The monetary reform of Sergei Yulievich Witte was largely prepared through the efforts of his predecessors as Minister of Finance Nikolai Khristianovich Bunge and Ivan Alekseevich Vyshnegradsky in 1881-1892. They put a lot of effort into building a deficit-free budget Russian state, the accumulation of gold reserves, the strengthening of the exchange rate of the paper ruble.
At the beginning of 1895, the Ministry of Finance put an end to speculation with the Russian credit ruble. The government at the rate of 219 marks for 100 rubles bought Russian credit cards on the Berlin Stock Exchange and banned domestic bankers from exporting credit rubles abroad. In order to continue their operations, German stockbrokers were forced to purchase in Russia the required number of rubles at an even higher price - 234 marks per 100 rubles. According to some reports, the free cash of the Russian treasury grew by 20 million rubles at once. The new exchange rate of the ruble was set at an acceptable level for Russia, 2/3 of its gold parity.
The government accumulated a significant gold reserve (678 million rubles in 1895), purchased a large number of silver for minting rubles and fifty dollars. A coin made of cheaper silver psychologically helped the population to switch to metallic money.
The first milestone of the reform was the law of May 8, 1895, which allowed transactions for a gold coin and the acceptance of gold for bank accounts, and payments and payouts in gold rubles were also allowed. On March 15, 1896, the Novoye Vremya newspaper published a message about the monetary reform. In general terms, it looked like this: the main monetary unit was the new gold ruble, equated to one and a half old gold rubles; the gold ruble was equated to the credit ruble; restored free exchange paper money for gold.
Nevertheless, skeptics criticized the reform. They believed that gold from poor Russia would go abroad. Fans of the credit ruble saw in it an effective protection against foreign goods and a means of enrichment. Advocates of state prestige objected to any devaluation, although de facto it took place 40 years ago. Supporters of bimetallism defended the simultaneous circulation of gold and silver currency.
On January 3, 1897, it was decided to start minting a new gold coin. And the key date of the reform is August 29, 1897. From that moment on, any holder of Russian paper money could freely exchange them for gold in the legalized ratio, receiving 66.6 kopecks in gold for each banknote presented for one credit ruble. The gold parity of the ruble thus fell by about a third, approaching the market money rate.
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At the beginning of the twentieth century Russian ruble was valued in the world as one of the most stable currencies. Foreign industrialists and bankers invested in it. They believed that the money of the Russian Empire, firmly backed by real gold, would be able to protect their investments.
At the end of the 19th century, many leading states increased the production of the precious metal, which contributed to the introduction of the gold standard. The first country to bet on gold in its financial system, became Great Britain, which introduced the corresponding standard in 1816. The United States and the Russian Empire followed suit.
For twenty years, gold rubles were the world's convertible currency, but then their glory faded. Russian money was able not to lose its value during the revolution of 1905 and the armed conflict with Japan. However, the First World War and further upheavals that befell the empire led to the collapse of the currency.
Until the 19th century, silver was the main precious metal in almost all countries of the world. The Russian Empire also followed this path, the monetary system of which was based on silver monometallism. In 1839, paper money was introduced for the first time in Russia. Exchange rate for one silver ruble was equal to 3.5 rubles in banknotes. Toward the end of the century, it became necessary to strengthen the Russian currency and make it attractive to foreign investors. Then Finance Minister Sergei Yulievich Witte suggested that Emperor Nicholas II turn to the experience of other countries that had been trading with each other using gold money for half a century.
The active phase of the monetary reform took place over two years: from 1895 to 1897. On January 3, 1897, an official order was issued to mint new gold coins.
It took more than six months to launch them into widespread use. On August 29 of the same year, a historic permit was issued for the free exchange of paper rubles for a specific amount of gold. At the end of 1897, another key event of the monetary reform took place - the start of minting new gold coins in denominations of 5 and 10 rubles. The latter are better known among the people as "Chervonets". 15 and 7.5 rubles were minted less actively. They were issued in limited quantities for awards and as commemorative coins.
At first, the people were suspicious of the innovations introduced by the Minister of Finance. The coins were even jokingly called "wittekinders", hinting at the German origin of the official ("kinder" - translated from German as "child"). The second comic name of the new gold rubles was "matildoras" - by the name of the wife of Sergei Yulievich Matilda.
