Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-02-04
CONDITION OF RUSSIA.
Its National Revenues Probably Are
Largest in the World:


reprimanded for forestalling the Off
cial Gazette by retailing the rumor that
the financial estimates for 1898 would
show a deficit of 100000 900 rubles. The
actual deficit, as now shown by official
figures, is no less than LOG, 7O6 rubles
out of total budgetary sum OF one
milliard and a half. With an expected
excess of 1878, 004 rubles of ordinary
revenue, there are only 100000 rubaes
of extraordinary income with which to
meet 123,964, TO rubles of EXTRAORDINARY
expenditure. Compared with the esti-
mates Of 1897, an increase of about 49,
DOC, 900 rubles in ordinary revenue and
sc, 900, 900 rubles in ordinary expenditure
is foreseen during 1898. Therefore all
the weight of the budget this year fails
upon the ordinary revenue assisted by
the savings of former years in order to
cover up the above mentioned deficit.
But this deficit, with the 100000 00 rubles
increase of the Russian national debt
during last year for the state purchase
of railways, represents for the most part
a productive and remunerauve outlay
on railway construction and equipment
This is theoretically correct, but some
years will have to elapse before it is all
refunded, especially in the case of the
Siberian railway.
The extraordinary and unprecedented
activity in all railway work may be es-
timated by the fact that no less than
2790 versts or ABOUT 1860 miles, of new
railways were opened in 1897, and by
the following figures of the present eX-
traordlnary budget: For construction
of the Siberian railway without rolling
stock, 37,447 020 rubles; for enterprises
auxiliary to the Siberian railway 49,
1853 rubles; for construction of other
railways of general importance, 1865, 1877
rublesi for construction of local lines,
10,000000 rubles and for rolling stock,
1924 145 rubles.
During the last ten years the total eX-
cess Of ordinary revenue over ordinary
expenditure is reckoned at 467, 500,0 900
rubles, there having been a minus-of
100000 rubles-ouly once, in 1891, on
account of the famine. To this circum-
stance is attributed M. Whites ability
to meet deficits of extraordinary reve-
nue., as in the present estimates for 1893
without always having recourse to bor-
IroWing NJ Whites financial report to the
car this year is not, however, without
a 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 %, 100000 tons Of wheat and
the estimated product of last years llar-
vest 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 abundant, although he calculates
that the usual export of grain ought to
be kept up by means Of the large stocks
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
creased by 7,000 900, 100000 100000
and 900, 900 rubles. In spite of the agitaA
ton all over the country for more edu-
cation and more schools, the educational
department still has only 25,OOO,0OO rub
les, as compared with 355,000,0 600 spent on
the army and navy.
The minister of finance expatiates at
great length on his monetary reform
and the creation of the gold standard
similar TO the English pound sterling"
whereby the ruble is no longer f1uctu-
ating, but a definite, unit of value,
whether in gold, silver or paper There
is some little difficulty in getting a popu-
lation too long accustomed to paper to
use gold, but this he proposes to get
over by gradually Withdrawing the paper
notes of smaller values and eventually
restricting the legal tender of silver,
which has now become a mere auxiliary
token to the gold ruble. AS regards the
question of bimetallsm or monometal-
lism Russia has thus come to decision
which is ''irrevocable."
At the end of 1897 the paper in circu-
Iation was 999 ,000, 900 rubles, or less by
122,OO0,000 than at the end Of 1885; and
the gold of the eXchequer and state
bank was 1,315, 100000 rubles, or more
than at the end Of 1895, by 2Sl 900 900 ru-
bles. 1t will thus be seen that Russia
now has 131 per cent more gold than
paper. Confidently believing in the
continual development of the economic
strength of Russia, the minister OF
finance hopes that the reformed system
of currency will not be shaken even in
case the country 10 at any time fated
to undergo severe trials
Referring to foreign affairs as one
among other factors likely to affect the
monetary system, NJ. White further
saws. I'm this respect the chief security
for the economic and financial welfare
of Russia is the traditional peaceful
ness and the righteous policy of her en-
perors The example of the late EN-
peror Alexander III and the sincerely
pacific intentions of your imperial ma
jesty, constitute a guarantee that the
external policy of Russia will continue
to be foreign to all aggressive aspira-
lions as regards other states for the
good Of the fatherland, and that no
danger threatens our economic and
financial position in that region of af-
fairs"
The total value of the new currency
in Russia at the beginning of the pres
ent year in possession Of the exchequer,
in the state bank and in circulation,
was: Gold, 1,470, 500, 900 rubles; silver,
1862, 100000 rubles, and paper. 999 900, 600
rubles, which figures, says NJ White,
show better than any other possible ex-
PLANTATION, the complete security of the
exchange of paper for gold and the sta
bility of the reform. The minister also
reiterates his intention of maintaining
the protective system intact, in spite OF
the agitation which has been carried on
in certain organs of the press ever since
the exhibition at Mini Novgorod for
some relief for the benefit of the heavily
taxed consumer.
1t is a remarkable fact that Russia's
national revenue amounting to over
FLAG, 100000, has now grown to be more
than that of Great Britain and is,
therefore, one of the largest il not the
largest in the world.