One of the most important stages of development of the monetary system in Russia was 20-years of the twentieth century. During this period, the circulation of money in our country, as well as in other participating countries of the First World War (except USA), was disorganized. In order to normalize the governments of these countries have monetary reform. The forms and methods of monetary reforms in our country were determined by preceding them by changes in economic and political situation of the country.
One major change was to end during the First World War in all the belligerent countries (except the U.S., where gold coins were in circulation for nearly 15 years after the signing of the 1919 Treaty of Versailles), exchange banknotes for gold and export it abroad. But it was not yet the end of the era of the gold standard. After the war, gold was only driven out of circulation in a large wholesale and international traffic. As a result of the postwar monetary reform in two European countries, Britain and France was established gold bullion standard: banknotes were exchanged for gold bars weighing 12.5 kilograms. In other countries, direct trade-off for gold has not been restored. About three dozen countries, including 16 in Western Europe, moved to the gold exchange standard. This form of organization of monetary and exchange relationships aimed at sharing credit money mottos in the currencies of the gold bullion standard, and then to gold.
The most radical reform of the post-war were in Germany and the USSR. The causes of radicalism were different. If the disorganization of the German credit and financial system was a consequence of the defeat which it suffered in the war, the collapse of the Soviet Union in the economic and financial system was the result not only of World War II, but the revolution, changing socio-economic system and civil war.
The normalization of monetary circulation in the Soviet Union was achieved through the implementation of the three monetary reform, two of which were held in the form of the denomination. As a result of reform 1922-1924. changed not only the parameters of monetary circulation, but the type of monetary system. In fact, the Soviet Union introduced a form of gold exchange gold standard.
The depreciation of the Soviet ruble
Reforms 1922-1924. largely determined the conditions which formed the beginning of the transformation of the monetary system. Russian military expenditure since the beginning of World War II until the February Revolution amounted to 28,035 million rubles. The money supply in circulation to March 1, 1917 increased by more than 4 times as compared with the prewar level. Intensive work the printing press and the simultaneous reduction of production and reorient it to the performance of military spending have caused a rapid rise in prices. In 1915, he was only 30% in 1916 reached 100%. As a result, by February 1917 the ruble on the domestic market has depreciated by almost 4 times. Thus, on the eve of the February Revolution, the circulation of money was sufficiently disorganized.
Once in power, former leaders of the IV State Duma, would seem to have the opportunity to carry out the effective administration of the country to which they are for two years called the royal Council of Ministers. However, faced with the same economic difficulties as a former top executive body, the Provisional Government was also unable to cope with them.
Ongoing war absorbed more and more money. In 1917 the budget deficit reached 22 568 million rubles. Ways to cover were traditional: an increase in taxes, domestic and foreign loans, issuance of paper money. During the period from March to November 1917 the Provisional Government from taxes could receive 1158.3 million rubles. Released gave them the freedom loan 3700 million rubles. These funds sufficient only to cover the ordinary expenditure items of the budget. The military also costs, amounting in 1917 to 22,561 million rubles. Were covered by the issue of paper money.
For eight months, the Interim Government has issued about the same amount of money, which was issued two and a half years of war. The issue of credit notes for this period amounted to 6412.4 million rubles., Swap stamps 95.8 million rubles. Treasury and swap characters 38.9 million rubles. Such large amounts of emissions have led to accelerated depreciation of money, forcing the government to resort to the issue of credit notes major advantages of 250 and 1000 rubles (the so-called Duma money). In August, the issue of treasury symbols in denominations of 20 and 40 rubles, nicknamed kerenkami. Due to the haste in which the government of their minted, kerenki came into circulation uncut printed sheets, each containing up to 40 banknotes.
Despite a significant issue, flooded the country a huge mass of credit cards and kerenkami, money in circulation at all times is not enough. The rise in prices and, consequently, an increase in monetary value commodities, hoarding large banknotes affluent strata of the city and especially the village, called the lack of money in circulation and of distortions in pokupyurnom money.
Due to the seasonal expansion of trade in August and September of cash acquired the character of famine crisis. In order to overcome the Provisional Government has committed into circulation as legal tender, some types of securities and the start of production of banknotes, stamps simplified type of money.
