Rensselaer Semi-Weekly Republican, Volume 36, Number 71, Rensselaer, Jasper County, 29 April 1904 — RUSSIA ISSUES PAPER MONEY. [ARTICLE]

RUSSIA ISSUES PAPER MONEY.

Puts Out $15,000,000 Against GoldWar Finances. Russia has made a new issue of $15,000,000 in paper 'currency against free gold in the State bank. At the ministry of finance it was explained that it was an ordinary issue and in no sense was forced. Under the law paper 1 is issuable to double the amount of gold, up to $150,000,000 gold, in excess of which paper issued must be covered ruble for ruble, in the State bank there is, in round figures, $400?000,000 in gold, which would permit of an issue of' $550,000,000 in paper, but the paper issue at present amounts to only $350,000,000. AH sorts of figures of the cost of the war are printed abroad. The St. Petersburg correspondent of the Associated Press is authoritatively informed that the daily expenses are lA'eraging $750,000, and it is estimated, that a year’s expenditures for the war will total $250,000,000. To meet this there existed a free balance of $50,000,000, which was increased to $115,000,000 by reductions of the ordinary budgets, leaving ostensibly $135,000,000 to be found. But a portion of this sum is made up by the increased earnings of the railroads owned by the government. It being in reality a question of bookkeeping, how the balance is to be raised has not yet been determined.