New-York tribune., 1898-01-11
RUSSIA on THE GOLD BASIS.
THE REFORM IN THE CURRENCY RE-
GENTLY ESTABLISHED.
A STATEMENT BY THE FINANCIAL AGENT OF
RUSSIA ~ wAsHIYGToN-THE UNIT or

STATEMENT BY THE FINANCIAL AGENT OF
RUSSIA ~ wAsHIYGToN-THE UNIT or
CURRENCY THE GOLD RUBLE.
Washington. jan. 1o.-M. De Routkowsky hnan-
cal agent OF Russia. who Is attached 70 the l'ega-
tion here. at the request OF Assistant secretary
Howell has given an account Of the reform OF the
Russian currency as established during the year
Just closed. The statement substantially Is as
follows:
According to the former laws Of KIssla = she
% n wsi .ve he ys esaes sv eons
circulating currency gold coins or various
eordns to the sw nq sl or pure gold for
ssry be and the sac credit nSIss ss se legal D
tender for the payment Of taxes and duties 70 tne
Government for an unlimited amount ~ snu State
which was the only credit institution having the
pScs Of The whole pT0Psr Of Of no ot sfe e
coin. and ench note contained the express stipuia-
legal tender for payment of taxes ana dues to the
Government. .
the year 1854 gold silver and credit notes circulated
. at par In that year began the Crirnean Waf, inc
the War Of III and ls7s and otner political and
economic events compelled the Goyernment 10
pension lasted nearly forty years. bringng 10 the
country all OF the evils Of an inconverti6e cur
| rrnsv and arroafing ire economic Developments
The Government decided to make great fnan-
ca Id Id n5 fh dsc WeIs IN bn SAT- bnGs
climinated This polly cxablcd the Government
rG@ocy n asSn ydrs hnn t? % Els OBJ
taned through foreign loans ana democratic pro,
duc9n ard 1t resulted n Grhgg ng of Barrow
Ing at per cent as WAS the case fifteen years ago;
it possible a. the close Of the period to get gold
at S2 per cent. Having accumulated a sufficient
amount OF gold 70 resume SPECIE pee paymentS ba nn
ing been so regulated rs TO result in surplus IN
stead CT deficit, the Government undertooK 10
4 decide
been, but the value Of silver had declined so much
since the monetary laws of Russia were estab-
shed that the value Of pure silver contained in
. copecks instead of oo and the value in gold Of
credit ruble was 66 2-3 copecks SILVER rnnles ,es
being the standard. the Government h2d the rignr
TO declare the exchange Of paper rubles at par
have fixed the silver standard In the country ahd
would have brought great financial ioss 10 all
In consequence of constant nuctuations in tne
price of silver and the practically unlimited amount
with improved methods. silver was considered by
the Imperial Government entirely unit to be
was accepted-it being regarded as the only metal metal
H,st ,st uoec to to h aadoe on nations OF
the world It was decided az the sane te tho no
minor coins. in redeeming the credit note it was
decided to give 1t the value In gold which II had III
mercia re tfansnctios IN: that is xysix and two
thirds copecks. making it two-thirds of the value
Heen iG ms%e exc%Rangeabe han for gold at value Of
silver rubles (forty-ve copeCks in gold), which the
| Government had a perfect right to do. there would
have been a great loss to creditors. II the notes
had been made exchangcable FOR Sold at ,he VMhlue M
OF former gold rubles Zone hundred copeckS) ,h''o
! would have been n great loss to debtors. besides
disturbance in the productive powers oil 'he
| country. 90 ,
| The Imperial ukases Of January 3. August % ana
November a. l fram,9g mo no rrSncV ~ question
In Russia Gold will henceforth be the sole sta slant a.
ard Of value. and the new unit OF currency VIII g vi
in value to 81 A. cents In United States gold Silver
/ will be issued for subsidiary coins only ara one
| ruble will contain 1902 grams or pare siiVel, d.
heretofore The State Bank Of Russia VIII be- "a, az
! heretofore the only credit institution whch w.i'
! have the right TO issue State credit notes, eN-
| changeahe at par with gold IN the STATE oanh TX
an uniImifcd amount Both gold and credit notes
are made legal tender 10 an unlimited alnouIt'i in,
The issues OF the credit notes by me STATE 1 Hd'ik M
SO regulated that the amount OF Outstanding 9no
will not be allowed TO exceed by more man ~; ;ov.
! DEPOSITED in the State Bank for their redemption
The amount of outstanding state credit nor nT,sS as
cc@ner @ M i"SI In S bank iSA amonnt Of sod IN coin
and In bars in the ba nix was l.lc0GO,W ruDlcs ne
| exchange of STATE credit notes az par Win sulu
! SSLnia Stote nroperty (about 60o.OOO0O0 acres or
forest and 1000 miles Of railroads besides Gov Gov
eminent lands stS shHer sly oialc IN .s reserve OF the
| bank for the purpose of redemption. - ooo
Silver has been coined to the amount OF 4owTo- Es-
900 rubles. and the character OF the ega tenGee b
! recent laws Until It shall be decreed otherwise
silver coins will be legal tender for an s,se5 1af
amn,,nt a but not so between private individuals.
/ The plan OF currency reform adopted does not
concern n the leas the creditors d 0l tt viii
he paid as usual In the money IN wnlcn ,,i.I'y
we're contracted-that Is in francs. pounds steriing
dollars. marks. forins, etc