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.