File No. 861.51/295
The Ambassador in Russia (Francis) to the Secretary of State
No. 1027
Petrograd, February 12,
1918.
[Received
April 8.]
Sir: I have the honor to transmit herewith
enclosed a translation of a decree regarding the annulment of state
loans adopted by the [All-]Russian Central Executive Committee at
its session on January 21/February 3, 1918, and published in the
bulletin of the Soviets of January 26/February 8, 1918.
I have [etc.]
Decree regarding Annulment of State Loans,
Adopted by the All-Russian Central Executive Committee at
its Session on January 21/February 3, 1918
- 1.
- All state loans concluded by the governments of the
Russian landowners and Russian bourgeoisie, enumerated in a special list which is
being published, are annulled (canceled) as from December 1,
1917. The December coupons are not subject to
payment.
- 2.
- In the same way all guaranties are being annulled, given
by the above-mentioned governments on the loans of various
concerns and institutions.
- 3.
- Absolutely and without any exception all foreign loans are
annulled.
- 4.
- Short-time obligations and series of the state Chancellery
remain in force. Interest on them will not be paid, but the
obligations themselves will have the same validity as credit
notes.
- 5.
- Citizens with limited means, possessing the state
securities of the interior loan, which are annulled, in sums
not exceeding Rs. 10,000 (at the nominal value), will
receive in their stead denominated certificates of a new
loan of the Russian Socialist Federated Soviet Republic, for
a sum not exceeding Rs. 10,000. The terms of the loan will
be determined specially.
- 6.
- The deposits in the state savings banks and interests
thereon are inviolable. All the obligations of the loans to
be annulled belonging to the savings banks are being
replaced by a book debt of the Russian Socialist Federated
Soviet Republic.
- 7.
- The Cooperatives, local self-governments, and other
universally beneficial or democratic institutions possessing
obligations of the loans to be annulled, will be satisfied
on the basis of the rules which are being worked out by the
Supreme Soviet of National Economy together with the
representatives of [Page 33]
these institutions, if it can be proved that these
obligations were purchased prior to the publication of the
present decree.
Remark: The local organs of
the Supreme Soviet of National Economy have the
right to determine which institutions come under the
head of universally beneficial or
democratic.
- 8.
- The general management of the liquidation of the state
loans is entrusted to the Supreme Soviet of National
Economy.
- 9.
- The whole matter of liquidating the loans is entrusted to
the State Bank, whose duty it is to immediately commence the
registration of all the obligations of the state loans in
the hands of the various proprietors, as well as of the
other interest-bearing papers, both of those subject and not
subject to annulment.
- 10.
- The Soviets of the Workers’, Soldiers’ and Peasants’
Deputies form, in conjunction with the local Soviets of
National Economy, commissions for determining which of the
citizens come under the head of having limited means.
These commissions have the right to annul in their entirety
savings obtained not by means of labor, even if these savings do
not exceed the sum of Rs. 5,000.
President of the Central Executive
Committee
I.
Sverdlov
