The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-02-04
CONDITION OF RUSSIA.
The Worlds Largest National Revenue and
Serious neutrality-suspicious. Upon
Railways and CurreEcy Reform.
(Fro1n the London Times.)

(From the London Times.
A few weeks ago Russian editor was
reprimanded for forestalling The Official
Gazette by retailing the rumor that the
financial estimates for 1893 would show
deficit of 20,000,U00 rubles. The actual
deficit, as now shown by official figures,
is no less than 106, 29l 706 rubles out OF a
total budgetary sum of one milliard ana
half. With an expected excess OF
IA, 373,004 rubles of ordinary revenue,
there are only $500, eco rubles Of extraor-
binary income with which to meet
1873, 964,7l0 rubles of extraordinary eX-
penditure foreseen during 8sS. Ilofe'
fore oil the weight of the budget TINS
year falls upon the ordinary revenue, as
sisted by the savings of former years IN
order to cover up the above mentioned
deficit. But this deficit, with the 5o,o oa,-
600 rubles increase of the Russian ma
tional debt during last year for the state
purchase Of railways, represents for tho
most part productive and remuneratlVe
outlay on railway construction and equip
ment This is theoretically correct, but
some years will have to elapse before 1t S
all refunded, especially in the case OF the
Siberian Railway.
The extraordinary and Unprecedented
activity in all railway work may be estl-
mated by the fact that no less than z. $50
yersts, or about /, $50 mile, of new rail-
WAYS were opened in 1887, md by the fol-
lowing figures of the present extraordl-
nary budget: For construction of the ST.
berian Railway without rolling stock,
or. ,tnur>
to the Siberian Railway, us, 363 rubles;
for contraction CT other railways of gem
eral Importance, 1866 1877 rubles; for con-
struction OF local lines 10000 rubies, and
fer rolling stock. 1924, l45 rubles.
During the last ten years the total ex-
cess of ordinary revenue over ordinary ex-
penditure is reckoned at 467, 50o, goo
rubles there having been a Ininus-of
"a, 600 600 rubles-only once, in 1891, on
account of the famine. 10 this clrcun-
stance is attributed M. Whites ability to
meet deficits of extraordinary revenues
as in the present estimates for 1898 with
out always having recourse to borrow
ing. M. Wittes financial report to the
Gear this year is not, however, without
q certain tone of pessimism in regard to
the effects OF last years bad harvests and
the not very favorable indications for
the crops of the coming summer. With
about 90 500 600 tons Of wheat and oats
and 1850, 600 tons of potatoes as the estl-
mated product of last years harvest, NJ.
White considers this enough for the needs
of the population, but not sufficient to
give the usual surplus for export. He,
therefore, warns the Council of State that
the influx of taxes during the ensuing
twelve months may not be very abund-
ant. although he calculates that the usual
export of grain ought to be kept up by
means of the large stocks known to have
been held in reserve up to the date OF the
last harvest.
The expenditure of the Ministries of
Marine, of War, of Agriculture, and Of
Public Instruction are respectively in
ores sed by 100000, 100000, 2,000,0C
and so 900 ruhles. In spite of the agita-
ton ali over the country for more educa-
ton and more schools. the Educational
Department still has only Is, 10000
rubles, as compared with 5,ooo, ooo spent
on the army and navy.
The Minister of Finance expatiates at
great length on his monetary reform and
| the creation of gold standard similar
| to the English pound sterling, whereby
| the ruble is no longer o fuctuating, but
q definite unit of value whether IN gold,
| silver or paper. There is some little
difficulty in getting a population too long
| accustomed to paper to use gold, but this
| he proposes to get over by gradually with
| drawing the paper notes OF smaller values
| and eventually restricting the legal ten
| der of silver, which has now become a
| mere auxiliary token to the gold ruble.
| AS regards the Questionsof blmetalilsm or
recommendation, Russia has thus come TO
decision which Is ''irrevocabie. At
the end of 1897 the paper, in circulation
was g99 600, 600 rubles, or less by l32 .5u0, :
600 than at the end of 1896; and tho gold
of the Exchequer and State Bank WAS
1873. OGO. $50 rubles, or more than as the
end of 1896 by 231 900, 900 ruhles. 1t Will
thus be seen that Russia now has 13l per
cent. more gold than paper. 'Con1-
IDENTIFY believing In the continual devel-
opment of the economic strength OF nus,
STA, the Minister of Finance hopes that
the reformed system of currency will not
be shaken even in case the country is at
any time fated to undergo severe trials. -
Referring to foreign affairs as one
among other factors likely to affect the
montary system, NJ. Witte further says:
s'In this respect the chief security Ter
the economic and financial welfare OF
russia is the traditional Ieacefnlness
and the righteous policy of her Emperors
The example of the late Emperor Alex
ander III. and the sincerely pacific in
tentions of your imperial Majesty consti-
tute guarantee that the external policy
of Russia will continue to be foreign to
all aggressive aspirations as regards other
oGaU9S lOF luS SOuu u Lue ltttLSIisshsA' civ
that no danger threatens our economic
and financial position In that region of
afTairs.'
The total value of the new currency in
Russia at the beginning of the present
year in possession of the exchequer, in
the State Bank, and in circulation was:
Gold, 1, 40, 500, 600 rubles; silver, l62, 0oo,-
900 rubles, and paper 999, 100000 rubles,
which figures, says NJ Witte, show .id better tsn
than any other possible explanation the
complete security of the exchange of pa
per for gold and the stability of the re
form The Minister also RE reiteratss his
system intact, in spite Of tho agitation
which has been carried on in certain or
gans of the press ever since the exhibit
ton at Mini Novgorod for some relief for
the benefit of the heavily taxed consul
mer.
1t is q remarkable fact that Russia S
national revenue, amounting to over
9t46, 90, 0C0. has now grown to be more
than that of Great Britain, and is there
fore one of the largest, in the world.