New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-26
Peasants Hoards
To Swell Liberty
Loan" for Russia
Savings Hidden from Gar
to Come Out at Call of
New Government
Bv ISAAC DON LEVINE

The new Russian government pro-
poses to raise liberty loan" 10 cover
the expenses of the vast reconstruction
and reorganization work confronting
il. 1t may be confidently expected that
this loan will prove a phenomenal sue
cess.
There are in Russia to-day enormous
quantities of gold and silver that are
rot in circulation. The peasants saw
ings during the present war have been
UNPRECEDENTED. Thanks TO the prohi-
bition of vodka, the moujik was torced
TO save his earnings. And these earn
ings. because Of the shortage of labor
incident 70 the notifications, have been
two and three times as large as his IN
come before the war.
The prosperity Of the Russian VII
lace has been one Of the most remark
able results of the great conflict All
observers agree that the Russian VII
lage has more money now than ever be-
fore. This condition is ascribed not
only TO prohibition and increased
wages. II is pointed out, for instance
that the high price of bread, whlle
largely due TO spectators and trans
portation difficulties, IS partly the re-
sult Of the peasants increased price OF
saIe. In other words, rural Russia is
receiving much more for her products
to-day than in the past
War Bars Catchpenny Imports
Another reason for the indisputable
abundance of money in the Russian Wiz
lace is the fact that the moujik has
nothing 10 spend his savings on. Man
ufactured products are almost totally
absent from theaRussian markets. Most
of the cheap goods sold TO the peas
antry before the war came from Pc
land, Lithuania and abroad. The war
has put an end to these imports. Rus
sia's own industrial establishments
have been turned into munition sup
pliers. When the moujik comes to
town to buy goods he finds that they
are not obtainable. He returns home
with his money unspent.
Russia is primarily an agricultural
ration. Her pcasantry forms the bulk
Of the people. This peasantry is IN
possession of enormous savings. But
these savings, at least four-hfths OF
them. never get into the banks. The
Russian peasant does not understand
the mysteries of finance and banking
When he has money he digs II into the
ground as the safest of banks.
Prince Eugene Troubetzkoy, the emil
nent Russian publicist. told last year
of a conversation he had with a moujik
in regard to the sudden disappearance
Of coin money from circulation. The
crisis was 30 acute that the govern
ment was forced to issue paper money
of the smallest denominations. The
moujik explained it by the fact that
the peasantry had dug in all the money
they could get hold of. The landlords.
according TO rumors circulated in rural
Russia, secreted all their gold. The
peasants. therefore, considered them
selves justified in hiding all the silver
they could obtain.
Peasants Now Interested
Since the old Russian government did
not have the confidence of the masses
10 could not get them TO invest their
savings in the internal loans raised by
the Cars Minister Of Finances. But
conditions have completely changed
now. The Russian peasant IS free. He
and his wife arc going 70 vote for the
constituent assembly that will set up
the new government The moujik will
be represented in the new Russia more
than any other class. And the moujik
expects the new Russia to give him
land and opportunity.
There can be no doubt. therefore, Of
the response Of the pessantry to the
liberty loan" While il is impossible
20 calculate its size, ali indications are
that il will astonish the entire world