Financial transformations of Peter I. Management reforms

Introduction

The form and structure of public finances closely interact with the nature and characteristics of the development of commodity-money relations in the country. In a situation where our country is just transitioning to a market economy, the role of the state financial system is especially important as a guarantor of the most efficient taxation and distribution of budget funds by expenditure items. In order to build a properly functioning, reliable financial system in Ukraine, we must turn to history and analyze events. From the point of view of reforms, the time of Peter I is very interesting.

The reign of Peter the Great completes the period of formation of absolutism in Russia. Becoming characteristic of the Russian version of the absolute monarchy of the system social relations, including financial ones, was dictated primarily by the logic of national interests related to the struggle for the country's security and access to world trade routes. Peter combined the old methods of increasing the revenues of the treasury with attempts to organize the country's financial economy in a new way. The entire financial policy of Peter I was carried out under the sign of a constant and intense search for sources of funds. Therefore, Peter's appeals to the Senate "as possible to collect money, because money is the artery of war" can become a kind of motto of his reign.

The tasks of financial management, formulated by Peter in 1713, would be useful to implement in our country at this stage of economic development: “to repair all fees, all purchases and sales and contracts ... with great careful consideration, without any crafty inventions and shamelessly, looking for the state arrived without the burden of the people.

§1 Background of Peter's reformsI

After the economic boom at the end of the 17th century due to the development domestic trade When the volume of revenues to the treasury doubled over 20 years and amounted to 3 million rubles, economic growth slowed down significantly. This was primarily due to the start Northern war, the conduct of which required a great effort of the solvent forces of the population. Expenses began to exceed the revenue side of the budget, and if for the first three years the gap between expenses and state revenues was covered by the remnants of previous years, then by 1704 they were exhausted, and the financial crisis began to grow. The budget deficit reached a huge amount for those times - 500 thousand rubles.

The poor suitability of the existing financial system for such a task was evident. required new approach to the administrative apparatus.

When collecting money from orders, a chaotic state of reporting was revealed - neither the thought nor the Big Treasury could say what amounts were in motion according to orders. There were no firm and permanent taxation norms, they could change depending on who collected taxes and how. The people who were allowed to collect money too often left a large part of it at their disposal. The unsuccessful fight against embezzlement was carried out in an environment of a chronic shortage of funds for the most urgent needs. There was no national list of income and expenses. A letter from Senator Count A.V. Makarov testifies to what happened with this order: “Truly, in all matters, we wander like the blind and don’t know what to do, great frustrations began everywhere, and we don’t know where to resort and continue what to do, we don’t know money from anywhere they don’t carry, things are getting better.”

The reform actions of Peter I at the turn of the 17th-18th centuries were not an accident: the country reached a turning point in its history. The old system of economic organization could not meet the needs of the country, especially in war conditions.

§2 The first reforms of the monetary system

Lack of money hindered the implementation of the most important enterprises: the collected recruits died from starvation and fled, the soldiers, not receiving salaries, were taken to robberies, the fleet, due to lack of supplies, could not go to sea. The government of Peter saw the source of replenishment of the treasury in the increased exploitation of the monetary regalia. The expansion of trade turnover required an additional amount of funds of circulation. The lack of a coin was not covered even by its additional issue. Since 1681, a silver kopeck of a again reduced (now by 1/6 part) weight was minted in Russia. In 1696-97. the issue of this coin has doubled compared to 1681-82. Taking advantage of the situation, the government made the transition to a new monetary system, accompanied by a further reduction in the weight of the silver penny. Since 1698 it became equal to 1/100 of the weight of the thaler, i.e. was reduced by another 43%. The silver kopeck was practically the only coin serving the economic turnover.

“For the benefit of the whole people and for the general profit for any bargaining,” the issue of copper money was launched in 1700. A small copper coin was supposed to be an addition to the silver coin. At face value, copper coins accounted for one tenth of the value of all cash and were intended mainly for local markets and markets.

