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92

(1923) [MARC] Author: Fridtjof Nansen - Tema: Russia
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92 RUSSIA AND PEACE
Our paper money is declining in value, because it has been
issued in too large a quantity. At the same time the gold
value of our whole note circulation is declining. Before the
war there were 2| milliards of gold roubles (Note : in coin
and paper), in circulation, whereas the actual value of our
whole note circulation now is not more than 150 millions.
As the distribution of goods increases and trade and industry
develop, the country will consequently need a larger amount
of money than there is now in circulation.
It would not be wise, therefore, to discontinue the issue
of notes altogether. In reality there are two kinds of issues :
one which serves to cover the deficit on the budget, and
another which aims at giving credit to production. The first
is always harmful, but the second may be useful if it is em
ployed in a sensible way.
Up to now these two issues have consisted of paper money
put in circulation by the State Treasury. Henceforward
these two categories will be separated ; the treasury issues
will be for State use and to cover its deficit, while the other
kind of issue will consist of bank notes with a gold value,
issued by the State Bank.
In November, 1922, the first series of 200,000
tchervonets ( 1 tchervonets —1 o gold roubles =
26*6 gold francs = £1-05) in bank -notes was put
into circulation ; it was part of the first issue fixed
at 500,000 tchervonets. It was fully covered
(100 per cent.), by gold or stable foreign bank
notes (dollars and pounds sterling), and not merely
to the extent of 25 per cent. as proposed in the
edict of October 1 ith.
The bank-notes were at first delivered only as
an advance on the security of goods or bilis, but
after December sth the bank sold bank-notes at
the preceding day’s rate of exchange on the
Commercial Bourse in Moscow.
Thanks to the care writh which the issues have

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