The goal of paper is recalling the development of debt burden of the Czechoslovakia in the period of the first republic. These questions faded away from young generation consciousness. The Czech public finance existed since 1954 without a debt. The first part of paper recalls a situation in the European countries from the view of public debts since starting points to World War. The circumstances in our republic are described in the second part. The part contains possible views of public debt. The third part outlines a development of debt burden of the Czechoslovakia. The fourth part analyses a relationship between public debt and GDP.