The entire coinage under Peter I amounted to 43.4 million rubles, including copper coins - 44.4, silver - 38.4, gold - 0.7 million rubles. At the same time, the set of banknotes of various denominations and weights was streamlined and significantly expanded. So, half a penny, a half penny (half a penny), money, a penny, a penny (two pennies), 5 kopecks were made of copper, a penny, altyn (6 money or 3 kopecks), 5 kopecks, ten money, hryvnia were made of silver , a dime, a half-fifty, a fifty-kopeck piece, a ruble, 2 rubles, from gold - a godfather ruble, 2 rubles, a chervonets, 2 chervonets.

For 1700-1704. was issued for more than 13 million rubles. silver coins, the main source of issue of which was the redistribution of old coins withdrawn from circulation. Income from minting coins went to the order of the Great Treasury. These revenues, as well as those collected by the Town Hall, were usually used for military purposes.

The profit from the monetary redistribution at first gave a huge income: in 1701. - 717,744 rubles, in 1702. - 764,939 rubles, but already in 1703. income decreased to 470,730 rubles. and, gradually decreasing, fell in 1708 to 41.441 rubles. However, the income was only nominal, since the amount of money in circulation did not correspond to the goods actually produced, which subsequently led to an increase in prices and inflation (the price of the Russian coin fell by almost half).

Ultimately, during the years of Peter's reign, the monetary regalia gave the treasury about 1/10 of all revenues. However, the possibilities of covering the increasing costs with income from the minting of defective coins were quickly exhausted. In addition, these actions were accompanied by a depreciation of the ruble and an increase in prices, which made the double increase in the treasury illusory.

§3 Reform of the tax system

Faced with great difficulties in the field of finance already in the first years of his reign, Peter I increased the number of taxes and sharply increased their rates. The Near Office was established, to which all orders and the Town Hall were obliged to submit monthly and annually

reports on all kinds of salary and non-salary receipts and expenditures, a breakdown of state revenues and expenditures began to be drawn up every year.

In 1704, a special staff of "profitrs" was formed, whose duty was to invent new taxes. This is how land, planted, icebreaker, watering, cellar, pipe, from bridges and crossings, from branding dresses, hats and boots, from leavened drinks, from brewing beer, from shop and "walking" sellers, selling candles and horse skins, etc. d.

In 1708, 8 provinces (later 11) were established, the purpose of which was the territorial distribution of military and other expenses. Since 1715, the provinces were divided into shares of 5,536 households or so, "as convenient for the distance of the place." In accordance with the number of shares, state duties were assigned to the provinces. The manager of each share (except for the affairs of city government) was appointed a special landrat. From the landrats who sent less than the salary stipulated, the salary was collected back.

The Governing Senate, established in 1711, was entrusted with the tasks of supreme command and supervision of administration, primarily financial. By the same decree, it was determined "to commit fiscals in all matters." Whistleblowing was the direct official duty of fiscals at all levels.

