, 1876-03-25
RUSSIAN ATTEMPTS At RESUMPTION.

h!atorscal nEecodont Of Russia, In lcr resumption
| OF specie payments in tho years 1909 to 1867
tl8541 haa introduced to the public most intor-
| eating aud important example Ia 1naace, but
/ ltttlo known Or studied hitherto atnong American
statesmen. l atill propose to waivo tho parallel
case OK Austria Until that Of Russia Is placed In
! ita true light and atanda un,1isputel.
Let us frat summarize tho points on which wo
are agreed, IS indicated by tho articles thus far
/ published.
It ts agrocd that, from tho cloHc Of tho wars
Of tbs Allied Powers with Napoleon (1Bln to
laa0 Russl& was laboring under papor ourreu-
cy worth only from "a to 50 por cent Of ita faco.
It Ia agrood that, elthor in 1a40 OF 1843, OF by
movements extending over both dates Russia
retired hor depreciatod currency and put forth q
new ono 1oiatiy guaranteed by the 0ovasnmont
| and tho banks, Issuing her now In exchange for
tho old as about tho Batuo relative values as gold
itself would hsyo o1chaDgod for the old asslg-
mats at tho time, say one Of tho new 10 four OF
tho old. Il ia agreed that the dovernmans al
lowed private debts botwesn Individuals, aud
dobts due from individuals 70 tho Government,
which wore INCURRED in the old currency, 10 DO
paid In the old aud, II paid In the now, thon
allowed one.fourth tho nominal amount Of the
debt to suffice fot Its payment, Thus avoiding
any increase Of tho bardeu to tie debtor o1saa,
AH an Incident Of resumption.
1t IN also ogroed that this measure les
Honed the currency debt Of IsuEstn by about
three-fourtha for tha limo beng, without any
depletion Of the Treasury or injury to any class
| q tho people; and that, from that date to the
Ceirnean war, aud, In fact until 1857. tho paper
money OF Russia continued much nenror par
You sag It advanced TO within 10 OF 15 por cent
Of par with gold and say It advanced 10 litozal
torna at all tho bauka OF Russia for about four
teon years. You say the now pRper-mouoy Was
not assaod By tie Government, but waa issued
by tho banks aud indorsod by tho Government.
promise Vt tussia guaranteed by tho banltA, aud
redeemed IN certain quantities at each bank Il, he
Empire on demand II tho NRtional Banks of
tho unitod statea would rodoom tho gresnbaosa
resumption undoubtedly but shat is = horse OF
very diUeraas color from, The oua afr.
DenHlow tirBt trotted out sauc weeks ago, when
lie doctnsod TINT It was tho Isusnihn Government
which maintainoo spoce.payinenta on its notes
feotn l6lo to l65l.-ED., though only to aa
unlimited exteut aud in any quantity vt Lie
Lark Of 1T. Petorsbusg
Even eupposluR tho revolution In the yolunas
and valne OF tue paper currency to have besn no
greater than yea admit viz. a lcsHeunE III it's
nominal volume OF thrco-fourths, and An nd
yance In its gold value from QUO OF 2t per cea.
to ono ot IS per eent, tho precedent would still
have merit. A policy which caudod 81 advance
Of 6f por cont In liuBsan currency might torhHpo
moro safely than could tho roae-colorod rclisuoo
Of Senator Sherman on an act of Congress-, or
tho sanguina coniiaoaea OF Gen. Garlloii Ia 4
Republican majority.
Ia your reply 70 ny first article, you xero dig
posed to admit that this measure brought tho
Nu8ataA currency 10 par bat to Charge thst It
ws8 because its volume Was DO uaigniaoRut,-
moro bagRtelio Of s25 DOC, 900 to S5o, QUO 600.
noYer stated tho Russian eufreucT at lsss than
800 00O, 600 OF toubles.-Ep.l III my reply, by
An orror IN copying, | stated tho amount Ia 1864
at 5ll. .0oo, 600 touhies, when ehould havo
hss aasa9 aS vi 600 E'ass sss nss6 sassa a e.
o0u,0 600 to 5o0o0,0oo Irhis iA roitosa.ion Of
"a erroF.-Ep.i you 1etuta To the Charge. forth
tlod al you conceive. BY clause Ia tho British
statcsman'a Year Book, which. describing tho
operation OF the pisa have 1eforsod to, says:
Msat OF 9tato bank aboss mentioned tAs nofa!ual
value Of the PAPER mopoy called bills Q, credls was
Is per cont discount.
