, 1876-03-25

tuu HHhtlclh4 bplcnuor OF ltuHeIa.' 4uG hud-
atnn prcccdont first required onormona contrao-
tton. Tho whole value of currency Was about AZ
large 40 Ours, say $3.50 900, 600, and It waa con.
tfactou bY purchase, exchange. and funding to
about e22o ogo. 900; thon el2o, 600 in silver
WAS Deposited In fortrose. Will. great t,onrlsll
Of ttnmpets ~ roservo ant, lastly, the Nasion-
Al banks OF tho Empire wefo commanded, by the
dcapotlo dovornment Of tho Gear, to rodootn his
notes for him. Such appears TO bc the prepoa"
American admiration and Rdoptlon.-Ep.1
net~eon l70a and 1877 the bulk Of tho paper tnoney
had nore ih.n 1usraplel lowering he real value ot
tho nominal raiao. Nevcrt1ecsa, ID 1910, In order 10
reestabsh tho equilibrium which had been d!surtod
X - s7,s e ss pes sn.sso a:.sS
rless Gasr,ne I'D ALREADY tlosaht q sueh rlan i
sad. iosn Va. sontrsstsi Il pa c*rs ID bonds
estr5fng Per cont. II ws effected in paper money.
sss funding sesa x esP' 3; G. 6 s sss'as e.
M islS T. y g RI seat: Il lsse: asx tsss!ss pr
ceht which gayo to tAe 1overnuuent barely 30oHo00
n coin for honds ef 100000. olhar similar loans
taincl was handed eser 10 ths Communication appointei
for CLEARING of tho dobs with Instructions to withdraw
r nm s1aont a Gssa q pipsr
Count o.hcr!n, q. this rsro. directed the nnsncc.
ihe Treasury: us pretasred containing 20 far
Sy oo,u Without @ 1nnins .ho III .. parchs.In by
l. Msscfss he Of fscs credit issues
en.ble liz sgs 7s,Soo "pspcs rousss to b. aphsia
bio to he anstez, tAe ananc!si situation had boon
c1rosed to other shocks by the campaigns Of Turkey
na.n sfo as sasr
dsDcals OF explanation, presented 3tscf htlss the
public baula {eattses} .vere accepting Tue papes
rees 0ss ia tna ''' % .opoess Isess
md :. the go'a demi:lmper!a. At 1a ront!es
business men and tic public genozaiy VIZ ths paper
rsnh'e souse II kopeeka; thst Of silver, ropbacs
o. % Sopcsa. sad ts q = r1uaiss
lou,, ienoundng hsm q tho result OF s.oek-jobhng,
changers. Government resolved to end, by decs!ya
measure this laneptablo stata Of thiugs. manifesto
1s Y: sass mon.s sss e e. fs @
piro; aud ttas tho aaaignA:e recalled to theF original
PURPOSE Ct asting as suiilary money should oe 70.
~ toublca for one Of silver.
ALI engagements between individuals and With tho
standard of tto .iyoF roub,u 1t VIII strictly forbid.
den 70 attribute La sny IA Tho ssatgsts auy dter
ut yalas TO TINT ptsserbsd BY ~ raantesso a"d a
.saen.4 thsao replaced " fra.h atAta notes q
i&t<lht WHICH u
sEs sti slrculs.as ia assis, 81: 10 original purity
Ct sf.s s % as h. H. .ss,s sg sgass f S S
oi JHps !. 1913. In order 70 simplify tho means ot
circulation. and 70 roalizs in genera!
ua s.esa d s'qs sSss'n p.pds pes 1outss sa
only III silver roubles q. g.. paper roubes
= tos Il ss' s vsss T. 5 Il sas Ct s
Bilgcr roubo.