Early 18th century was a time of serious reform of Russian finances. The most important financial issues were discussed in the Near Office, created by Peter I in 1699 under the Boyar Duma. The new body was headed by N. Zotov. The Council of Ministers, a group of leaders of the main orders, met in the office. The office also received financial reports from orders, and later from the provinces. On their basis, balance sheets were compiled.
In 1699, the Town Hall was established, which briefly took over the collection of taxes, previously under the jurisdiction of 13 orders. The burmister chambers were subordinate to the town hall. Provinces became the center of financial work. With the advent of colleges, financial functions were concentrated in them. In 1719, the Near Office was abolished, its functions were transferred to the Revision Collegium. The Chamber Board established in 1718, which was subordinate to the Senate, became the central state financial institution. She organized the collection of state campaigns and managed local financial institutions. The regulations of the Chamber Collegium were drawn up taking into account the views of the king that there are no heavy or unbearable taxes, but there are irregularly distributed or poorly collected. Initially, the task of the revenue department also included the duty to take care of strengthening the sources of income, the development of the economy. The regulation stressed the importance of a balanced budget.
The State Office was in charge of the expenses. All estimates of collegiums, provinces, military units were endorsed by the State Collegium. The Revision Board supervised the execution of payment orders and the targeted use of funds. The Board of Chambers was considered the eldest among the financial departments. The general leadership was carried out by the Senate and, of course, by the Emperor himself. He appointed the presidents of the colleges by his decrees, less often the Senate did it. The middle and lower ranks of employees until 1711 were selected by the discharge order. From 1711 to 1722 these functions were performed by the discharge table of the Senate. Since 1722, the Heraldmaster's office was in charge of the nomenclature of positions. She kept a "gross list" of nobles free from service, from which she presented candidates (three per seat) for vacant positions. Retired soldiers often served in the civil and financial departments, as they tried not to take those fit for service into the civil service. There were no longer clerks and clerks in the collegiums, their place was taken by secretaries and clerks.
In 1714, local salaries were abolished, the state stopped giving land plots to officials for service. Monetary salaries were introduced as the sole and independent remuneration for service. The collegium was given a fixed wage fund, and she herself "divided to everyone according to their work and merit." Money for salaries was released according to the residual principle - what would remain from government spending. With a budget deficit, there was little left. Salaries in the public sector were constantly delayed or not paid in full. Peter demanded intensive work from the financial authorities. The state experienced an acute shortage of funds.

The value of Peter's monetary and monetary reform early XVIII in. huge. Suffice it to say that she quickly put an end to isolation monetary circulation Ukraine. “An old-fashioned Polish coin from all of Little Russia ... brought it out and wiped it out; ... and in that place with his copper and silver, fractional and hard (i.e. small and large) red kunsht filled Little Russia with a coin, ”the Ukrainian chronicler of the 18th century wrote about Peter. S. Velichko. In the same way, this reform boldly resolved the issue of accelerating the inclusion of the Baltic economy into the economy of the Russian state.

The military situation, the re-equipment of the army, the creation of a fleet, the construction of canals and harbors, large purchases abroad, the invitation of foreign specialists, the sending of Russian people abroad for training, and many other unprecedented expenses demanded a huge strain on the state budget and created an unfavorable environment for the implementation of the reform. . At the same time, the old monetary system and the whole organization of the money business in the country had already become completely intolerable in the new conditions of life.

The monetary crisis of the late 17th century

At the beginning of the reign of Peter I, a crisis set in, which late XVII century acquired frightening proportions. As a result of a steady decrease in the weight norm (from 0.63 g to 0.39 g), the circulating silver kopeck turned into a tiny coin the size of a watermelon seed. This resulted in large payments requiring huge time commitments to the account. Peter I himself, not devoid of a sense of humor, expressed in a letter to A.D. Menshikov’s hope to “soon put an end to the old lice.”

There were no coins in circulation needed to serve petty trade. The population found a way out by cutting a penny coin into two or three parts. As a sign of the crisis, money surrogates "leather lots" began to appear - branded pieces of leather, produced on a private initiative.

Thus, for a country embarking on a path of great transformation, the archaic monetary system became a serious obstacle, and the circulation of foreign coins in Ukraine, which became the scene of active intrigues of forces hostile to the unity of the Russian people, turned into a problem of political order. Only having a perfect and flexible monetary system at its disposal, the government could establish the unity of Russian monetary circulation throughout the territory of multinational Russia. A monetary reform was urgently required, on which many things depended, including the development of the economy and the success of a number of innovations in other areas.

Progress of the reform

During the government of Sophia, and then Peter and Ivan (Peter the Great's brother) at the Moscow money yard - the only one in the country, wire silver kopecks, money, and half coins continued to be minted. Basically, kopecks were made, smaller denominations were almost never issued, since the treasury did not want to bear double and quadruple expenses. But, despite this, all calculations were made exclusively in money and altyns (6 money). Kopeks were minted separately on behalf of each of the kings, Ivan and Peter. Separate coinage was supposed to emphasize the equality of the position of both sovereigns. We prepared for the reform gradually and thoroughly, carefully avoiding possible mistakes. Several machines for the production of money were bought specially abroad. Since 1696, they began to issue dated kopecks, the weight of which was gradually reduced to 0.28 g. The dates were supposed to prepare the population for changes in monetary matters.

