Russian gold

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Monograph

Identifikator:: 844100943

URN:: urn:nbn:de:zbw-retromon-94613

Document type:: Monograph

Title:: Denkschrift der Ersten k. k. privilegirten Donau-Dampfschiffahrts-Gesellschaft zur Erinnerung ihres fünfzigjährigen Bestandes

Place of publication:: Wien

Publisher:: Selbstverl.

Year of publication:: 1881

Scope:: 1 Online-Ressource (95 S)

Collection:: Economics Books

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The gold reserve had been increasing very regularly during the fifteen years that preceded the reform: January 1: Gold Held in Russia and Abroad (in millions of rubles} 1883 1884... 1885 .... 1886 .. EN 1887 ie erste in————————— 1888 . ees eine 1889 nn oer Starpoints 180 oo i eee eee 1891 ... 1892 .. 1893 . 1894 1895 1896 1897 264 298 303 367 382 390 430 470 576 642 852 895 912 964 1.005 The reform was successful. It actually did bring gold into cir- culation, to an extent sufficient for all needs of domestic commerce. A rather difficult trial was brought about by the Japanese War. The suspension of specie payments was theén avoided, however, thanks to the energy displayed by M. Kokovtzoff, which was criti- cized by Paul Leroy-Beaulieu as excessive financial affectation. A critical period was that of the domestic troubles of 1905- 1906. Through the discounting in Paris and in Berlin of 5169, Treasury bonds, the 300 million rubles margin of bank-note circula- tion was then restored. M. Kokovtzoff returned to his post at the head of the Ministry of Finance, which he had relinquished when Count Witte became President of the Council. During the ten years in the course of which he rehabilitated the Russian finances, restored the budgetary equilibrium, and did away with all borrowings for the current needs of the government, the objects of his policy were twofold, namely, first, the constitution of a strong metallic reserve and, second, the accumulation of considerable cash balances to provide for such con- tingencies as deficient crops or for any unexpected developments. These Treasury balances proved very helpful at the outbreak of the war with Japan in 1904, and their possession was likewise of advan- tage in August 1914, notwithstanding the moratorium. i {}

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