Russian gold

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Monograph

Identifikator:: 1772009490

URN:: urn:nbn:de:zbw-retromon-156190

Document type:: Monograph

Title:: Russian gold

Place of publication:: [New York]

Publisher:: Amtorg Trading Corporation, Information Department

Year of publication:: 1928

Scope:: 72 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The Russian Gold Reserve before and during the World and Civil Wars (1883-1921)

Collection:: Economics Books

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.

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