Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-10-15
RUSSIA AND SILVER.
Private Coinage Has Long Since
Been Stepped.
The Ban; Of Russia Has the Largest
Amount # Gold and the Smallest
Amount of silver of Any
in Europe.

lioh IL Is Gus LoTnary 10 refer to Rus
STA as one of the countries that is still
doing business on a silver basis. This
is so far true that the silver rouble
IS officially regarded as the legal ten
der OF the empire, but the privilege of
private coinage has been long since sus-
pended, and the Bank of Russia. which
Is merely an adjunct of the imperial
treasury, has in its vaults the largest
amount of gold and the smallest amount
OF silver of any on the continent of
Europe. Last August, while the amount
OF gold held by the Bank of France
was S403,Gs5,90S and of silver S244,424.-
o29, the Bank of Russia had S434.365.-
500 in gold and only $685., 600 in silver.
Even this latter amount was twice that
held at the beginning of the year, and
indicates the progress of the coinage
OF subsidiary silver pieces to take the
place OF some of the small notes. Last
March, it was officially announced that
the treasury had ceased to make use
IN its payments of bills Of one and of
three roubles. ard that it was to re-
place them by silver coins. But the
treasury takes the profit on this coin
age, and accepts also the RESPONSIBLE
ity OF keeping it at par with the paper
or credit rouble, which, pending the
resumption of specie payments, bears
the relation to gold of three to two:
that is one rouble and fifty copecks
III paper is equal to one rouble in gold.
This seems TO be rather a complicated
situation, but it is really very simple
one. 1t was in 1898 that the Russian
government formally disassociated it,
self from the silver rouble in an i'm
perial decree which was thus officially
explained: in view of depreciation
| so rapid and so great, it became the
duty of the government to take such
steps as would lessen, at least, if they
could not neutralize, the disastrous con-
sequences arising from the depreciation
of a metal which, in legal contempla-
ton, serves as the basis of our none
cary system, though, as a matter of
fact, the silver rouble of full weight
and fineness Us grams fine) has en-
tirely disappeared, and the credit rouble
! paper money! has become our real
monetary standard" 1t was further
explained that it was very fortunate
that the silver rouble of full weight
and fineness has practically gone out
of circulation, otherwise the deprecia-
ton of the white metal would have
been followed by serious losses in Rus
STA. AS it is, the treasury will not be
seriously damaged by the return to it
of the 2O,O0O,0O0 or 25,00OO,0OO of coins
outstanding, which it will be obliged
70. Al,
lent of credit roubles, Notwithstanding
that the Is grams of silver in the coin
rouble is of less value than the paper
rouble. Till Russia is able TO adopt
gold as its monetary standard the sill
YER rouble will continue to be its legal
tender. But that simply means that
the credit of the government is pledged
to keeping at the value of 81 1-3 cents
in gold a silver piece coined by itself
containing some 2S cents worth of pure
silver. just as it has undertaken to
maintain at the same value of 81 1-3
cents its credit rouble, which if it were
| at par with gold would be worth 78
cents, but which measured by the bull
lion value of its silver equivalent would
be worth less than half that sum.
Plainly silver has not succeeded in
Russia, any more than elsewhere, in
holding out against the depreciation
forced on it by the universal law of de-
mand and supply. 1t follows that BIZ
metallism has not the slightest chance
of revival in Russia, the imperial gov
eminent being only too well satisfied
| with the success it has had in avoiding
the losses incurred by other countries
from the depreciation of silver. 1t not
generally understood how substantial
an item this has been. The French gov
eminent guaranteed the Bank of France
against the loss which it might suffer
from the acceptance of the silver FIVE
frame pieces of the Latin Monetary
union at their face value. and. in all
calculations of the liability of the
French treasury, G00,000,000 Of francs.
or, say, S120,000,o00, is reelzoned as the
amount Of the loss entailed by the silver
accumulated in the vaults of the bank.
In like manner, 130,000000 of marks,
or, say, $31,o00,o00, is reckoned as the
/ amount due to the Reichsbank by the
Imperial government of Germany to
make up for the depreciation of sill
YER thalers held as part of the banks
reserve. Russia has escaped any such
! penalty of the downward course of sill
yer as completely as England has, be-
cause though nominally on a silver
/ basis, it has had no silver in circulation,
| and Russia being now on the eve of
placing its currency on gold basis af-
fords merely another demonstration of
the folly of expecting the international
rehabilitation" of silver.-Rocheste
Post and Express.
He Prayed a Prayer.
The prayer offered by an old colored
minister at Fairfax Court House, at a