, 1876-01-29
THE CURRENCY.

Il1l3 CUkt1tLNGH.
Did Nuasin Ever 1krsume. and mnln.
snin Redemption. TN u CURRENCY Of |
Government Notes?
TO tho Editor Of The chteaao Trtaant,
CHICAGO, Jan. 2i.-I ettlt think yon arc in |
error In regarding my rfow Of tic history ot "a.
sumption In 1lussa ~ tirsue Of nctiors"
or oourao tho vehemence with %hicl An opinion
differing from mine IL exprersel giVes mo no
alarm. IA ttnauo Of fctions ts, II yori prefer
It, ~ good phrase as any other to express
difference Of opinion. ALLOW mo frat to call
your attention 10 ono or two ovorsighta In your
last article, whereby you contradict both Jour
eolf ard your Testimony concerning tho charac.
ter Of tho Russian currency. In ono place you
Bay: "1t waa put forth by the Russian Banks, not
by tho Government" Elsewhere you SAY II has
bean "issuod in partnership BY the banks and
Government" aud Ia proof Of these contradic-
tory assertions You cite tho " Yearbook" whic;,
consralcta both forms Of your own statement
by saving TINT 1t wan "fssucd by E0eernment
ou the guarantee Of ali the banks and other
credit establishments Of tho Empire unted intu
1850"
Tho authority you c!to sgraoa with mo in say
Ing that the currency was iesund by tho Govern
,non.,, Whether Guaranteed by tho bsnts,
or tho pub!ie Lands. Or not At Ill,
Government CURRENCY. Again your tntorpo-
letion Of tho word " hank before u guarantee
fund In the .nldst Of the " Year Books Asticio
is an alteration Of the evidence it.ef to mako It
prove your point, III tuannor which, though
candidly intended on your part, got, aa will ap--
pear from the extracts will cite illustrative Of
tho character Of tho guarantee fund. IL not only
unlustitable In = literary Hense, hut untrue. as
there has certRiuly been suaransco fund main-
tanned by the Goyernmcnt.
You will also observe that your extracts from
the Year- Book atao states tho volume o! the ur-
roucy to-day at 50.0oo. 900 roubles, mud tnnt
ginning In 1916, there wero atill C0o.0O1, QUO
roubes in circulation. You have abau-
doned your statement that tho volume
.sou pSS natier te of 4 e:s 900 600 10 'e esoooo ill.,
and In exchange for this concession will reduce
my own abatement Of the smount OF currency
III 1853 from. 81, ooo, 900 roublea to 3l1.ooooo
ruubleB, or $3.50, GOO U00. The Yearbook aims to
proaont the p1eBent condition Of statistics cor
/ rcctiv. but It cannot be expected to condcnBe
t.ty ycaza OF russian fnance into paragraph
without sacrificing correctness to bresity in
| aotnc degree. Tho Yearbook docs not Ray that
the paper roublo wes never brought to par or
kept tl.ero, but it docs say that "god aud eilvor
hare been for many years at premium vary.
| Ing from 10 to II per cent; and that by ratioiiB
policies tho value ct tho paper has been conhl1-
erably raised, as to stand only q: o., to stsnd
today at from 10 to 1t por cent discount"
| Bill, tHo 2eaf.ltO0k lb lAHia u EEEs Auu Ill
some Of Its statomonts contradiotn ,noro enlarged
| and minute authorities, In manner unarollA-
bio in = nero pocket manual
Lot inc now quota authorities Of d moro con-
teu,poraneous, minute, and authoritative char
| acttr than tho Yeas-Dook:
Tho 1nris Moniieur, tho of1icinl organ Of tho
| French Government under Napoleon. pnbltHheaat
tho outAet OF tho Camcan wR1 In 1851, state
meut OF tho financial condition OF RuRsta, which
! III republtshed In uunfs Merchants Magazine.