The lack of currency in circulation, especially small and medium-sized notes, has led to the fact that apart from national currency in some cities and provinces had their own medium of exchange. This indicated that the Provisional Government began to unravel a single monetary system of the country, reinforcing the general disorganization of the currency and further enhance inflation.
The total amount of paper money in circulation in the November 1, 1917, amounted to 19 575.7 million rubles. Especially big issue was made by the Provisional Government in March 1917, immediately after coming to power. It amounted to 1116.3 million rubles. (For comparison, in April of 476.2 mln.). Much of this issue went to an increase in wages of workers and employees of enterprises, working on defense. On average, she grew up (with a reduction of working hours and mass absenteeism during the revolution) a month for 27%, and by May of this increase was 92%. And more significantly increased wages of unskilled workers (by 59% for skilled and unskilled at 125%). Thus, in the formation of wages for the first time revealed the egalitarian trend reached its peak in autumn 1918.
The growth of money supply was accompanied by a rapid increase in commodity prices: the Provisional Government, they have grown by 4 times. By November 1, 1917 pre-war purchasing power of the ruble was equal to 7.6 kopecks. At the same time, the average wage of workers in 1917 compared to 1916 grew up in Moscow at 2.47 times.
By the fall of 1917 greatly increased the influence of factors operating on the destructive monetary system. As a result, the Soviet government was faced with the same problems that could not cope any royal or interim government. Trying to decide whether the new government of the Council of People's Commissars (SNK) carried out the measures that are components developed in 1918-1920. specific system of production, exchange and distribution of the cash-strapped (so-called system of War Communism), involves the gradual withering away of the money. However, since the economy in that period could not reasonably do without the money, the Bolsheviks had to put up with their presence, and the Council of People's Commissars of the money to fight hunger and address the delivery of money to different parts of the Soviet Republic.
Fighting inflation with a characteristic period of lack of money, SNK released into circulation not only more and more banknotes are constantly increasing their face value, but also a variety of securities. Own Soviet notes produced along with the RSFSR Turkestan, Bukhara, Khorezm. Continued to seek the king's money, the Duma money kerenki, etc. All of the former Russian Empire, was paid more than two thousand banknotes. Change some other currency during the Civil War took place with the departure and the arrival of the opposing forces. Money former authorities revoked. As a result, the credibility of the money was lost and tried to turn completely get rid of them. On the outskirts of the country there was a real threat to replace Soviet notes in dollars, pounds, Japanese yen, imperial gold coins.
As during the Civil War, and in the first years after the end of treatment in a large number of different types of currency has significantly increased the monetary speculation. Sale and purchase money was widespread in the central areas and the suburbs. Experienced dealers removed from this process, large incomes, as newcomers are often deprived of the latter.
Results in November 1917 the first half of 1921 the Soviet government were released into circulation 2328.3 billion rubles. (Due to the money supply increased by 119 times.) Almost all of this huge release went on to cover the budget deficit, which increased from year to year due to the fact that more and more industries (constituting the main revenue budget line) became unprofitable. For example, in 1921 it reached 21,936,916 billion.
All the money thrown away on the open market, which sizes were very small. Industrial production by the beginning of 1921 declined from 66.5 billion rubles in gold (to war) to 700-800 thousand gold rubles, and the production of agricultural products from 4.5-5 to 1.6-1.8 billion . gold rubles. As a result of sharply increased market prices. Great influence on their growth has provided the economic policy of the government. Requisition by the surplus in the 40-60% of seed corn (which reduced the supply of grain on the market and at the same time led to a reduction in crop), control of the railways in order to prevent the export of agricultural products to cities and to encourage farmers to take production of the administration, also led to a significant increase prices. In March 1921 the market prices of almost 30 thousand times the prewar level. Monthly cash income of the Moscow workers barely enough to feed one adult for three days. The reason for this is that wages and salaries of Soviet Russia in 1917-1918. consisted of cash and in-kind payments. In 1917, the monetary part of the salary was 94.7%, 3.1% natural. In 1921 this ratio was already 13.8 and 86.2%. Natural payments included the issue of food (rations), initially at a discount, and then completely free of charge, free delivery overall, Free utilities. Issuance of children and other disabled family members accounted for 40-60% of normal working.
Despite all this, the real income for the years of War Communism fell in 3 times. If, before the First World War, the difference between total consumption and the wage worker was 3-4%, in 1918 for a top ten cities in the actual consumption exceeds the total earnings on average by 50%, and in 1920 in some industrial cities, this index reached 191%. This is a huge excess of actual expenditure of wages led to a permanent increase in illegal profits.
