Michael Speransky. Statesman of Imperial Russia, 1772–1839 - Marc Raeff

102 REFORM OF RUSSIA'S FINANCES AND CENTRAL ADMINISTRATION

promised; in the meantime, further increase in their emission was
strictly forbidden. In order to find the capital for the redemption of
the debt (blamed on past wars) the expenditures were reduced by 20
millions rubles and various taxes increased. The introduction of a new
stable monetary system was promised for the near future. A few
months later, May 27, 1810 (PSZ 24,244), a public loan was floated to
build up the capital needed for the redemption of assignats. In June
and August of that same year, the relative values of silver and copper
were set by law (PSZ 24,264, June 20) and state domains were put up
for sale (PSZ 24,334, August 29). Finally, late in 1810 and early in
1811, the Ministry of Finances was reorganized along the lines proposed
by Speransky in his Plan (the reorganization was completed by the
decree of June 25, 1811, PSZ 24,688).

"The reception of the concrete measures was mixed. It should be noted

that the public could judge only on the basis of these separate leg-

islative acts, for the Financial Plan itself was not published and

remained largely unknown, except for possible indiscretions by mem-

bers of the COlincil of State. Some observers, in particular the foreign

residents, realizing for the first time the extent of Russia's financial

disorders, approved of the decrees as first steps towards improvement.

But they did not spare their criticism of the actual results immediately

obtained. For instance, John Quincy Adams, at the time United

States Minister to Russia, reported to the Secretary of State on June

25, 1810:

"I have the honor to enclose a copy in the French language of

a Manifesto just published here, proposing a public loan to be

received in the paper money of the country, and the sale of certain

public domains for the redemption of this paper. - It will serve

at once to show the disordered state of the finances of the Empire,

and the laudable efforts of the present government to retrieve

them [follows a history of the assignats in Russia] ... At the

present, this loan upon terms extremely favorable to the lenders

and proportionately burdensome to the government is proposed

for the purpose of withdrawing from circulation some part of

that excess which has occasioned the depreciated state of the bills

[details of the loan and conversion rules] ... In the sale of the

lands there are held out further advantages to the lenders, of no

inconsiderable importance. The loan is to be opened on the 15th

of July, but neither the manifesto nor the recent accounts of the

splendid victories obtained over the Turks have yet raised the

value of paper assignats in the market." 1

1 National Archives, Foreign Relations Division, Department of State, Diplomatic

Dispatches, Russia, vols. I and II, (Hereafter referred to as Department ot State -

Russia) John Quincy Adams to Secretary of State, dispatch No. 17, 25 June 1810.

(Spelling modernized).