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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

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Treasury Cash Management: War Loan Deposit Accounts

Treasury Cash Management: War Loan Deposit Accounts

(p.122) (p.123) 8 Treasury Cash Management: War Loan Deposit Accounts
Birth of a Market

Kenneth D. Garbade

The MIT Press

This chapter describes the Treasury redeposit program. The Treasury was expected to redeposit in commercial banks the proceeds of wartime securities sales until the funds were needed. While the Treasury already had a network of national bank depositories, Treasury Secretary McAdoo wanted a broader network that included state-chartered banks. Congress agreed, and provided for a broad depository program in the very first Liberty Loan act. Under the program, the Secretary of the Treasury was not limited to placing deposits with national banks, but could also place deposits with state-chartered banks, including banks that were not members of the Federal Reserve System.

Keywords:   Treasury bonds, government debt, redeposit program, Liberty bonds, wartime securities, national banks, state-chartered banks, Federal Reserve

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