Introduction : before the Great War -- The payments system before World War I -- Treasury debt management before World War I : financing the Great War -- Treasury finance during World War I -- Designing the liberty loans -- Marketing the liberty loans -- Treasury cash management : certificates of indebtedness -- Treasury cash management : war loan deposit accounts -- Federal Reserve support of the treasury market during World War I -- Coda on treasury debt management during World War I : paying down the war debt -- Treasury finance during the 1920s -- Paying down the war debt -- Revival of the over-the-counter market -- Evolution of the primary market and the introduction of treasury bills -- Coda on treasury debt management during the 1920s : the Great Depression -- Treasury finance during the Great Depression -- Non-marketable treasury debt -- Treasury debt management during the great contraction -- Treasury debt management during the new deal -- The primary market during the Great Depression -- Statutory control of treasury indebtedness -- The brief revival and subsequent extinction of national bank notes -- Coda on treasury debt management during the Great Depression -- Treasury debt management since 1939.