Money for Ireland: Finance, Diplomacy, Politics, and the First Daail Aeireann Loans, 1919-1936

Money for Ireland: Finance, Diplomacy, Politics, and the First Daail Aeireann Loans, 1919-1936

Money for Ireland: Finance, Diplomacy, Politics, and the First Daail Aeireann Loans, 1919-1936

Money for Ireland: Finance, Diplomacy, Politics, and the First Daail Aeireann Loans, 1919-1936

Synopsis

Raising money was one of the great successes of the Irish government, as the funds provided the "sinews of war" with which to fight Britain. This book details the history of the financing of the Irish revolution from both domestic and international loans. Divisions in Irish society over the Anglo-Irish Treaty and the creation of the Irish Free State led to the outbreak of Civil War. The Free State's ability to deny the anti-Treaty forces access to the loan funds through a ten-year court battle would prove a powerful weapon in defeating the Republicans.

Excerpt

Kathleen Burk, in her study of the American financing of the British war effort from 1914 to 1918, subtitled her book The Sinews of War. She asserted that Anglo-American finances were the muscle power that made the Allied victory in the Great War possible. This book is about the “sinews of war” in Ireland—the sources of financial muscle power during the Irish War of Independence and the Civil War, and even the next decade. the Internal and External Loans in Ireland and the United States raised the money to provide the Dáil Eireann with the funds to resist British authority and to create the institutions of a working government. the money from the sale of bonds made possible the functioning of the Dáil government from 1919 to 1921. This part of the history of the Irish struggle for self-government, raising the money in Ireland and the United States, and the financing of Dáil government operations has been largely untold.

The end of the war with Britain, the Treaty of 1921, and the creation of the Irish Free State were not the end of the matter, however. the conditions under which the Irish Free State came into existence, with the oath to the King, membership in the British Commonwealth, and removal of the six counties of Northern Ireland, split the Sinn Féin coalition and led to the outbreak of the Civil War. Once again, money, “the sinews of war, ” became crucial. the provisional government and later the Free State government had relatively easy access to borrowing and tax revenue, but the anti-Treaty forces were in an increasingly desperate financial position. As these circumstances unfolded, whichever group controlled

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