To this replied that tho verb "ntaud," being
In tho p1eaent tense, may 10 applied TO tho date
Of the Ycar.l.ook. 1875. and not to tho date OF
applied, then Tho statmeont Is an error. {alr.
nonslow is ayidentlr growing rusty on Liud!ey
Murray. The iutlnltive verb "to stand" iB not
Ia the proscnt touso in tho seateuco by any
manner Of moans The tcnsa OF tho scnsenee
IL found IN tho words. 'was considerably
raised.' Vas rd.scd is not proBout tense. no.
c0Etlug TO grammar or cnr.-ED41
lQnoted also from tho Patla Monttc1r lin l854},
the "Enoyclopcdia Britannica "(l8s9). Eckhardt's
'Modasu iinsata. Kolloys ''HuasIa, aud tho Lon.
don Eeo1o1nist, various extracts hhowlng that the
paper ous.0noy was, during this period 1B43-b7.
at par with gold, and that lts redemption was 90
cuscd by rnserVe Of tho prociona metals IN tho
ing to 40 00o, 900 1oubies Of about si20 90 900
IN gold. Ut does not appear from any authority
yat auduced that the HuHstan Government paid
out this reacEvo for its notes on demand, OF, II
20. hoy It t1l!oa np tdo reseEve ~ tast - drawn
hnyo been used to strengthen public confidence,
while tho burden Of redemption OF tho Qayorn.
mont greonbaoka fell Oh tho baaka. such sya-
TEN could not 10 rnnte to woIkin this county
You assatt, without producing any authority to
sustain you, that the Government never lad
1.-THE OF this sum Ia gold. and base youri assar-
tlon On tLe moro taot that its income exceeded
an Individual or nstiou, could not
keep hls pocko.s full OF casb. while
hls dnbts nero incseasln8i 1T might bs
by such aa tncfolao VI his debts that ho would
drawing your unedvised assertion that my de-
scfipston Of Russian finances was 'tthsns Of
6cIions," you chAryo mo NTH summacinx old
magazlhos for my facts.
xiao, 1ia. L R<ras iss 1ur ~ Monis., & IL tae % iesd.
January aud b1atob, 1854, po6llahel two elaho.
tate articles GU tho finances OF Nussta by 81. l..
Wolovaki. Mombor Of tho 1nssstuse. which,
with two othor chapters on tha sau,e
subleet, uere published IN = volume
OF 25g pageB octave, entitled "Les Finanoo do
La lsussia. whtoh has heou kindly loaasd mo By
Prof. Thompson from the library Of tho Uui-
varsity OF renusYlyauia, the fullest on subjects
OF polltica. Economy IN thla country. From
thls volume mako tho following extracts,
which detail quito fully tho story Of sho sosump.
tion Of specie payments In ilussia. ulowlng its
ueAusald Ia SUCCESS. until Ia tho years 1854 and
1857, new tsaucs Of poper monoy quAd1upltug ~
former volume, brought 1t 70 . discount Of 10
pei, cent OF moro, A you questioned my former
authosities because, you said, they fAiiod TO
sAoH where Tie gold and silver csnio from tor
redemption, ette now nj aushqsity ~h!sh IL
dcctdsdly thst silver became ' tie e
the solo !egal.tendor currency Of tho Empire ~
Satly ~ 1910. as In ls30 (other authorit!es make
s1ls 70 lave occurred on JAu. /, 18i0) decree
RAa issaaa requiring &li transactions tas1eafter
entered into 70 ba based On tho atAadA1A Of tbs