Tho sss,o notat ro-cssd tho guarsutce Of tho pitt
uas necessary to satisfy smother much moro olcaclous
condition. bT tn'ar,g tha eonstaat txe,anoe ef thc
ss 1s CIV " q ~ IL I1ss e,s
ber. of tho delegation oi lle Donrss coin fund Of
soi. ana otar moneys Thts dt1o.i va. s6nlitea fof
notification to delntatlou from tho oonmarcal nrn1a
Sy isvoo rouolos u q soa sad ssos. ' i II 4sli Ill
lssn foFi.hoa tba rcaul.s exchange tor the TO-
rom Ss .poss IT,. asts: H. s' .sost pesiSa ei
lsh moro arly tho psesttgs Of his power, tbs En-
dvror Nicholas aas Investments IN tho fosogn funds
to s Of we I; Y o
95 Il e. n s.s
cereal rsoducs. Tho eysnts q '1s4s and the cam-
pafgn ef Hungary wero not long IN modifying tho
e :gse hs I'D os
closed Thu State noses wern treated in tho sans
lad been the assisn.ts Il Catherine Aiox
Tue paper eurrouoy became utiu mora rapid.
FIon tho year 18a9 tho amount Of notes oxcecaed
Essso,1 va bro,saIsa roguiar svsisnci's 81 p4oss
was observed in sho Of ths psrlops resource. Thu
amount Of coin corresponding To TINT Of tho credit
notes thrown inso eiroula.ion. For ths mouth Of
iss 1ss ssa L e. oas
Of sapseaabor, tbs aams year. 1t waa stu
s, sn ~ Psi asn G
ooo rouncs Thia latter snsn wes not long tu augment
Ing, whiat the reserve q es. decreased In 1ss4
oob roabtes. or nearly threo lnisrds Of francs and
bsnts could nos loasss ssnG d. rapid s.p.nscn Ind
rafused to rcdeon in coin. Tho cascs which ha a8-
tened the dseae Of to ssaignats cosnmeucel to
Lar diAsstcf1 following similar crron.
mass Of paper which beeomos moro thAn doubled
whatever Interpretations moro or eas ingenious.
Of tno fact may 10 Offered representing hu4.i. -
s naes T.,
III shs S.af. of Ensisna, sootlsnd, .nd irsi.nd Do
apeclo and whilst To- credit e1rcnstioa Of iho Bank
Of FreAoo, resting on the sane suasantae has always
W. ~ Is exposed 70 sefieu. danger Ahy one who 4
nos hlinded W sophlsms Till know Whit @ 70 predict
concerning Situation 10 abnormal. With III amount
Of wealth not equal to ons-sliya tAt Of France or
Engiand ana an Unusually restricted systcm Of u.
change how W look upon her ok three mil-
iafds OF notoa, bs.ey covered BY reserve ot moai
not eluAling ono-tenth ot tho credit circulation
We know that want Of confidence prevents any operas
lions largo scssa being nlAde On credit In nussla;
these who know the sad coudltloa Of tho Stats H4uk
cannot doubt this fact but eyoa for cash
basls have peod Of other security than hst offered by
pApef Of tala1ge4ba value, already lepEeets-
ssd, and 70 oent!naal dsngas Of greater
tho natural cousso Of o,en4: II ilo
aatua rato tat notes mulrl!ed, ths parcr drives
AWAY the coinsge tho expectation OF prpciops mesaa
increases, sud exchange falls. xhlst The nominal
would hardly full, during e1tExrsgant Asue OF pa-
pcr. to riae 10 premium ot 10 tcr cont,
We must rn1uAfk ttst, evan befora tho American
War; shs exchange ot notes fos speelo ". not unl,m
], 1s53 thus "In order to insure ths exchange
ef paper money for small eAms. ths State bsuis Win
nay pttseutatiop sll notte 70 rho amount OF 100
roubles 10 coln.r. This Bank OF III. Petersburg
klone reimbursed, without any rrserrn, notes
presented by tue same passou and tho llauk Of Mos
cow paid tdsn - The eaouns Of a.000 soublns. Not
wthstauding thts, tho circulation Of paper WAS MAIN
ta!ued until excessive issues hhae and II depse