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Foreign News June 26, 1818

Daily National Intelligencer

Washington, District Of Columbia

What is this article about?

In April, a meeting of Russia's National Credit Council in St. Petersburgh reviewed financial progress, Imperial Banks' benefits, and last year's loan success, which raised 28 million rubles and allowed withdrawal of 38 million roubles in paper money.

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OCR Quality

98% Excellent

Full Text

Russian Finances.—It is stated in the English papers that a meeting was held in April, at St. Petersburgh, of the Council of the different establishments of National Credit. The minister of Finance read to them a long exposé relative to the progress of the system of credit and its present state. He took a review of the beneficial effects which had resulted from the Imperial Banks established within the last fifty years and from the solicitude manifested by the government, even amidst all the embarrassment of recent times, to keep faith with regard to the public creditors. He then particularly directed their attention to the financial measures of the last year. The proposed loan had fully answered the expectation of the government, and foreign capitalists had taken a large share of it. It demonstrated the confidence that prevailed abroad in the resources and good faith of the government, and enabled it to improve its system of finance, without diverting too great a portion of native capital from the channels in which it usually flowed. The loan had already produced a sum of 28,000,000 of rubles; by the aid of which and other appropriations, government had been enabled to withdraw from circulation paper money to the amount of 38,000,000 roubles.

What sub-type of article is it?

Economic

What keywords are associated?

Russian Finances St Petersburgh Meeting National Credit Council Imperial Banks Government Loan Paper Money Withdrawal

Where did it happen?

St. Petersburgh

Foreign News Details

Primary Location

St. Petersburgh

Event Date

April

Outcome

the loan produced a sum of 28,000,000 rubles; government withdrew from circulation paper money to the amount of 38,000,000 roubles.

Event Details

A meeting was held in April at St. Petersburgh of the Council of the different establishments of National Credit. The minister of Finance read a long exposé on the progress of the system of credit and its present state, reviewing beneficial effects from Imperial Banks established within the last fifty years and government's efforts to keep faith with public creditors despite recent embarrassments. He directed attention to last year's financial measures, noting the proposed loan fully met expectations with foreign capitalists taking a large share, demonstrating abroad confidence in government's resources and good faith, enabling finance system improvement without diverting native capital. The loan produced 28,000,000 rubles, aiding withdrawal of 38,000,000 roubles paper money.

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