. i m Am m _ _ . . . ' - - . v. . . . .
Conservative *
MONETARY PROIJLEM OF RUSSIA.
Vcuc'o NcccsHiiry < Reform.
The fiimuco minister , M. do "Witte ,
snid in a report to the czar at the begin
ning of a year : "In proceeding to re
organize her monetary system , Russia
bears witness in the clearest and most
convincing way that cnn bo imagined to
the pacific spirit by which she is entirely
animated. Any warlike intention
would condemn the projected reform to
failure. "
The reform of the currency is regarded
as a necessary complement to the pro
gress already realized in the dominion
of commerce and of finance , being de
signed to give this the solid support of a
circulation on a specific basis. The re
sults achieved during the last few years
have been sufficiently remarkable. Up
to 1892 the paper or "credit" rouble was
subject to the most violent fluctuations.
In 1888 it fell as low as 40 cents and
reached as high as Go cents. In 1889 it
fell again to 46 cents , and in 1890 , begin
ning in February with a quotation of 55
cents , it reached G4 cents in September ,
and fell again to 5 ! ) cents in December.
Finally , in 1891 , the quotation varied
from GO cents in May to 46 cent * in No
vember.
liud Results.
The disastrous effects on commerce of
so variable a standard of value made
themselves felt , and exercised a demor
alizing influence on the whole economic
condition of Russia. The value of the
rouble was at the mercy of every rumor ,
true or false , which the ingenuity of
speculators could originate , and for the
security of all important mercantile
transactions contracts had to be mnde
in advance for the delivery of roubles
at a stipulated price. In 1892 the gov
ernment took effective measures to stop
the speculation in the rouble , which had
its headquarters in Berlin. Thanks to
the greatly increased stock of gold in the
treasury , it was able to regulate the
course of foreign exchange , while putting
a stop to purely speculative transactions
in the rouble , and this was done so suc
cessfully that while in 1891 the variations
of exchange on London had been on as
wideamargain as 28 per cent , they were
reduced to one of 6 per cent in 1893 , and
in 1895 they did not exceed one-half of
one per cent. The next stop was to es
tablish a fixed relation between the gold
and the paper rouble in all dealings with
the treasury and in the transactions
between the bank of Russia and its cus
tomers. That was at first done by mak
ing 5 gold roubles ( the half-imperial ) the
equivalent of 7 roubles 40 copecks , but
this arrangement was modified at the
close of last year by making the half-
imperial equal to 7 roubles 50 copecks ,
and thus establishing the ratio between
gold and paper money at 1) to 1.
A Slnglo Standard.
The Russian law knows but one mon
etary unit , the silver rouble , but the
coinage of silver roubles has long since
ceased , and the amount of silver in the
Bank of Russia is quite nominal. The
tenacity with which the Russian govern
ment has held to its purpose of estab
lishing its currency on a gold basis maybe
bo inferred from the determination
with which it has kept the metallic re
serve clear of silver. In I860 it had in
the treasury ! 35,184,000 roubles in coined
silver ; in 1865 this had decreased to
12,543,000 and in 1869 to 10,244,000 ; in
1880 the amount had decreased to 1,975-
000 roubles , and in 1895 it disappeared
from the reserve altogether. On the
other hand the stock of gold has grown
from 57,000,000 roubles in 1866 to 148-
000,000 in 1876 ; 171,500,000 in 1886 and
425,000,000 in 1896. This latter sum is
supplemented by a deposit of 75,000,000
roubles against an issue in paper of the
same amount mnde in the famine year
1891. In the "military chest" there are
another 191,700,000 gold roubles , and in
the coffers of the State Bank at the end
of Inst year 48,000,000 more. Russia ,
accordingly , began the year with a stock
of gold equal to 734,700,000 roubles , or
say , in round numbers , $566,000,000.