The coins had different weights. For example, 5 rubles weighed 4.30 grams, of which 3.8 grams were gold, and the weight of 10 rubles exceeded 8.6 grams. They were made from a precious metal of the 900th test, which was 7.7 grams in the coin. The design of all new gold money was the same, which corresponded to the standards adopted at the end of the 19th century. On the front side, the profile of the ruler of the country is inscribed, surrounded by the phrase: "By God's grace, Nicholas II Emperor and Autocrat of All Russia." On the reverse side there was an image of the coat of arms of the Russian Empire, the denomination of the coin and the year of its issue.
Collectors are interested in the rarest gold coins with a non-standard denomination of 37.5 rubles, which are called “Russian one hundred francs”.
They were issued in 1902 in a very small edition - only 225 pieces. To date, historians and numismatists do not have a common opinion regarding the purpose of these coins, because they have never been in wide circulation. There are three versions regarding their purpose:
Some researchers believe that the unusual gold hundred francs were released in a small batch for testing. In the future, they were planned to be widely used for trans-state transactions between the Russian Empire and France. This period just saw the heyday of close cooperation between the two states in the Far East. But the money did not get into circulation.
The second version, which inspires more confidence, is this: rare rubles could be used as premium or collectible. They were supposed to be distributed among the upper class as expensive gifts to guests. This version is supported by the fact that two hundred of the minted gold coins were handed over to Empress Alexandra Feodorovna. And the remaining 25 pieces were received as a gift by Prince Georgy Mikhailovich. In 1903, ten more coins were issued, dating back to 1902, which were solemnly presented to Prince Vladimir Alexandrovich.
In 1904, the last, 236th gold coin with a face value of 37.5 rubles was minted, especially for the Hermitage collection.
According to the third version, such coins could be used to play in a casino. But this hypothesis has no serious confirmation.
Not everyone in the Russian Empire welcomed the introduction of the gold standard of the ruble. Some skeptics assured that the precious metal in the form of coins would flow out of the state, and eventually the empire would lose its gold reserves. Others were fans of bimetallism and believed that when carrying out the reform, it was necessary to follow the path of France, where gold and silver money circulated at the same time. But the choice of gold as the basis for Russian currency there were good reasons.
Since the beginning of the 19th century, the government of the empire somehow managed to maintain a stable course paper bills to the silver ruble. But after the Crimean War of 1853-1856, the situation deteriorated sharply. Military operations required large funds, which is why the government simply turned on printing press. Much more banknotes were issued than a real fund of precious metals could provide. An uncontrolled rise in inflation began in the country, paper credit notes depreciated, and more and more of them were needed to purchase goods. To stabilize the crisis, the government decided to withdraw from monetary circulation paper banknotes worth 60 million rubles. But soon issued 88.5 million banknotes to meet the demands of depositors of financial institutions.
The situation became even worse after the Russian-Turkish war, which lasted from 1877 to 1878. At that time, for one ruble banknote, you could get only 80 kopecks in pure silver. There is an urgent need for a monetary reform that would help strengthen the national currency.
The reform process began with the fact that the financiers were able to stabilize the budget of the empire, which had previously suffered chronically from deficits. Also, revenue to the treasury increased and the country's gold reserves increased, which made it possible to effectively implement changes. monetary system.
There were objective reasons that contributed to the choice of the gold standard and the strengthening of the Russian ruble on the world market. In the last decade of the 19th century, the Russian Empire was one of the world leaders in gold mining, second only to the United States and Australia. For example, in 1895, 41.2 tons of precious metal were mined in Russia. And the gold reserves of the empire over the decade from 1887 to 1897 increased two and a half times, exceeding the amount of 1 billion rubles. Industry was actively developing in the country, whose growth was 10-12% annually. Everything went to the fact that the growing economy needed a hard and, most importantly, convertible currency, which would be readily accepted abroad. In Europe and overseas at that time, the currency was supported by real gold. Countries were not afraid to trade with each other, believing in the stability of such money. Therefore, in 1895, the Minister of Finance turned to Nicholas II with a report explaining the need to introduce a gold standard.
The tsar approved Witte's initiative, and already on May 8, 1895, official permission was given to conclude transactions for gold. The offices and branches of the State Bank now had the right to buy gold coins. In June of the same year, the State Bank received permission to place such money on current accounts of clients. And in November, coins began to be accepted at all cash desks of government agencies and state railways. Thus, the ground was prepared for the introduction of gold rubles, issued two years later. Thanks to the smooth implementation of changes in the financial system, the inhabitants of the empire did not perceive them as something unnatural and sudden.
