Abstract
Joseph Waller, The birth of the golden rouble. Recognizing the necessity of attracting foreign capital and of liquidating the inflation — after-effect of war with Turkey — Reutern and his successors at the Ministry of Finance undertook the stabilization of the rouble. With this object in view, the Imperial Bank was reorganized in 1894 and order was introduced in matters of public indebtedness, by a series of reconversion loans. On the other hand, the birth of the golden rouble in 1897 implied an increase of the national stock of gold. This last object was attained by the centralization of gold originating from foreign loans, the custom duties payable in gold and the encouragement of national industry. France's influence is more or less connected with the decision to adopt bi-metallism, whereas the interest of cereal exporters contributed to establish the rouble parity at a low level. The First World War shattered this financial structure: on the eve of the revolution, the rouble has lost three quarters of its value.
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