The authorized issiies of paper money
amount to 1,121,281,634 roubles , which
at the established par of the credit
rouble would be equal to about $588-
000,000. The 75,000,000 roubles of the
issue of 1891 already referred to are
referred to are known as temporary
notes ; the remaining 1,046,281,684 as
permanent notes. Of these latter , 780-
018,488 roubles wrere guaranteed by a
deposit of 211,505,032 in specie , the dif
ference between these two sums , 668-
518,455 roubles being counted as non-
interest bearing debt. The remaining
266,268,146 roubles issued during the
war with Turkey , were guaranteed by
a deposit of 178,528,555 roubles in bonds
and 92,784,591 representing the amount
duo to the bank by its customers. The
latter have , however , token their place
as credit notes of the state , and the bank
has been relieved from the task of pro
viding a guarantee for them. The stock
of gold has varied a little during late
years , but only to the extent of six or
eight millions , more or less , so that if
the volume of paper currency be reduced
to its value in gold on the basis of ! ) < >
roubles in paper to one gold it will be
found that the Russian stock of gold is
equal to 97 per cent of the paper issues.
WHAT DOES UNOL.E . SAM WANT OF IT ?
G. S. Maxwell of this city has a
brother , Robert Maxwell , in the Twen
tieth Kansas , fighting with General
Fuustou in the Philippines. Mr. Max
well today received the following letter ,
dated at Oaloocan , March 14 :
"My dear brothers and sisters : I am
again in the trenches , but as yet our end
of the line has not moved forward any.
* * * I enclose a poor picture taken
after the advance on Caloocau , showing
what happened to the 'niggers' that
did leave the trenches ; all the niggers
that didn't leave the trenches when we
started are there yet. They wore buried
just as the picture shows them. This
picture only shows one pile ; there wore
many of them.
"I wish this trouble would come to a
close , as I am tired. It certainly is not
pleasant. The sooner we kill them all
the sooner the trouble will end. We
have now slept in the trenches for nearly
two mouths , uev < > r daring to remove our
shoes. I am as well as can bo. This
climate doesn't seem to bother my
health much , but I hate the place and
the ignorant fools that live hero. What
Uncle Sam wnnts of this place is more
than I can see.
"Our move forward will come now in
a very short time , and many a boy will
give his last yell as ho goes over
our trenches to charge on the insur
gents' trenches. I don't see how our
men have faced so many bullets and
comparatively so few killed. Your lov
ing brother , BOB. "
Dallas ( Tex. ) despatch to St. Louis
Globe Democrat ( Rep. )
TllG
GOOD WORD. .
San moralizing on
the case of the late Colonel Bryan con
siders that he displayed as much courage
in facing dollar dinners in New York
City as if he had gone to the wars.
The point of this seems to us to lie in the
novel and very appropriate use of the
verb "to face , " in the sense of "to insert
into one's countenance. " Commenta
tors on Colonel Bryan's portraits have
frequently remarked that he had a good
face for pio.
THE MAIIDI'S MINARET.
Among the many trophies which the
Marquis of Tullibardino brought home
from the Suian , one of the most inter
esting is a minaret from the Mahdi's
tomb. It occupied the place of honor on
the top of the great dome. It is de
scribed as formed of copper plates fas
tened together by rivets and solder.
The base is cone-shaped , and measures
thirteen and one-half inches in diameter.
A stalk , three inches in diameter , rises
from the cone and gradually tapers to
the top. The finial measures over three
feet in height , and when polished must
have looked rather imposing when
gilded by the rays of an Egyptian sun.
The minaret bears marks of the bom
bardment of Omdurniau , as it has been
hie in three places by bullets. It is now
placed on one of the towers of Blair
Castle. Westminster Gazette.
An Italian physician has set up a
" " with of the
"laughter-cure , a corps
most amusing assistants obtainable an d
a stock of jests graduated to various
tastes. The treatment is said to be ben
eficial in cases of lung-trouble.
*
