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96 RUSSIA AND PEACE
to a request to transfer money (dollars) to Odessa,
the reply was received that it was absolutely
prohibited to transfer foreign money from one part
of Russia to another. When reference was made
to what M. Scheinman had stated to me, namely
that the bank could always undertake transfers
and payments of foreign currencies, the answer
received was that that conversation was at least
a month old, that there had been changes in the
Government’s financial policy in the meantime, and
that what the officials of the bank proposed to-day
might very well be changed a little later.)
M. Scheinman further informed me that the State
Bank shows great caution in furnishing industry
and agriculture with credit. The amount of the
credit and interest is fixed in tchervonets ; debtors
have to repay the gold-value in tchervonets or
Soviet roubles at the current rate of exchange.
The State Bank only finances undertakings which
do not run at a loss, and leaves the State Treasury
to provide capital, if it can, for undertakings which
do not pay their way.
The Government is interested in the success of
the bank-note issue for two reasons :
i . As it no longer has to finance undertakings
which pay their way, it can reduce its note issue
of Soviet roubles proportionately.
2. As part of what the public pays for State
administration (railways, post, customs, etc), is
paid in tchervonets of stable value, the steady
decline in roubles will not inflict such large losses
on the Government.
M. Scheinman very kindly allowed me to see
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