally and financially. The advertisements were the first broadcast on radio and in newspapers, then added to magazines to reach the masses. Both the government and private companies created advertisements for the bond campaign, a unique feature.
Below are some historical photos that show how the Nashville people supported the war efforts by buying war bonds.
#1 A scene from the Bond Sales Drive by the Army, Navy, and Civic Clubs, in downtown Nashville.
#2 A woman seated at a kiosk inside an unidentified building in Nashville, selling Defense Savings Stamps and Bonds.
A large Minute Man poster encouraging people to buy bonds is to the left, and several women and a man are lined up to buy bonds at the kiosk. Text on the kiosk is partially visible, reading: "Let's band together for defense…Buy Defense Savings Stamps and Bonds."
