|The United States of America|
3% (Spanish-American War) Loan of 1898-1918
bond for $20 including complete sheet of coupons
Lot 481 in AIA's XXXIV auction
The Guerra Hispano-Americana was a conflict fought between Spain and the United States in 1898. Officially at stake were the Cuban and Filipino struggles for independance from Spain. The US wanted to protect their economic interests (sugar trade) and saw an opportunity to increase their military naval presence overseas. The ten-week war was fought primarily in Cuba and the Philippines. After Spain's defeats, both parties signed the Treaty of Paris on December 10, 1898. As a result Spain gave up sovereignty over Cuba, ceded Puerto Rico and Guam to the US, and sold the Philippine Islands to the United States for twenty million dollars.
This bond was issued under authority of an Act of Congress entitled The War Revenue Act of 1898. The act authorized a tax on a wide range of goods and services in order to collect funds for America's participation in the Spanish–American War. The act further gave the U.S. Treasury permission to issue a two hundred million dollar war loan at 3% interest. The phrase 'An Act to provide ways and means to meet war expenditures', mentioned on the illustrated bond, refers to The Committee on Ways and Means, which is the chief tax-writing committee of the United States House of Representatives and which has jurisdiction over all taxation, tariffs, and other revenue-raising measures.
This auction contains almost 400 lots of scripophily.