File No. 861.51/415
The Chargé in Russia (Poole) to the Secretary of State
[Received November 19, 2.47 p.m.]
586. The Department’s 348, November 9, 4 p.m., received 17th. Kopek denominations of new note will bear on front, “Northern Russia, having equal currency with small change silver money.” On back, “Forgery of this note is punishable by law.” Ruble denominations will bear following: “Northern Russia state credit notes. The state issue office changes credit notes for pounds sterling without restriction of amount at forty rubles to one pound sterling.” Also:
- 1.
- Change state credit note for pounds sterling is guaranteed by the entire property of the state and by an inalienable reserve held by the Bank of England.
- 2.
- State credit notes have currency throughout the Empire equally with gold money.
- 3.
- Those guilty of forgery of state credit notes are punishable by deprivation of all rights and by banishment to penal servitude.
Notes resemble Imperial issue. Phrase, “Throughout the Empire,” in second paragraph above, is being stamped out locally together with initial surmounted by imperial crown which occurs in design, through inadvertence it is said.
[Page 90]Am telegraphing en clair under No. 587 draft not yet signed of constitution of note office as furnished by Harvey. I suggested to Chaikovski1 to-day: First, that in order to make it clear that the issue is temporary and local and designed to meet Allies’ demand as well [as] to save future embarrassment, it would be advisable to stipulate at the outset that under no circumstances should a total of more than say Rs. 200,000,000 be issued or that emission operations should not be continued beyond one year; secondly, that natural resources should not be mortgaged or concessions given as security for the loans provided for in paragraph 5; and, thirdly, that great care must be exercised in introducing the new issue to avoid a rapid and marked depreciation of existing issues such as might produce dangerous discontent or even panic among those who have hoarded the existing issues above mentioned. The third point to Harvey also who seems to be impressed with this danger and is discussing with Lindley means of obviating it.
- N. V. Chaikovski, president of the government of the northern region.↩