The Russian Gold Reserve Before and During 
the World and Civil Wars 
(1883-1921) 
RUSSIA’S GOLD RESERVE 
By V. NOVITZKY 
Formerly Assistant Minister of Finance in the Imperial Russian Government 
Prom “The Russian Financial Problem.” published in Paris, 1922 (in French) 
OriGINs oF THE GOLD RESERVE 
Since the Crimean War, all Russian Ministers of Finance 
consistently worked for the building up of a strong metallic reserve, 
which would permit Russia to resume specie payments. In 1862 
he then Minister of Finance, M. von Reutern, thought that the 
‘ime had come when he could place gold into circulation, as had 
seen done in England in 1819. . The Polish insurrection then pre- 
vented the plan from being carried out, and it took another 34 or 
35 years for it to materialize. In 1877 M. von Reutern, with a view 
of securing the funds necessary for the foreign debt service, had 
a decree issued providing for the payment of customs duties in 
gold, as was the practice in the United States, Italy and Austria- 
Hungary. In 1881 M. Abasa inaugurated his program of monetary 
reform, including the gradual withdrawal of 400 million rubles of 
banknotes issued for the requirements of the Treasury during the 
Turkish War, and which constituted a debt of the Government to 
the State Bank. MM. Bunge and Vishnegradsky continued the policy 
of gold accumulation, which resulted in placing at the disposal of 
M. Witte the sums required for the resumption of gold payments 
and for the adoption of a gold standard on the basis of 1 ruble = 
2.667 francs. 
The currency reform effected by M. Witte in 1897 was made 
possible by the collection of customs duties in gold, by the Siberian 
gold production, and also by the loans contracted abroad.