Weight loss pursued far-reaching goals. Since 1698, the weight of a penny has become equal to 1/100 of a Western European thaler. This meant that in the future, the Russian ruble should be a whole coin (and not a countable concept, as before), corresponding in weight to a thaler. But nothing happened in the coming years.

In 1700, the minting of copper round coins began - money, half-points, half-points, i.e. denominations smaller than a penny. At the same time, the minting of wire silver kopecks continued, on which the date of their issue was placed. Copper coins were minted in quantities not exceeding the needs of the retail trade. This eliminated the danger of adding up different rates of silver and copper, and prevented the disappearance of silver coins from circulation.

The issue of copper money and polushkas in 1700 was preceded by a notification of the population about it. Sheets with the text of the royal decree on new coins were hung out in crowded places. The same decree was read after services in churches and for many days was "clicked" with privets in the markets. The decree stated that the new coins were issued solely to facilitate petty trade and guaranteed the complete equality of them and silver kopecks before the treasury. The smallest coin named in the decree - a semi-half coin - did not take root in circulation (it was minted only in 1700), probably due to the unprofitability of its minting, but the announcement of its issue only emphasized the leading position of the old silver coin familiar to the people.

In 1701, silver poltiny, half poltiny, kopeck pieces and ten coins appeared. In addition, gold coins appeared, which were no longer intended for awards, as before, but for payments: gold coins, double gold coins and two rubles. Chervonets weighed about 3.4 g, i.e. was equal to the Western European ducat, and a two-ruble note was about 4 g, which corresponded to the spool.

Finally, in 1704, a silver ruble and a large round copper kopeck were minted. At the same time, the kopeck had the same images as the silver wire one, as well as the date indicated in Slavic letters and corresponding to the silver kopecks minted in the same year. At the same time, silver altyn was also minted. For minting ruble coins, thalers were used, which significantly reduced the cost of production.

Wire silver kopecks weighing 0.28 grams were minted until 1718, although in fact they had long been supplanted by more convenient copper coins. A smooth transition to a new monetary system ruled out popular unrest, and also made it possible to correct all the shortcomings of the reform.

In 1718 simultaneously with the cessation of the production of silver kopecks, the minting of copper kopecks also ceased; only test specimens of some years are known. Thus, the "overthrow" of silver kopecks was disguised by the fact that the existence of the denomination itself ceased. The issue of copper kopecks resumed under Peter II.

Results

The monetary reform created the most advanced monetary system in Europe, built according to the decimal principle: 1 ruble was equal to 100 kopecks. Until the end of the 18th century, the decimal monetary system of Russia remained the only one in the world! For a long time, the type of design of rubles with a portrait of the sovereign on the front side was established.

The main units of the new monetary system - the copper kopeck and the silver ruble - took the places prepared for them long ago. All large calculations were now made in rubles, and small ones - in kopecks.

Starting from 1696, the date was always indicated on Russian coins. From 1696 to 1700, the year "from the creation of the world" was indicated, and then, in connection with the change in the chronology, from January 1, 1700 - "from the Nativity of Christ."

Five new mints were built, each with a specific role. The technique of minting coins was improved. Instead of hand minting, mints began to use "hammer shells" and then screw presses. Thanks to this, Russian coins acquired a round shape and a standard stable weight (starting from 1700). All this Peter I "peeped" during the Great Embassy of 1697-1698, when he visited the mints of London and Paris. In London, a tour of the mint for the Russian guest was conducted by Isaac Newton himself!

The success of the reform was also predetermined, in modern language, successful selection and placement of personnel. Peter I was not afraid to involve people from different strata of society in the delicate matter of monetary reforms. Responsible for financial affairs were his closest associate Alexander Menshikov and one of the most prominent historians of the Russian state - Vasily Tatishchev, as well as unknown young people from the middle class.

