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i RUSSIAVS FINANCE 91
Russian Government floated a corn-loan, i.e. it
issued bonds, the face value of which was
guaranteed by the tax in kind, collected in advance.
The owner could send them back to the State
when " prodnalog " was demanded, which was
much more convenient for him than to transport
corn, or else he had the right to draw durin|g the
winter the quantity of corn that his bond was worth.
At first the people received this loan enterprise
with suspicion, but they soon discovered its advan
tage: the corn-loan bond furnished a " stabilised
rouble."
Of bonds representing 10 million poods
(= 160,000 tons) of rye, issued by the Finance
Commissariat, 8 millions had been sold on
September ist, when the period of issue closed.
The State Bank bought the remaining 2 millions
and sold them again in September and October
at a large profit.
The success of this first " corn-loan," which was
an important step in the direction of substituting
a money tax for the tax in kind, presents an inter
esting example of financial operations of quite a
normal character carried out by the Soviet Govern
ment. It has certainly created a feeling of more
confidence among the great mass of the peasantry,
and opened the way for inland loans in future.
But the most important of the efforts made in
Russia to secure a sound financial organisation
is that made by the Soviet Government through
the State Bank. At the Pan-Russian Finance Con
gress in October 1922, M. Sokolnikoff, Finance
Commissary, introduced his plans as follows : ;
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