V. I.   Lenin



Written: Written on December 26, 1921
Published: First published in 1959 in Lenin Miscellany XXXVI. Printed from the original.
Source: Lenin Collected Works, Progress Publishers, 1976, Moscow, Volume 45, page 421b.
Translated: Yuri Sdobnikov
Transcription\Markup: R. Cymbala
Public Domain: Lenin Internet Archive You may freely copy, distribute, display and perform this work; as well as make derivative and commercial works. Please credit “Marxists Internet Archive” as your source.
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If this is true, it is not bad.[2]

Perhaps these two things could be done:

1) a weekly (monthly for a start) inventory for the whole R.S.F.S.R.

a) of the quantity of commodities held by the state
(exchange fund)

b) quantity of bank-notes

2) by way of experiment in one or two uyezds issue (through co-operative establishments?) exchange bonds, fully secured by the commodity fund?

Inventorying the commodity fund is not the business of the People’s Commissariat for Finance. This calls for some additional structuring or restructuring to take account of all the material budget. Still, we have authorised Syromolotov to do this.

The bonds could be issued when the commodities are available, and, I think, they will be all right, but in the initial period there will be little benefit for our own pocket.

{{ My purpose is not “benefit for the pocket”, but experiment, experience. }}


[1] These memos were apparently written at the Ninth All-Russia Congress of Soviets during the discussion of the question “On Finance and the Budget”.

[2] A reference to the gold ruble revenue from the issue of money and the surplus-food requisitioning for 1918–19 and 1920.

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