The main achievements of Witte's monetary reform:
The financial system after the reform worked in such a way that both gold rubles and paper banknotes circulated on the market at the same time. But there was a hard margin imposed on the issuance of credit notes. It was allowed to issue no more than 300 million rubles, which were not backed by the country's real gold reserves. The stable position of the Russian ruble on the world market contributed to the fact that there was no hype around gold coins on the domestic market. People did not try to accumulate them at home for a rainy day. Many wealthy citizens, on the contrary, preferred to deal with paper banknotes, which are more convenient in everyday life.
In addition to strengthening the exchange rate of the gold ruble in the foreign and domestic markets, thanks to the monetary reform, it was possible to stimulate the inflow of foreign investment into the country. This was one of the main goals set by Sergei Witte. He even called his reform a "golden bridge" between Russia and Europe, and he turned out to be right. Foreign capital literally poured into Russian industry. From 1896 to 1900 economic situation strengthened so much that the government managed to pay off an external debt of 258 million rubles.
At the beginning of the twentieth century and before the entry of the empire into the First world war The Russian ruble was highly valued against the exchange rates of other countries. In 1913, the British pound cost 9.4 rubles, but American dollar- less than 2 rubles. Even cheaper in relation to the ruble were the currencies of other European powers. The German mark cost only 0.46 rubles, and for one French franc they paid 37 kopecks. For comparison, a kilogram of good vermicelli cost a little cheaper than the French franc in 1913, but you could buy only half a kilo of Tula gingerbread for it.
Confidence in the gold ruble among Western financiers and industrialists was very high, since the government never interrupted the exchange of banknotes for real gold. This step was not resorted to even during the Russo-Japanese War of 1904-1905 and during the 1905 revolution that followed.
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The conventional monetary unit of Russia (0.774235 g of pure gold), introduced after the monetary reform of 1895 97, which established gold monometallism. Gold coins were minted in denominations of 5 and 10, as well as 15 rubles. (imperials) and 7 p. 50 k. (semi-imperials), ... ... Political science. Dictionary.
See Ruble gold Dictionary of business terms. Akademik.ru. 2001 ... Glossary of business terms
Monetary unit of Russia from 1897 to 1914 The gold content of the ruble was 0.774 g of pure gold. See also: Former monetary units Russian Federation Financial vocabulary Finam ... Financial vocabulary
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golden ruble- GOLDEN RUBLE, the conventional monetary unit of Russia (0.774235 g of pure gold), introduced after the monetary reform of 1895 97, which established gold monometallism. Gold coins were minted in denominations of 5 and 10, as well as 15 rubles. (imperials) and 7 rubles. fifty… … Illustrated Encyclopedic Dictionary
Monetary unit introduced in Russia according to the monetary reform of 1895-1897. The gold content of the ruble was 0.774 g of pure gold. Gold coins circulated in the form of imperials, semi-imperials, as well as 10 and 5 ruble coins. After starting... ... Economic dictionary
The conventional monetary unit of Russia (0.774235 g of pure gold), introduced after the monetary reform of 1895 97, which established gold monometallism. Gold coins were minted in denominations of 5 and 10, as well as 15 rubles. (imperials) and 7 rubles. 50 kopecks… … encyclopedic Dictionary
golden ruble- the conventional monetary unit of Russia (0.774235 g of pure gold), introduced after the reform of 1895-1897, which established gold monometallism. Gold coins were minted in denominations of 5, 10, and 15 rubles. (imperials) and 7 rubles. 50 kop. (semi-imperials) ... Big Law Dictionary
At "gold currency" developed a good reputation in society. The noble metal has a hypnotic effect on minds. Meanwhile, history teaches us not to trust the "yellow devil", including history Russia.
Today, many nostalgically remember the golden ruble Sergei Witte, which was born in 1897, others were captivated by the people's commissar's gold duvet Grigory Sokolnikov mid-1920s ... It sounds loud - a gold ruble. Although just the experience of using the "golden currency" in our country shows that games with the golden calf end very deplorably and even tragically.