Vol. 81, page 22o. Being then At wnr with Rus.
sia thcre wns no inducemont to Htatet tho sttuaeon
OF Raaaaa tinnncos ovcr-tRToEaby. After atatinG
the funded debt Of huBsin at 397 167, b3l roubles
| 1t says:
RusHin has alno 1t he charge other obligations. vz
L. Tho reimbursement of what ars called
II the Fo1rss II st. Pef<rsturg, and may 10 eous,d-
q .na e ;es t s a5s n s
na II ps ssn Ts nt
Ss Ssal. Il d! rstsl.eS1s. Mosoor hsss. oisss:.
rsda r tno.s tssaol..hner' 9nd mt q tas s's.t
Ss'' .ess.s s p sas u ssrss saaos q
obe:t!ons T. 9uss.tan 70 VI T.. mention: ,, 4:
oressen q Il e1'a roues
o. c paper roubles bsaed Oh the silver rnuble} g,hr-
% ho nae :s,tss % a;:rs 3x, sS r, =, sta s :,
total Of 0D0 OF silver 1uubloa. ,. Ihb delosta
| coundcd to tho different establishments 0f nah'io
tho reimbursement Of which may be demanded st any
ttue. =. THx DAT on WHICH THE sTA1E sftAtt
oEAsE 70 IxouAaoE 1Es PAr1a AaA.kss 7Hx Fnk'
cious METALS viii bs tho stgusi for tremendous
crsts, and II tho should Ia prolonged this is
fact which must inevitably take place.
Iu Russiau work entitled " Iirsslh. by Khra'
mim Tooke l. 6egnn," edited BY Kelley. 1s55
Vol, 3 paEc 406, tho ssne general facts are Btht-
cd as fol!ows: ..
II va Add to thoso gsavo facts three othass Ftrst
guaranteed by the B.ate IT is chilled tho ton,basds}
holds oo0o 00 Of tho scrfa in pawn seeond. th. ~.
q lent ~ H. T.
ing TO tbs ofoiAl return of the Minister Of Finance
unds .: .nd 1885, ss.a sso W.
10 Ablo to form, ide. Of tho solldy Of ltusaa'
nusneal condition under the .eisht Of y.st stsueg
ussd IN TIL sEete viii 10 louad IN H. Leon rouche
calculations Of The MONETARY resources which th
! Russian AAto can depend.
} Vol. 90 at Iiunrs Merchants. 3augazinr, pass
! 1856, contann m extract from tho London Econ
on.ist, Vol. 30, pago 735, which announces tha
. Rusaln ia about to isaue 60. 200 900 now pkpe
. roubeB, aud predicts that should elo do 80 he
'bccou,e inconvertibln.'' Tho eadlne fluancia
organs Of England md France. therefore, ~ sh'
years 1863 aud 1854 tnade 10 secret OF thclr GnoE
T ancc, that tho currency OF Russfa "as theu
! 1U 10 is nor cent discount, bnG spoke OF it ~
vol and currently known to be Interchangeable
With gold 1t par,
u TITO Encyclopaedia Nrtfdl.ntca (ed!tton OF 1851
: Vol. ~, pag0 537, speaking fur rcliod fou
( years lator, 10 its article on l!usslA, Hsys:
Ts order Of things kaso btsth 70 Continental loan
Of ti,p public banaE, aud 10 unexalM4cle ehsto
y Of paper tnonpy, which amounted tho fst Of js
nafy. !hSt 10 1liore than El6,NND0 sterling. haxtn
/ been increased during tho Ate Mar and ur to 1887
n,ors than c62 .Uo0 sterling. bInee that year II
fremh issue~ have been nIkdt. tbs amount Of lnllu
formed Al tho psrlod 4lm Of il5o01ou1 ste8
: lg, both in gold sud silver jhs efehngt af The
cutfd credit bills, Notwithstanding tho large snount
bullion takes p!ac& not only exceptionally from
u frar lilo part of the Government last largo rn1
tio. Of 1t, were tho bills payable II call, would /
exported.
+. Again IL gnYs (ssmo artlclol.
It The sum totsl Of Russian Kuld and sf!yer hnlo
may 10 takeA ~ TO the beginning Ut 1851 at ca 6s7
= OO. VI shts amount m0rs Than Etb,J9o0J GFe tctp
tttd ia tia expedition a credit tisi* tbAnknotes
ssslEuats tho cuEtcnt raper-naney, snd moro tha
EJ4 375 ,N10 uauat be III cistunlian. mot Aoar1ed
:, Four to eight years after tho period named Il
u ). .uu ~ thst whel otn tho N0ssien asslSnats ha