The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-21
MR. CAMBRELENG'S ACCOUNT OF CUR
RENCY IN RUSSIA.

The following is an extract from lecture recently
delivered in New York, by Mr.. Cambreleng, on Rus
sia 1t will be that the Wing administration, in
the iscalty have copied Catherine, Alexander, and
Nicholas pretty clio ely. The first in hel paper cur
rency-the second in his bank and branches and dis
counting bills exchange-aDd the last in the scheme
of receiving deposites in exchange for imperial bank
or Treasury notes, redeemable in gold and silver
Rus STA had her funding system and paper currency
Her debt, funded and ununded, amounts to three or
four hundred millions of dollars, varying with the
amount of her paper imperial bank note currency
which is constantly luctuating in value as well as
amount. Her revenue and expenditure each appears
to be about hundred millions of dollars But the
financial reports of that Government present only
very limited view oits receipts and expenditures,
as the Crown great manufacturer in every branch
miner of every descrptlon-an extensive banker
large agriculturalist and eminent merchant. 1t Is
from these sources besides provincial exactlons OF la
Dor or commodities-none Of which are embraced in
their financial repors-tha Russia draws her supplies
for her armies, fleets, and Governments. He refer
red to its ancient origin the only apology fOr and
described the mischievous tendency OF such an un-
warrantable interference Of Government with the trade
and industry of Russia.
aCatharine H. established her Bank of Assinat in
1868 The first issue was forty millions of paper
roubles redeemabe in current money, by which
she meant copper; but the value OF the paper rouble
was about equal to the silver roube, and continued SO
for about twenty years In 1877 another issue OF 60
millions was made, and the paper rouble began to
depreciate. The faith of the Crown was pledged
that the aggregate amount of one hundred millions
should never be exceeded but in three years 179O)
the faith of the Crown violated, and continued to
be violated in each succeeding for twenty years.
till 1870 when this imperial bank note currency
amounted to five hundred and seyeny-seven millions
of roubles The faith and wealth OF the Crown
were then pledged for their redemption with these
successive issues they had declined in value and il.
1911 one silver roubc was equal to four in paper.-
The present Emperor has endeavored to raise their
relative value by ukase The last was issued on the
LIST JULY 1899; snce when, silver rouble is ex
changed for three and half in paper but as the
prices of every thing have been fixed in the paper
roube at the rate of four for in silver, for 30
years past the practical effect of these imperial
DEGREES to levy indirect tax upon the consumer
"Catharines Loan Bank was established in 1856
"The Imperial Bank of Commerce was established
in 1878 by the Emperor Alexander. That bank has
branches in the different cities of the Empire-ds-
counts bills of exchange-makes advances on mer-
chandise--aows four per cent. ON deposites, and
charges six-and since the LIST January, 1910, re-
ceyes deposites in exchange for new description of
bank notes of various denominations small and large
eouivae to the silver rouble. In the first quarter
after that authority was given, about ten millions
were issued.