Grigory Sokolnikov
Unfortunately, in our historical literature it is extremely rare to find a serious analysis of the consequences of the introduction of the gold ruble by the then Minister of Finance S. Yu. Witte. Let me remind you that the Russian ruble in the second half of the 19th century walked with might and main on European exchanges and was a favorite "toy" for currency speculators in Berlin, paris and other European financial capitals. More predecessors Witte finance ministers Nicholas Bunge and Ivan Vyshnegradsky proposed to strengthen the ruble, making it gold. But this required a solid gold reserve, which Russia there wasn't. Although Russia and was a gold-mining country, however, to create the necessary reserves, it was necessary to dig and wash the precious metal for several decades. Another source of replenishment of the gold reserves could be the export of grain. Vyshnegradsky shouted: “We won’t finish it, but we’ll take it out.” The slogan of an influential minister began to be put into practice. Russia for the sake of a "bright golden future" she began to malnourish, and sometimes even starve. However, this was clearly not enough to make the ruble a stable currency. The third and most important source of replenishment of the gold treasury Russian Empire were gold loans. And who could provide gold on a returnable and paid basis? All the same Rothschilds, which after Napoleonic Wars concentrated in their hands large reserves of the "yellow metal". And in order for this metal to "work", that is, to bring interest, it was necessary to plant gold standards in the world. Adopted the first gold standard Great Britain(1821). After Bismarck in 1873 introduced Second Reich gold mark, the process of introducing gold standards went like an avalanche. By the way, since 1873 in Europe started The Great Depression which lasted 23 years. The connection between the introduction of gold currencies and the economic downturn was clear.
Ivan Alekseevich Vyshnegradsky
Russia forcibly drawn into the "golden club" at the end of the 19th century. For our country, the gold standard was a particularly unbearable burden, since the coverage of the ruble with gold approached 100% (higher than in other countries Europe). Russia constantly suffocated from lack of money, there was a “golden noose” around her neck. In order to at least slightly weaken it, a policy of attracting foreign capital was pursued (in fact, attracting the currencies of the gold standard countries to the country). Industry and the banking sector were under the control of foreigners. In terms of production of many types of industrial and agricultural products Russia before World War I occupied the 4th-5th places during the war. But in terms of size external debt reached the undisputed first place in the world. The golden ruble was considered a very "hard" currency, although the paradox was that it was backed by debt, but not by gold. Because even the gold in the vaults of the State Bank was borrowed. The country was rapidly losing its sovereignty, turning into a colony West. This is what the price of a gold ruble turned out to be Sergei Witte! The minister acted imprudently, at least not in a stately manner.
And throughout the world, the gold standard turned out to be short-lived. At the beginning World War I wars European countries were forced to suspend the gold standard (the exchange of paper money for metal was stopped). After the war, it was restored only in some countries ( Great Britain and France), and in a truncated form (the so-called gold bullion standard). The currencies of different countries retained their connection with gold indirectly - through the exchange for the dollar USA, British pound, French franc. By the mid-1930s, under conditions economic crisis the gold standard was completely dismantled.
The most recent version of the gold standard is the gold dollar standard, which was established seventy years ago on Bretton Woods conferences. The connection of the world of money with gold was ensured through the exchange of the dollar USA on the "yellow metal", whose reserves in America after the war reached 70% of world reserves (without USSR). But less than three decades later, the gold-dollar standard ceased to exist, the connection between the world of money and gold was interrupted. It has become a common commodity.
Both domestic and world experience shows that gold is an extremely unimportant means of maintaining the stability of money circulation. With a light hand D. Ricardo, K. Marx, other biased economists of the 19th century, a myth arose that the “yellow metal” is the most ideal equivalent of value. In addition, the growth of gold reserves always lags behind the growth of the economy (or at least growth opportunities). Therefore, gold, like money, quickly begins to act as a brake economic development. The gold standard is needed only by those who have a lot of "yellow metal" and who are ready to lend it. The owners of gold are getting richer, the rest of the world is declining.