With regard to pay administrative and technical staff and employees of enterprises, despite the fact that, compared with earnings of lower discharge guard money wages engineer higher tariff level was 4 times higher than its total income was less than the earnings of the same guard.
The material was prepared by the Department of External and Public Relations Bank of Russia
Thus, the policy of War Communism did not create the interest in high-performance work of any city or village. With ever-increasing costs are extremely grown over the years the state apparatus and the army of agricultural and industrial products has declined. A significant reduction in real income caused discontent and eventually led to mass strikes in the cities and peasant uprisings.
The country began the transition to the New Economic Policy - NEP. Government policy in the field of money and wages has changed radically. One izuslovy of the new economic policy was the presence of a stable monetary unit. The rapid depreciation of Soviet notes, causes permanent changes in prices and price ratios are not allowed to organize a real self-financing. Stable currency was necessary for budget preparation and execution, system restore credit, trade organization. Finally, private producers avoided the calculations in Soviet notes, preferring royal mint gold coins and foreign currency. Rejection Sovznaks market as a means of payment and savings prevented the development of trade between town and country.
It should be emphasized that, as one of the principles of the NEP was the inclusion of countries in the international division of labor and cooperation with foreign countries, the new currency was to be a convertible, and it required the creation of the monetary system of the same type as that in the industrialized capitalist countries.
Before economists task was to find concrete ways and methods of monetary recovery. Before any work out practical recommendations, it was necessary, as he wrote while in one of his articles, the People's Commissariat of Finance GY Falconers (1) decide what is to express an ethane currency, how this new currency will establish the relation to foreign currencies as established its relation to gold, and finally, how commodity prices will be expressed in the new currency ... (2). In this regard, a discussion of the measure of value in the economy in transition. Discussed the problem of gold as a measure of value, considered its role in maintaining the stability of money and its place in the commodity hozyaystvavoobsche. During the discussion, there have been two opposing points of view about the relationship of unity with the world of the future money, ie gold (with the need to maintain this regard there were almost all economists, both theorists and practices, regardless of how they imagined the nature of money).
The only one who spoke out against it, was known at the time an economist and later a prominent Soviet economist and statistician Academy of Sciences of the USSR, SG Strumilin. Contrary to the rate for the inclusion of countries in the international division of labor, he proposed to create a monetary system, not connected with the world's money. SG Strumilin considered liaison between the Soviet and world money is not necessary luxury and offered to issue ruble banknote trade, serving only the domestic commodity market. An indicator of the stability of the ruble trade, he believed the immutability of the price index. Support it, in theory, SG Strumilin, the state should be available by sending such a quantity of goods, which would be consistent with previously published in the mass circulation paper money.
Along with the discussion and presentation of a golden ruble went searching for specific ways and methods of monetary recovery. Theorists and practitioners did not have a common point of view on the problem of monetary policy. Estimates, which they gave to individual activities in the field, were often contradictory, as well as views on the timeliness and accuracy of the theoretical development and implementation of reforms.
Question about converting monetary system was discussed many times in the years 1921-1924. The discussions were offered various ways to transform the monetary system. Economists are divided on three main issues. It was a dispute, first, the timing of the reform, and secondly whether it is possible and whether you want to create any new means of payment are relatively stable (though there was a depreciating Soviet notes and all the economists recognized the inevitability of further impairment), in Third of what should be new money: paper and metal or gold.
Discussions were held at meetings of People's Commissariat, the State Bank and the Institute for Economic Research at People's Commissariat. The first who introduced a draft monetary reform was N.Kutler (3). At the end of May 1921 he spoke at the Institute of Economic Research report, which proposed using the available at that time the gold reserve, release vobraschenie gold coins and stop issuing paper money. Already issued paper money had to be devalued by the then existing market price and access, along with the newly issued coins. He proposed to link the future monetary system with the restoration of public credit and to quote the Russian ruble abroad. In discussing this project, the opinions of experts were divided. Part of economists, while agreeing with N. Kutler, inclined to the need to replace paper money with gold coins and stop issuing Sovznaks, admitting at the same time for 2-3 years, being in the back of paper money at the rate of 1:10 000. Balanced budget proponents of radical reform proposed to make two or three devaluations. Another chastekonomistov insisted on the gradual solution of the problem. Proposed to first restore the country's economy, eliminate the budget deficit, and only then through a series of measures improve the circulation of money.
