The monetary reform of Kankrin (1839-1843) made it possible to streamline the circulation of money in the Russian Empire and had a beneficial effect on the country's economy as a whole. The main result of the transformations is the establishment of the system of silver monometallism, which operated until the 90s. XIX century.
Preconditions for the reform
By the beginning of the 19th century, two monetary units were actually operating in Russia at once. The first is the silver ruble, which was exchanged for silver kopecks. The second was a paper banknote ruble, for which a copper penny was a bargaining chip.
With all this, the silver and the banknote ruble were not equal in value: the latter was constantly depreciating. In addition, the two types of the ruble had different spheres of circulation. This greatly impeded the development of commodity-money relations and credit operations in the country (however, serfdom was the main "brake" of the economy).
They wanted to carry out a reform in the sphere of monetary circulation during the reign of Alexander the Great (1801-1825), the initiator was M. M. Speransky. But the implementation of the project was prevented by the wars with Napoleon. The solution to the issue was taken up only during the reign of Nicholas I (1825-1855).
The course of the reform, its stages
Monetary reform 1839-1843 was named after the then Russian Minister of Finance - E. F. Kankrina. Yegor Frantsevich held this position in 1823-1844. It was he who led the transformations.
The reform was carried out in stages. The first stage started in July 1839. New innovations have been introduced:
- The main means of payment was the silver ruble. The coin contained 18 grams of pure precious metal.
- Transactions carried out in the country began to be calculated only in silver, as well as the issuance of funds / receipts to the treasury.
- Assignment rubles returned to their original function of an auxiliary banknote.
- A firm exchange rate of the silver ruble against the banknote was established - 3.5 rubles.
At the same time, a decree was issued that established the Silver Coin Deposit Office at the State Commercial Bank. The depository office acted as the issuer of a new paper means of payment - deposit tickets.
Such money could be circulated on a par with silver. The exchange mechanism was as follows. The deposit office accepted deposits in silver, and in return, deposit tickets for the same amount were issued.
The second phase of the Kankrin reform began in 1841. The need for new transformations was dictated by problems in the economy. The previous year was a poor harvest for Russia, which also means considerable difficulties in the financial sphere for an agrarian country. The state should have rescued its financial institutions and treasury.
The main event of the second stage of transformations is the issuance of credit tickets. They were issued by such credit institutions as the State Loan Bank, treasury treasuries, and also orphanages. The total amount of the issue was 30 million silver rubles.
Credit tickets were subject to free exchange for silver money. Both means of payment had equal circulation. Credit tickets were issued in a limited volume and provided with silver (first - in full, then - in part).
Thus, at that time, several types of paper means of payment, as well as coins, were used in the country. This system needed further streamlining.
In 1843, bank notes and deposit notes began to be exchanged for state credit notes. They were now issued by a special structure - the Expedition of State Credit Notes. Other paper money was withdrawn from circulation.
Results of the reform
Thanks to the monetary reform, a financial system was established in Russia - silver monometallism (the basis of circulation was the ruble in silver).
However, we can talk about the signs of bimetallism. Gold coins were in circulation in the country; they could also act as collateral for credit tickets.
The reform helped stabilize the circulation of money in the Russian Empire. However, in the middle of the 19th century, the country entered the Crimean War (1853-1856), and new financial difficulties offset some of the reform achievements.
At the end of the 19th century, the Russian Empire switched to the gold monetary standard.
