The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-31
RUssIA's FINANCES.
a Report From BrecI1inrIdge Re-
questeG by OIney.


quested by Olney.
WASHINGTON, D. c., Oct. 29.-In an
swer to the state department circular
calling for information as to money and
wages in foreign countries United States
Minister Breckenridge at st. Petersburg
has submitted a very elaborate report ON
the Russian financial system and its
workings. He shows that the status has
been for many years 1uctuating paper
measured externally in terms of gold. The
per capita circulation is about 50. The
coinage of silver on private account was
stopped in 1898 and an extensive redemp-
ton scheme is about to be put in opera
ton. to carry out which the government
has accumulated a sum of gold about
equal to 5500O0,000 gold roubles. The pa
per rouble now valued at 81 cents gold,
will be redeemable at a special gold coin
of the same value Silver will be given a.
large field of employment but its COIN
age will be upon the account of the gov
eminent and it will be kept at par with
gold
PRACTICAL EFFECT.
Concerning the practical effect of the
existing currency on manufacturing in
dustries and the rates Of labor the min
lister submits data which he says viii
enable the subject to be viewed from diff
ferent points of view. Manufacturers
have long been stimulated by protective
manufacturers to pay their workmen ap-
proximately the old scale of wages IN
the cheaper money of the present Sys-
tenn. Still the growth of manufactures
while considerable, has not been as marked
as would be expected from these advan-
tages though in lines most cOngenial to
the people the growth has been great and
the profits enormous.
Mr.. Breckenridge sees no reason TO
question that if this growth of the manu-
features still continues there must
be a marked increase for long
time to come under the present policy.
The workmen, however, did not partici-
pate appreciabIy in these benefits bestow-
ed upon these industries. Not a word is
heard favorable to the condition of ag-
riculture: the universal testimony is OF
extreme depression and the wages of the
agricultural labOrers have been in the
main a downward tendency. AS TO fac
tory wages, the minister. after submit
ting copious official tables. remarks that
wages in Russia have undergone little
or no change for 80 years, and there is
no record of their being affected by the
of the paper rouble-the medium of pay
ment Wages in England and America.
are respectively 124 and 319 per cent.
higher than in Russia and wages in Rus
STA are still further reduced BY fines i'm
posed upon working men.
LOOKING BACKWARD.
Mr.. Breckenridge says: Russia as a
nation has during long period of peace
steadily grown in population and in
wealth. How much faster she might have
grown and how much more equally the
products of labor might have been dis
tributed had she enjoyed during all this
period a good currency, conforming to a
stable standard of value. and had the
channels of both domestic and foreign
trade been less neglected from their mai
ural laws and courses is a matter OF
speculation into which I do not enter.
Nor do l attempt to say TO what extent
the failure here of a deprecated currency
to transmit its expansion to the vast in
terests enumerated would prevail in our
country"