File No. 861.51/432
The Chargé in Russia ( Poole ) to the Secretary of State
[Received December 18, 8.48 a.m.]
665. To obtain quantities of rubles needed as explained in Embassy’s 628, December 3, 6 p.m., British Consulate began on the 12th [Page 95] to exchange United States gold [certificates good?] for future deliveries of new rubles against present delivery of old rubles at the rate of 40 for 48. No great amounts forthcoming as yet. Treasury notes described in Embassy’s telegram 631, December 3, 8 p.m., are not being accepted.
Three million five hundred thousand of new rubles have been sent to Murmansk for disbursement there, a half million have been sold to the French Embassy, none have come into general circulation here as yet.
On the 16th the emission office loaned the provisional government of north Russia Rs. 2,000,000. Following are essential provisions of bond:
Provisional government hereby assures and lays upon any other government that may legally succeed it and be recognized by the Allies, following obligation: Loan by national emission office to the provisional government shall be extinguished by the temporary government during the course of five years through payments by state treasury to emission office either at one time or at various periods to the amount of either Rs. 2,000,000 in currency notes of northern Russia or pounds at the rate of one pound for forty rubles. Interest at 5 per cent to be paid to the national emission office at six months’ intervals in currency notes or pounds.
No specific security given.