Dáil loans
Open-knowledge reference entry
The Dáil loans were bonds issued in 1919–1921 by the Dáil (parliament) of the self-proclaimed Irish Republic to raise the Dáil funds or Republican funds, used to fund the state apparatus the Republic was attempting to establish in opposition to the Dublin Castle administration of the internationally recognised United Kingdom of Great Britain and Ireland. The subscribers were Irish nationalists, in Ireland for the Internal Loan and in the United States for the External Loan.
Raising of loans
When Michael Collins was appointed Minister for Finance in the Dáil Ministry on 2 April 1919, the First Dáil authorised him to use anti-conscription funds raised in 1917–1918, "Republican Bonds", and other funding. The Dáil approved the First Dáil Loan on 19 June 1919. This was for £500,000, half in an Internal Loan raised in Ireland, half in an External Loan raised in the United States ($1.25m at an exchange rate of $4.50 to the pound). Both were oversubscribed, and the External limit was increased in August 1919 to $25m. The money raised was held in bank accounts in Ireland and the United States controlled by three trustees: Éamon de Valera, President of Dáil Éireann; Michael Fogarty, the Catholic Bishop of Killaloe; and James O'Mara. £25,000 worth of gold was buried in concrete in Batt O'Connor's garden. On 27 March 1920, Alan Bell, a resident magistrate investigating bank accounts linked to the Dáil, was taken from a tram and shot by Collins' IRA "Squad". The Second Dáil on 26 August 1921 approved the Second Dáil Loan of £500,000 internal and $20,000,000 external, which was launched in America on 15 October 1921 and raised $700,000 before being suspended after the Anglo-Irish Treaty of 6 December 1921.
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