When the United States entered World War I formally in 1917, the government recognized the need to raise money for the war effort. Already about $3,500,000,000 in debt to foreign creditors, the nation would need a significant amount of capital to loan funds and equipment to the Allies, as well as to supply and send troops overseas. To motivate Americans to loan money to the government, William Gibbs McAdoo, Secretary of the Treasury and Woodrow Wilson’s son-in-law, created the Liberty Loan Bonds in 1917. Over the course of the war, the government issued four series of these war bonds. Five months after Armistice, the Treasury authorized a fifth and final series, the Victory Liberty Loan, on April 21, 1919. According to one pamphlet from the time, the money raised from this series would bring soldiers home from overseas, assist wounded veterans, and pay for wartime munitions.