The Barre daily times. (Barre, Vt.) 1897-1959, 1905-02-09
Cold in the State Bank and Govern
ment Treasury Amounts
to More Than 7oo,-
100000 Rubles.

Mlen hSkeu regarding reports tut
Russian finances had been soreIy taxed
by the burden Of the war Mr.. Vllea-
kline said.
YES, | have found that such an inn
preston has gained ground in this
country to some extent. Some foreign
papers lately mentioned excessive is
sues Of Russian bank notes. and |
therefore deem II my duty to acquaint
the public with tile real condition Of
affairs. According to the imperial
ukase Of Aug. 20. 1897. government
bank notes are issued By the state
bank In amounts strictly limited by the
urgent needs of money circulation un
der gold security. The sum Of gold Sc
curing the notes must not be less than
half Of the total sum OF bank notes is
sued for circulation, when the latter
does not exceed G00,O00,000 rubles. A
ruble is equal to N cents in American
money. Bank notes which are in clrcu
lation over and above 600,0O0000 ru-
bies must be secured by gold at a rate
Of at least ruble for rube. In 1904
there were issued up to August last
bank notes to the amount Of 100000
600 rubles and the month Of August of
the current year 40,000,000 rubles.
Thus the total sum Of bank notes put
into circulation amounted to s00.000.-
900 rubles.
'9The gold reserve consisted at the
end of August. 1901, of 9fL000,000
rubles-naniely, gold in circulation.
125,000.000; gold in bars, coin and as
signments sanctioned, 72S,000,000; gold
abroad, 91,oO0,000: total. 944,0OO,000.
Taking into consideration that the gold
security for bank notes has been fixed
by the ukase of Aug. %, 1897, at so
per cent for the first 600000,000 rubles
issued and at rate of ruble for ruble
for the following issues, the gold re-
serve securing s0O,o00.000 rubles in
bank notes issued for circulation need
not exceed 50O,000,000 rubles, while Ii
has reached 944,000,000 rubles that is,
there exists surplus Of 444000,000
rubles, not including the large gold re-
serve in the government treasury,
which is not entered within the bal.
ance of the state bank. These reserves
consist Of gold in bars and coin in the
st. Petersburg mint, and sums in the
hands Of foreign correspondents abroad
"The issues OF bank notes were
brought about By two causes. The
first cause was the deduction from the
current account of the government
treasury for military expenditures III
the far east, where the expenses are
paid In bank notes, and the second ST
multaneously with the same, the be
ginning Of the revival Of commercial
transactions which takes place in tht
second half Of each year with the be
| ginning Of the grain campaign, com
| pelling the issue OF large sums from
the state bank. 1t must be noticed
| that the bank notes issued on accoun
Of the fall development Of CONNIE Gin
transactions generally return to til,
bank at the end of the strained periot
of the grain campaign. These occur
renccs are repeated every year Thus
I
actions In the fall months demonde,
an increase of money placed in cireula
ton by 156,00O,000 rubles aud in 1900
by 177.000,000 rubles.
In the current year the demand 70
bank notes for commercial transac
tons must be considerable, as tn
crops in many regions Of tile empir
are abundant, while at the same tim
in some foreign countries importln
our grain the crops are unsatisfactory
a fact which viii bring about an il
crease Of exports.
EAT the end Of half year from til
beginning Of military operations til
comparative figures on the amount Q
our gold reserve in conjunction wit
the bank notes issued stand as 70
lows: On Feb, ! of the current yea
the gold reserve Of the State bank col
sisted Of 915. 100000 rubles, while Their
were only 59S,600,000 rubles Of ban
notes in circulation. BY Aug. ], 100
the gold reserve of the State bank COZ
sisted Of 94s, 100000 rubles, while thei
We're only 69o,30O,000 rubles in ban
notes in circulation.
AS a whole, the war expenditures (
Russia from the beginning Of the can
paign until the end Of the year may l
approximately placed at from d25,00C
600 to 650,0o0O00 rubles. With regsr
to the means for the covering Of Tia
expenditure unforeseen by the budgl
1t must be remarked that the resery
in the government treasury by Jan.
1904, consisted of 312,000,000 ruble
and after tile covering Of all outstani
Ing expenditures, according to Il
budget Of 1904, it amounted to 13C
100000 rubles, to which sum thel
must be added l35,000,o00 rubles
economies realized by tfe curtailir
Of already sanctioned expenditures {,