Let me remind you that in the mid-1920s in USSR there were also ideas to make our chervonets gold. As a result, it became gold only nominally. That is, it was provided with gold (as well as other valuables), but the paper sign of the gold coin was not exchanged for metal. The then People's Commissar of Finance Grigory Sokolnikov declared that the Soviet gold chervonets would circulate on all currency exchanges in the world. Some flatteringly even called this people's commissar "the second Witte". In the party and government at that time there was a sharp struggle around the problem of the convertibility of paper chervonets into gold. The exchange of chervonets for gold did not come. A fundamentally different type of monetary system began to take shape. Paper money circulated within the country. banknotes- banknotes and treasury notes. Paper money was supplemented by non-cash money, which served the sphere of production. In the sphere of external payments, the state currency monopoly operated, and the ruble was not used for external transactions. Thanks to that monetary system, which has developed in USSR by the early 1930s, we had succeeded in industrializing. Before the beginning Great Patriotic almost 10,000 enterprises were built during the war. By the way, West in the 1930s economic sanctions against USSR did not cancel. Under such sanctions USSR used to purchase machinery and equipment selling gold on the world market. At the same time, the country increased its stock of gold as a strategic resource in the light of the impending threat of war. According to some sources, this stock on the eve of the war exceeded 2,000 tons.
It is one thing to accumulate and use the precious metal as a strategic resource, another thing is the introduction of a "gold currency", the linking of the national monetary unit to the stock of "yellow metal". If the first is justified and necessary to ensure the economic independence of the country, then the second can lead the country to financial enslavement and disaster. Getting addicted to gold is dangerous. This is evidenced by both world and domestic experience.
It is dangerous when gold becomes not a means, but an end, a kind of universal, a deity, to the pedestal of which we are forced to make sacrifices.
*Header photo: Elena Palm / Interpress TASS
In February 1895 the finance minister Russian Empire, Sergei Yulievich Witte, prepared a report on the need to introduce free circulation of gold in the country. Already in 1987, a decree on the gold standard was issued, regulating the exchange rate of the gold ruble.
The need for reform has existed since the 1880s. In reports to Nicholas II, Witte noted the instability of the current monetary system. Before the introduction of the gold standard in Russia, the silver standard was adopted, which did not give any advantages over the economies of developed European countries.
Witte took as the basis for the future reform economic structure England, where it has already been adopted.
As early as May 8, 1895, the subjects of the Empire were able to conclude transactions for gold, and the offices of the State Bank received permission to buy. Some of the offices got the opportunity to give out coins in hand. And in June, the State Bank was able to accept gold coins into the account, and since November it was possible to pay with gold coins at the box office public institutions and railways. Rates were set by December: a gold semi-imperial with a face value of 5 rubles was sold for 7.4 rubles, the next year for 7.5 rubles.
By the time of the reform in State Bank the volume of gold coins amounted to 1,095 million rubles (as opposed to 1,121 million rubles in banknotes). On August 29, the State Bank received the right to issue credit notes that could be freely exchanged for gold. By the time the gold standard of the ruble was introduced in the Russian Empire, the volume of credit notes was almost equal to the volume of gold coins.
The reform not only allowed to stabilize the economy of the Russian Empire, but significantly strengthened the ruble. The gold standard of the ruble became the most reliable in the whole world, and the ruble was trusted even in England, France and the USA. The policy of the authorities also contributed to this: already in 1899, the strictest requirements were introduced for the issuance of credit notes, which were provided with cash gold coins. Only the first 300 million rubles were not fully backed by gold. In the future, the issue was made only on the condition that the entire volume of bank notes was backed by monetary gold. By the beginning of the First World War, all tickets are 100%.
Since 1914, gold coins have disappeared from circulation, and the free exchange of credit notes for gold was stopped. The total supply of monetary gold by that time amounted to 2170 million rubles and could increase even more, including after the end of the war. But the revolution of 1917 prevented this.
With the emergence of the USSR, the country's economy was in decline and required significant support. To do this, already in 1923, the government tried to introduce a new gold standard for the ruble. The main goal was the improvement of monetary circulation and the strengthening of the Soviet currency. New coins were issued with a face value of "one chervonets", which coincided in weight with a coin with a face value of 10 rubles in 1987 (7.74235 grams). This did not give any results: the number of coins turned out to be too small (after the war and the revolution, gold reserves practically disappeared), and the exchange was limited.
The introduction of the gold standard of the ruble in the USSR pursued another task - the stabilization of foreign trade relations. In particular, in parallel with the chervonets, which circulated only within the borders of the country, coins with a face value of 10 rubles were minted, which were used on the foreign market. It was these coins that helped the government to purchase all the necessary goods abroad: they were accepted unconditionally.
The end of the new gold standard of the ruble came already in the 1930s: with the beginning of industrialization, the ruble noticeably weakened, and the new gold pieces of 1937 could not be converted into gold even with the permission of the authorities.