A month later at the Institute of Economic Research discussed the draft of the monetary reform known before the revolution, the banking leader V.Tarnovskogo. He offered to release a small change in the circulation of gold notes, which were to be circulated along with the paper currency signs. Subsequently, this idea was implemented parallel to the money, but in the summer of 1921, it has not received wide support. The main reason for this was due to some stabilization Sovznaks year expansion of trade, the abolition of free services and delivery of free goods. Also, have earned quite active private trade, began the transition to self-financing industry, were established commodity exchanges, introduced cash taxes imposed on businesses and households.
In October 1921, prices began to rise again, and again the problem of monetary reform are discussed in the People's Commissariat of Finance and the newly established in early October, the State Bank of the RSFSR. As directed by the Chairman of the State Bank A.Sheynmana (4) was developed by the devaluation of the project, which was based on the ideas and N.Kutlera V.Tarnovskogo. Proposed to put into circulation the gold and silver coins, and the State Bank to provide the right to issue banknotes, swap for gold. Exchange was supposed to begin in 1929, when, by hypothesis, the authors had to resume trade-off in other European countries. The important point is the proposed plan of budget cuts by about half.
November 20, 1921 (after a few days after the draft was sent to reform the Soviet government A.Sheynmanom President Vladimir Lenin) in the State Bank held a special meeting to resolve the problems of monetary circulation. The meeting was attended by about 50 people, including leaders of the People's Commissariat of Finance and the State Bank, the former major manufacturers, merchants, financiers, scientists have known. During the meeting, the majority of experts (in particular, the well-known economists P.Genzel, A. Sokolov, S.Falkner, as well as board member of People's Commissariat, the future famous polar O.Shmidt) expressed the hope that no special measures will help stabilize the Soviet notes. It should deal with the rise of the national economy, and only after this will be achieved successes begin to stabilize the ruble.
As for the People's Commissariat of Finance, then up to the early autumn of 1923 he sought to normalize money circulation by stabilizing the Soviet notes. The fundamental monetary reform with the transition to the new currency was not assumed, even after the gold pieces in circulation, production of which was considered at first only as a way to help stabilize the Soviet notes. People's Commissariat of planned first gradually reduce emissions Sovznaks, and then brought under Soviet notes gold base and then go to the gold standard.
Plans for stabilization of Soviet notes in the period from 1921 to early autumn 1923 were developed more than once. But some of them have not been fulfilled, and those that have been implemented, have not led to expected results. During the fight the People's Commissariat of Finance for the stabilization of the Soviet notes were two monetary reforms form the denomination.
Denominatsii1922-1924
The first denomination in 1922 was carried out in accordance with the Decree of the People's Commissars of the November 3, 1921 in order to unify the currency and to simplify the calculations in the economy. In the course of reform in the territory of the RSFSR 10 thousand rubles. currency notes of all the samples being traded while in the country, were exchanged for one new ruble. During the second denomination in 1923, which was conducted in accordance with the Decree of the People's Commissars of the October 24, 1922, banknotes of the sample in 1922 were exchanged for new at a ratio of 100:1.
The latest attempt to stabilize the Soviet banknote was the publication of the Central Executive Committee decision on July 6, 1923 issue of the size limit of 15 million Sovznaks rub.zolotom month. The reason for the adoption of this measure served as a stabilization of the Soviet notes in the first months of release notes. However, the consequences of publication of this decision due to objective reasons, which will be discussed below, were directly opposite the expected: Soviet notes sharply and has depreciated dramatically, eliminating sovznachnoy system and the transition to the new currency were predetermined.
Let us return, however, in 1922, when there was no question olikvidatsii Soviet notes. After the 1921 famine and hunger, much of the industry became unprofitable, there was an adverse trading conditions. With the transition to the NEP has changed the law in the area of wages, payment to employees of industry and transport have increased by 25%. Vrezultate in the first stage of NEP increased dramatically emissions of paper money. If on January 1, 1921 was issued in 1168.6 bln., On a yanvarya1923 1994 was 644.4 billion rubles. Consequently, the price of gold on the open market desyatirublevki in 1922 rose from 1.6 to 225 million rubles. (Ie 141 times). Average market prices in provincial cities rose from January to September 1922 30. A month before the Soviet notes lose half their purchasing power. Inflation became totally unpredictable.