However, for all positive aspects, the reform also had negative aspects, which were especially manifested in the initial stages of transformations:
- low quality of coins;
- imperfection of coinage;
- Misuse of copper coins.

Subsequently, these negative aspects were successfully dealt with by the Russian government and the people directly responsible for the implementation of this reform.

The main reason for the financial reform was the need for funds for the construction of the fleet, the equipping of the army, and the conduct of the Great Northern War of 1700-1721.

Peter introduced new coins. Until that time, only money equal to a half-kopeck was in use in Russia. One hundred of these kopecks amounted to a ruble. Peter I introduced a bargaining copper coin - money, half-dollars and half-half-dollars and ordered the minting of silver rubles, half-dollars, half-halfs, hryvnias, nickels, three-kopeck coins, and the weight of this money decreased. All cash from the orders was ordered to be delivered to the Money Yard, from where their money was returned to the orders in a new coin with a surcharge of 10% - “one hryvnia per ruble”.

Profits from monetary reform at first gave a huge income, but gradually they declined. This money recoining slightly eased the financial situation in the country, but soon a lot of problems arose: the price of the Russian coin fell by almost half, and the prices of all goods doubled; then all salary payments fell by half.

Starting from 1718, copper coins of 40 rubles each began to be issued in the country. from a pood of copper (at a copper price of about 8r). The large difference in the cost of raw and "soaked" copper led to a surge in counterfeiting (counterfeit money was issued not only by individuals, mints of other countries also did this). These processes began to take on a threatening character.

The normalization of monetary circulation took more than 20 years. Starting from 1730, the issue of lightweight coins was discontinued, instead of it, the issue of coins (money and half coins) of 10 rubles from a pood began. This made it possible to withdraw one-kopeck coins from circulation (which were minted into new money), but the main problem was the large number of five-kopeck coins (by 1730, only officially issued for 3.2 million rubles, the number of fake ones cannot be estimated), the redemption of which was not possible for the treasury. affordable.

Starting from 1744, the purchasing power of 5-kopeck coins was reduced by law, reaching two kopecks by 1755. After that, the redemption of lightweight coins at 2 kopecks per piece was announced in a short time, followed by a ban on their circulation. Due to the limited period of the exchange, about 206 thousand rubles were presented for redemption in five kopeck coins.

The next reform was carried out in 1769 during the reign of Catherine II (1729-1796) Russia introduced the first paper banknotes, which existed under the name of banknotes until 1843.

The reason for the need to introduce banknotes was that the basis of monetary circulation was the silver ruble, which played the role of a universal equivalent and was provided by the price of the metal contained in it. But the productivity of domestic mines (6-7 thousand kg of silver per year) was insufficient to meet the increased requirements for the amount of money in the economy. Banknotes were also used to finance the war with Turkey.

As the main reason for the introduction of banknotes, the Manifesto of December 29, 1768 indicated the need to exchange copper coins for banknotes that are convenient for transportation. Banknotes of the first issue of 1769-1786. firmly entered the Russian monetary circulation. Their rate was very high - from 98 to 101 kopecks, silver for a ruble in banknotes, that is, they were equivalent to a silver coin. However, the increased issue of banknotes, which exceeded the security, led to a fall in its rate. In 1797, the government decided to confiscate part of the banknotes put on the market; a solemn burning took place in the presence of Paul I himself of banknotes in the amount of 6 million rubles. Constant wars required emergency expenses, and by 1802 the total amount of banknotes had risen from 151 million to 212 million rubles, which finally lowered the exchange rate of the paper ruble, the fall of the ruble especially intensified during Patriotic War 1812.

The initiator of the next monetary reform was M.M. Speransky. While Minister of Finance E.F. Kankrin believed for a very long time that money circulation in Russia could be stabilized with the help of administrative measures, M.M. Speransky wrote a “Note on a Coin”, in which he argued that it was possible to achieve stabilization of monetary circulation only by transforming the foundations of the monetary system. In fact, this note was a draft of the monetary reform carried out in Russia in 1839-1843. After reading this note, Kankrin changed his mind, and the reform went into action.

