New-York tribune., 1896-10-29
RUSSIA'S FINANCIAL SYSTEM.
SHE IS PREPARING TO GO UPON A GOLD
BASIS.
MINISTER BREcKINRIDGE SUBMITS AN ELABo-
RATE REPORT on MONEY AND WAGES IN
THE CARS DoMINIONs.

THE CARS DOMINIONs.
Washington, Oct. 2s.-In answer TO the State
Departments circular calling for information as
TO money and wages in foreign countries, Minister
Breckenridge at st. Petersburg. has submitted an
elaborate report the Russian financial system
and It's workings. lie shows that the standard has
been for many years fuctuatins paper, measured
externally In terms OF gold. The per capita circu-
latiOn is about g. The coinage Of silver OH private
account stopped in 1898, and an extensive re-
dcmption scheme Is about TO be put into operation.
10 carry out which tho Government has accumu-
lated a OF gold about equal TO 55o.ooo,OoO gold
rubles. The paper ruble now valued at G. cents
gold. will be redeemable in a special gold coin Of
the same value Silver will have a large field of
employment. but It's coinage will be upon the ac-
countpof the Government and II will be kept at
par with gold
Concerning the practical effect OF the existing
currency on manufacturing industries and the
wages OF labor. the Minister submits data which
he says will enable the subject TO I've studied from
different points OF view. Manufactures have long
been stimulated by a protective tariff. as well as
by the ability Of the manufacturers TO pay their
workmen approximately the old scale of wages in
the cheaper money Of the present system. Still
the growth of manufactures, while considerable
has not been so marked would have been OK
pected from these advantages, though in lines
most congenia to the people the growth has been
great and the profits enormous. The non-excisable
manufactures increased from 5SS,ooooOo rubes In
1915 TO 100000 rubcs in 1890 The excisabls
manufactures increased in the period from
900o0 rubles 10 4O 600 COo rubles Mining products
grew from 120o0000 S9 900 900 rubles Mr. Breckn-
ridge sees no reason TO question that this growth
or manufactures still continues, and that there
must be a marked increase for a long time TO come
under the presen: policy. The workmen. however
did not participate aIpreciaby in the benefits be-
slowed upon these industries.
MOI q word is heard favorable to the condition
n.Ag Y
treme depression. and the wages OF the agriculi .
urai ldborers have had in the main downward
lcnncnCy. AS 10 ia 'tOfy wages the Minister. after
snmb tire copioCs official tables. remarks iha;
wages In Russia have unde- gone little no change
Tor thirty years and there is no record Of their
being affected by the great changes In the purcha
ing power OF the paper ruble-the medium of pay
ment. Ii ma be ass smed that had Russian labor
been organized as IL is in tho United states. u
wctid hava IT least struggled to change the scale
TO correspond to tho change In the value of money
bn. there has bcca no struggle and no change
Wages IL England and America are respectively
12i and 80 PEE cent hieher thar I'm Russia, and
wages H. Russia are still further reduced by fines
imposed upon wcikn:en.
Mr.. Breckinr.dee says; Russia nation
has. during long period OF peace steadily grown
might have grown ard how much equally
the products Of labor might have been distributed
had she enjoyed during all this period good
rency, conforming 10 q stable standard of value
and had the chanrels of both domestic and foreign
trade been less DETECTED from their natural laws
! do not enter Nor d. I ATTEMPT 10 say 10 what
extent the failure here Of deprecated currency
TO transmit its expansion 10 the vas. interests
enumerated would prevail in our country"