The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1921-12-23
SoUief Plans
To Put Country
On Gold Basis
n, EDWIN W. lIuIIINorn.

taAhN" nhftuE tr Nua Year. i|Ft
kamsnsfI. prusiasnt II tho Moscov
Soviet and nemhsf of the cabinet
said IN an IniervlsH vlih the unliss
Press to-day.
Millions u blillons of these n
per rcahlcs 20 many that no 90.
hnows just hor manY-havo bcea
poured Into clrcnlailon ffom the
sosernmaa, printing presscs the lasl
four years. Never IN history has ans
counsr5 been smoshcrcd With such
quantities. of paper. and the Hot.
shetiks. cssayinE 10 hrinK the ns.
uonai cuFrcncy hack 10 a rold hasla
arr facing the biggest problem Of
finance and hank that ever con.
ffonied a nation.
Tacp hopo 10 DO 4. Knmcncf.
said. IN the short space of two
years.
AS a firs, step toward sisbll.
King the value ~ the existing IL.
sues. the Moscow stock exchange
viii be- rcopenod In December.
kamcneff said. Complete freedom
OF trade In Russian and foreign
moneys. both paper and gold. stocks
and bonds. and all kinds Of CONNER.
clai paper will h. allowed. just a.
On Wall Street.
This will invest the roublo with /
some actual market value. m obso.
lutte essential 10 foreign crcdlt. No
Russian firm can hope to obtain
credit abroad or conduct a business
with any regularity a. long as the
paper rouble has no standard value
except that upon the Illicit money
curb. whore Il II liable to variations
Of 100000 ronblcs per pound In
few weeks.
Tue second step will be taken
January 1. when the government
will cease issuing paper money. ex
cept notes actually backed by
metallic reserve. AZ the same time
the government budget viii be
shifted to the gold basis. all expen.
ditures aud revenues being reck.
oned on the gold rouble at lis 1914
quotation. This arrangement has al.
ready been put into effect In the
governments dealings with foreign.
ers In Russia.
This will be followed by a sweep.
ing reduction of administrative OK.
penses. entailing fifty per cent cut
In personnel.
"On January Is, fifty per cent OF
all government employees will be
discharged. A clean sweep win be
made in all departments, eliminat.
ing unnecessary branches and arbi.
trarily paying off every second
clerk, stenographer. etc"
The present superabundance OF
employees In every department was
one OF the striking features the cor.
Of the United States
noticed upon arriving in Moscow.
Every government office was liter
ally cluttered with clerks. Each gov
official was surrounded by
d small army of secretaries.
This projected housecleaning an
by Kemenoff alone will
make tremendous difference in the
governments budget.
Kameneff said that the govern.
ment would begin recalling the pres
ant paper issues by degrees and re-
leeming them with gold reserve
totes as son as the paper rouble at
aimed some stability on the stock
exchange. The treasury will accept
IS basis for redemption the prevail
ng market value of the issues
hirty, forty or a hundred thousand
o the gold rouble, as the case may
,e.
He said that no gold coins would
actually be put into circulation
however, until the currency situation
lad become more stable.
"To put gold coins into circula
ion at present would be like throw
ng them into the ocean, 80 far as
my beneficial effect upon business
s concerned They would disappear
n jiffy into the stockings Of the
'easants and small shopkeepers or
nto the pockets of foreign traders.
n short time all would be out of
irculation and we would be Just
where we started, minus that much
nore gold.'
Kameneff said the government had
considerable supplies of gold in its
aults, largely residue from the
'zaristic governments former re-
erve. Quantities of private Jewels
nd gold were also confiscated in
917 and stored in official safes for
rainy day. These treasures, he
aid, will now be utilized as Sc
urity for the government obliga-
ions.