The essence of the project of monetary reform M.M. Speransky consisted in the transition from the circulation of banknotes that were not exchangeable and had only tax backing to the circulation of banknotes that were exchanged for specie. Monetary reform of Kankrin (1839-43)

In 1839, the Minister of Finance, Count E.F. Kankrin carried out a monetary reform, it was carried out in two stages. In 1839, the exchange rate of 3 rubles, which was established by that time. 60 kopecks in banknotes for the silver ruble was declared permanent, with the adoption of the silver ruble as the only monetary unit. It was decided to replace the banknotes, at the indicated rate, with credit notes, which are constantly exchangeable for a full-fledged coin.

Finally, according to the manifesto of 1843, all banknotes and deposits were exchanged for credit notes. To ensure the exchange, a metal fund of 701.2 million rubles was formed. With each new issue of credit notes, the change fund had to increase accordingly, amounting to at least one third of the nominal amount of credit notes issued into circulation. In the 1840s, this rule was strictly enforced; back in 1849, with credit notes issued for 300 million rubles, the metal fund was equal to 115 million rubles.

As a result, with the usual need of the state treasury for money, credit notes soon experienced the fate of the former banknotes. From 1853 the government began to use the issuance of credit notes for the so-called strengthening of the funds of the state treasury, without regard to hard cash. The number of tickets in 1856 already reaches 509 million. rubles, and at the end of 1857 - up to 735 million. rub., with a change fund of 1411.2 mil. rub. In view of the insufficiency of the metal fund, already in 1854 measures were taken to limit the exchange, which then, by the end of 1856, ceased altogether.

Since then, credit notes have been converted into paper money with a forced exchange rate. The strengthening of paper-money circulation was not slow in causing a fall in the rate of banknotes. From 1854 to 1861 course held for the most part about 91-93 met.kopecks per paper ruble. Turning, in the 1950s, to issues of paper money for war purposes, the government promised to withdraw these issues from circulation immediately after the end of the war; in April 1858, 60 million rubles were indeed burned. credit cards. But this measure did not lead to anything, since soon a new issue in the amount of 88.5 million rubles followed, to satisfy depositors who began to intensively demand the return of their deposits from state-owned credit institutions, due to a decrease in% on bank deposits from 4 by 3%.

However, the most significant feature of both the monetary reform of 1839-1843 and the monetary circulation for several decades after its completion was a relatively small increase in the money supply and, which is especially important for Russia in the middle of the 19th century, the monetary base. This was due to the fact that until the middle of the 19th century, despite the development of commodity-money relations, natural economy dominated in the country. The volume of commodities purchased was insignificant. An undeveloped market, poor communications, low food prices led to a small need for money as a means of circulation (money turnover in Russia was carried out mainly with the treasury). Therefore, the monetary reform of 1839-1843 ensured a relatively stable monetary circulation during the first fifteen years after its implementation.

It should be noted that the monetary system created as a result of the reform of 1839-1843 had a number of important features typical of bimetallism.

First, there was freedom to mint both silver and gold.

Secondly, the government legally fixed the value relationship between the gold and silver ruble. The Manifesto of July 1, 1839 established that “a gold coin to the treasury and credit institutions is accepted and issued from them 3% above its face value, namely, an imperial of 10 rubles. 30 kopecks and a semi-imperial of 5 rubles. 15 kop. silver."

Thirdly, credit notes were exchanged not only for silver, but also for gold. This exchange was carried out “in compliance with the ratio indicated between these money” - 103 rubles. credit notes were exchanged for 103 rubles. silver or 100 rubles. gold, that is, not only a certain silver, but also a gold content was assigned to the credit ruble.

