Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-04-20
RUSSIA'S REAL RULER.

throne in Russia. the real ruler there
under the czar is Serge Yulevich de White,
who brought about the recent tariff diff
Guilty with the United States with regard
to sugar
A writer in the Boston Transcript
credits Nj. de White With holding the
entire confidence in the car and it ap-
pears that the minister really has a free
hand in bringing about such reforms as
he favors. so that the minister is held
to be largely responsible for conditions
existing there today. The Russian ma
tunal debt is now s3l62 $50 900. equal to
that of England and second only to that
OF France. Upon this she pays a yearly
interest of about 1885,. SOC. 900. In view of
these vast figures and the long series of
I>ussian loans fioated (chiefly in Franco
during the last few years. Russia has
come to be regarded as q country which
is undertaking enterprises far beyond its
financial resources, and which can only
keep going by constantly borrowing from
its neighbors. On this point Henry Nor
man says that in the sense in which
believed, they are wholly inaccurate.
Russia's public debt is large but it is
being paid off at the present time a the
rate of $12, 500,0 900 a year. During the
past ten years no less than $3.50 900 900
has been paid off. This striking fact IS
usually overlooked. Moreover as Sc
curity for its debts, the Russian state
\;
ence is vitaD has natural resources and
productive public works surprising in
value those of any other state in the
world. Besides its enormous mineral
wealth, which has hardly been scratched
as yet, it draws, for instance, a net an
nual revenue of $23, $50, 900 from it's for
ests; and has 100000 acres of real
forest as yet untouched. Russia's peas
ants pay the state an annual rent of
So, 800, 900. 1t owns and works over 90
600 miles of railway. Its budget shows
considerable surplus every year. These
consdera tons place the financial DO
sition of Russia in a new light for most
people, but what follows will astonish
still more all who have not looked care
fully into the matter. During the past
fourteen years Russia has borrowed
enormously. Probably 5000 o0OC coo worth
of her debt is held in France today. But
during these fourteen years Russia has
converted and redeemed in cash previ-
Gus loans amounting to over 81 POO, 0O0,-
0o0 In fact, and Mr.. Norman claims for
this statement the signed authority of
the most eminent statistcan in Russia
from 1887 to 1900 the Russian treasury
has not received from new loans a single
penny of capital more than the old capt.
tai it repaid it's creditors Russia Dor
rows not to fill the gap between her in
come and her expenditure, but for two
reasons: First, to refund heavy inter-
est bearing debts, both for economy
and for the convenience of her creditors;
second, to construct public works for the
development of her national resources,
and for the aid of her great industries
Instead of bonds on, say blue paper of
the railway or other public work, there
are the bonds on, say, white paper of
the Russian public debt. In conclusion
the Russian government is snder no
present necessity whatever-and has not
been for twenty years-to borrow at any
except advantageous rates or for pur-
poses other than those Indicated a novel
view of Russian finance in support of
which Mr.. Norman points to the fact
that nobody has ever lost farthing by
trusting the Russian state; six hundred
joint stock companies have existed since
1904, and of these not one hundred show
shares below par, and in thirty years
only three banks have failed.
1t is natural that the prime mover in
Russia's material prosperity should en-.
JOY the czar's closest confidence. Thai
N. de Witte does hold the esteem OF
Nicholas is shown by the uniformit,
with which various attacks upon him
TO- he is well hated of many-have com,
to naught. Only a little more than {
year ago when the European and Ameri
Can press We're printing rumors of hi
fall the czar sent him an imperial re
script commencing his work and, in tn,
czar's handwriting, saying: Il renal,
always we'll disposed toward you ant
S-hScieiS SiSoteiui. II is true tnat ln
rescrlpt VAS very likely intended to s.:
lence the hostile rumors referred to
which purpose it fully served, but it i
also true that the minister of financ
has deserved we'll of his imperial master
II his ideas of foreign policy NJ. d
Witte is inclined towards conservatism
Like all Muscovtes, there is no doub
hut that he launches his dreams upo
the Mediterranean and the Indian ocean
as formerly upon the unfrozen Pacific
The one has come true. AS to the other
H. de White is too much the financie