The collapse of the monetary system and related economic difficulties encouraged to seek at least temporary, but relatively stable meters. The country has operated a variety of conventional measuring instruments and indexes: the ruble trade, the index of the State Bank, the index of the Special Commission of quotation, budget code. However, the indexation of the effects of hyperinflation has been ineffective. Statistical indices and conventional meters could not be replaced by a stable monetary unit. In search of the island of stability (in the figurative expression L.Yurovskogo), many economists have begun to gravitate toward the idea of a parallel money. By the summer of 1922 the project also appeared parallel currency V.Tarnovskogo projects L.Elyassona, G.Sokolnikova, L.Yurovskogo and some other economists.
But P.Genzel, N.Shaposhnikov, A. Sokolov continued to insist that the parallel currency will only worsen the condition of the currency. The position of these economists was founded. In case of acceptance of their proposals to the elimination of neproizoshla old monetary system, the country would not pass through a painful stage of the dual circulation of two currencies. Objectively, the concept of reform of this type was quite feasible. Perhaps the Soviet notes and stabilization would occur precisely in 1924. But in this case within one and a half years (the period of dual circulation) in the country would not be stable units, which would create great difficulties in restoring the ruined economy. The state had a choice to go traditional, but by the slow recovery of monetary or exercise in the spirit of the revolutionary times of financial and technical experiment without much hope of a quick fortune, but allows several to improve the situation in the economy. The government has chosen the second path.
Letom1922, after a series of meetings at the State Bank and the People's Commissariat, adopted a resolution on the issue of banknotes. Since then, the Bank began to prepare for the new operation at the end of November 1922 issued the first ticket. Issue of bank notes (gold pieces) started in accordance with the decree of the SNK 11 October 1922 the State Bank on providing the right to issue bank notes. From that moment began the monetary reform, which was conducted in three phases.
In the first phase (October 1922) was implemented issuance of new currency notes of bank notes (gold pieces). In accordance with the decree of October 11, 1922 to this issue bylopredostavlenie State Bank funds for its commercial operations. State Bank had the right to issue gold coins for the issuance of short-term Treasury loans, provided that these loans are provided with precious metal not less than 50%. Bank notes were issued in denominations of 1, 3, 5, 10, 25, 50 ducats. Chervonets equated to a 78.24 spool of pure gold. Exchange of bank notes into gold was supposed to begin in accordance with a special act of the government. Bank notes were provided not less than 25% precious metals and stable foreign currency exchange rate for gold, the rest of the easily marketable goods and short-term obligations. Bank notes are taken at face value in payment of state taxes and fees when payments under the law were to be denominated in gold. State Bank had a right to demand repayment of the liabilities in bank notes, bank same ticket.
State Bank was obliged to freely exchange bank notes for Soviet notes. The stability of gold pieces was maintained by the State Bank of the free purchase and sale of gold and foreign currency on the domestic market. The method of maintaining the course gold pieces were foreign exchange intervention. In late 1922 early 1924 to handle both were gold coins (they are used, usually in the wholesale trade and payments between state enterprises and institutions), and continues to depreciate the Soviet banknotes (in the retail trade turnover, and the village).
The system of dual circulation had both positive inegativnye results. The national economy was in the form of gold pieces fairly stable currency. Was eliminated a serious risk of introduction into circulation of gold and foreign currency. The size of the credit industry and commerce in chervontsi was more significant than if it had been granted Soviet notes. The issue of ducats and maintain their exchange rate for foreign currency strengthened relationship with the world economy, to establish relations with foreign credit institutions to obtain commercial credit.
At the same time, there were negative consequences. Speculation on the difference between official and market rates of gold pieces captures the general population. There was a general desire to shift the consequences of impairment Soviet notes to someone else, so that most suffered from credit institutions and the state itself. There was a gap of urban and rural markets, which led to a reduction in turnover. There were difficulties in bookkeeping, there were the possibility of abuse in the area of cash transactions. Decreased revenues from the state treasury issue. Due to the depreciation Sovznaks turnover began to appear new surrogates of small money.
The material was prepared by the Department of External and Public Relations BankaRossii
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