In 1862-1866. V.A. Tatarinov Was held financial reform. The main reform was aimed at streamlining the state apparatus. In the course of the reform, the State Bank was established, and all budgetary funds, which until that time had been dispersed among ministries, were concentrated in the hands of the Minister of Finance. All actions of the Ministry of Finance were subject to accounting and state control, and all estimated assumptions about expenses and incomes of each year had to pass annually through the State Council in the form of a state list. Then the so-called unity of the cash desk was created, i.e. independent cash desks and treasuries of individual departments were destroyed. All funds for the appropriation of individual departments began to be channeled through the Ministry of Finance in accordance with the state list, passed through State Council, and the execution of these appropriations was provided by the State control.

The reform significantly streamlined the state apparatus, which accelerated the circulation of money in the country and made it strictly documentary.

The next monetary reform in the history of Russia turned out to be perhaps the most effective, but the war and the coming to power of the Bolsheviks were all safe.

Monetary reform S.Yu. Witte (1895--1897) was thoroughly prepared and carried out gradually, in several stages over three years. In 1897, the free exchange of paper money for gold began. The transformation of money circulation carried out strengthened Russia's credit and placed it financially on a par with other developed European powers.

By the time the monetary reform was carried out, the State Bank had created a gold fund in the amount of 1,095.5 million rubles at the expense of domestic sources and foreign purchases.

The Nominal Supreme Decree of August 29, 1897 obliged the State Bank to issue credit notes in an amount strictly limited by the needs of monetary circulation. The same Decree established the rules and restrictions on the issuance of banknotes, for example, the entire set of banknotes exceeding the amount of 300 million rubles was to be fully backed by gold.

The Russian emission law was much more stringent than the laws of other countries. Thus, in Germany it was allowed to cover only one third of bank notes, and not only with gold and silver, but also with the obligations of the imperial treasury.

By 1897, when the monetary reform began in Russia, the ruble was officially equal to four French francs, but, as the then Minister of Finance S. Yu. Witte testified, it actually cost about two and a half francs. It was actually the established ratio and it was decided to fix it. The new ruble was devalued and equated to two whole and two-thirds of the franc (2.666). This parity corresponded to the gold content and the purchasing value of the two currencies. The established exchange rate of the ruble, in general, managed to be maintained. In 1913 it ranged from 2.57 to 2.69 francs.

At the turn of 1905-1906. the ruble exchange rate was supported by an increase in the discount rate. This made it more expensive, but in the future the Russian ruble did not need this kind of support. From 8% at the beginning of 1906, the discount rate at the end of the same year fell to 4.5% - the lowest level in pre-revolutionary Russia.

An effective means of limiting the mass of cash was the introduction of cashless payments. For this purpose, already on November 17, 1898, a clearing house was opened at the St. Petersburg office of the State Bank. By 1912, 40 of its departments operated in different cities of Russia.

All private banks of Russia, large banking offices and houses, mutual credit societies, large commercial and industrial firms and local railway departments participated in the work of the chamber.

Huge military expenses of the First World War, failures at the fronts shook the Russian currency. Over the last five months of 1914, it fell in price by 16.8%. According to some estimates, by July 1917, the ruble depreciated by 62.9% against the stable franc of neutral Switzerland.

The October coup of 1917 dealt an even greater blow to the ruble. The State Bank was one of the first institutions seized by the Bolsheviks on the morning of October 25 (November 7), 1917. However, in order to further prevent the collapse of the Russian monetary system, the management of the State Bank refused to finance the Bolsheviks without any guarantees . But already at the end of November 1917, after all its leaders were removed from their posts and dismissed, the Bolsheviks themselves gave themselves 5 million rubles for their "revolutionary needs".

The replacement of highly qualified personnel of the State Bank with party cadres, nationalization, and continuous emission over the next three years first deformed, and then led the monetary system to a complete collapse.

The introduction of the gold currency strengthened public finances and stimulated economic development. At the end of the 19th century, in terms of growth in industrial production, Russia overtook all European countries. This was largely facilitated by a wide influx of foreign investment in the country's industry. Only during the ministry of S.Yu. Witte (1893-1903), their size reached a colossal size - 3 billion rubles in gold. At the end of the 19th - beginning of the 20th century, the gold unit prevailed in the composition of Russian money circulation, and by 1904 it accounted for almost 2/3 of the money supply. Russo-Japanese War and Revolution 1905-1907 made adjustments to this trend, and since 1905 the issue of credit rubles began to increase again. However, right up to the First World War, Russia managed to keep intact the most important principle of the currency reform: the free exchange of paper money for gold.

Held in Russia in 1895-1898. the stabilization of the ruble served as a model for other states. Having carefully studied the experience of Russia, Japan started the monetary reform. Following the model of Russia, Austria-Hungary reformed, after the First World War - France. Until 1914, the Russian ruble became one of the most stable currencies in the world.

The Moscow government received one half of its income in the form of direct taxes, and collected the other half in the form of duties and income from the sale of state goods (regalia). It has already been told how Peter changed the direct tax ($109). Having made it per capita and extended it to serfs, Peter increased this tax revenue significantly. But he also raised indirect taxes just as significantly, not only by increasing duties in general, but by inventing new sources of government revenue. Under him, "eagle" (stamp) paper was first put into circulation; they began to take duties from baths, from the sale of oak coffins, from the beards of those “bearded men” who did not want to shave, etc. The treasury was actively looking for new sources of income; even a special position of “profit workers” was established, who were obliged to monitor the correctness of the receipt of income and invent a possible increase in them, “profit”. In terms of increasing the funds of the treasury, Peter changed the weight and mintage of the coin. Before him, foreign efimki (thalers) circulated in Moscow, and only small coins were minted in Russia - money and kopecks (§§,). Peter ordered to mint new rubles and half a ruble, however, so that the ruble was not equal to two efimkas, as before, but only to one, and a half was equal to half a efimka. (In order not to embarrass the people with the light weight of the new coin, the inscription was made on the coin: “a good coin, the price is a ruble.”) As a result, Peter managed to greatly increase state revenues. Before him, the treasury received up to 2.5 million rubles. per year (old coin), and at the end of the reign of Peter the Great, incomes increased to more than 10 million (new coin).

Peter I. Portrait by J. M. Nattier, 1717

Of course, such an increase in the income of the treasury was not easy for the people, who endured the hardships of a long war, giving the state not only money, but also soldiers, horses, carts, and workers. Peter understood what a burden he had imposed on the country, and therefore he wanted to come to the aid of his subjects, improve their working conditions, and raise their well-being. Like all statesmen of that era, he saw the main wealth of the country in money, in gold and silver, and thought that it was easiest to attract precious metals to the state by trade, arranging the trade turnover so that more goods were exported abroad, and less imported and the difference received. money, in which the profit will be. For this purpose, Peter in every possible way encouraged trade and patronized it. He valued the Baltic Sea as a convenient trade route and in every possible way attracted goods to it, arranging routes to it by land and rivers (Vyshnevolotsky and Ladoga canals). Knowing the poverty of Russian townspeople, he advised them to unite in companies and attracted nobles to trade. In order to have something to trade with abroad, in addition to low-income raw materials, Peter encouraged industry in every possible way, he started factories, put them into operation and then transferred them to private hands. He was also looking for new natural resources to which the enterprise of industrial people could be directed. Under him were first evaluated mineral wealth Ural mountains; coal was found in the south, with which Peter did not yet know what to do. In a word, Peter consciously and actively looked for means of national enrichment and desired a rise in productivity among his people. For this purpose, he applied the accepted at that time in Western Europe a system of protectionism, patronizing every step of the people's trade and production. Along with decrees and orders, Peter prescribed how to process ore; ordered to mow, not to reap bread; protect forests; breed tobacco, silk and wine; improve the breed of livestock; weave canvases; he published foreign prices for goods, “so that they knew where something was cheap or expensive,” and so on and so forth. Peter wanted to indicate everything and wanted to direct everything to the general benefit of the state.