Russia in 1839 -Empire of the Czar: A Journey Through Eternal Russia

204 FINANCIAL REFORM OF THE EMPEROR'S.

profound study of the political economy of the country could explain another very extraordinary fact resulting from this singularity, namely, that in Russia, the specie represents the paper, although the latter wras only instituted, and only legally exists to represent the former.

Having explained this anomaly to his auditors, and expatiated on all the mischievous consequences arising therefrom, the governor added that the emperor, in his constant solicitude for his people and for the order of his empire, had at length determined to put an end to a disorder, the progress of which threatened seriously to cripple the internal commerce of the land. The only remedy recognised as efficient is the definite and irrevocable fixing of the value of the coined rouble. The edict of the emperor accomplished this revolution in one day, as far at least as words could do it; but in order to realise the reform, the governor concluded his harangue by announcing that it was his majesty's will that the ukase should be immediately put in execution; and he added that the superior agents of the administration, and he, the governor of Nijni, in particular, hoped that no consideration of personal interest would prevail against the duty of obeying, without delay, the supreme will of the empire's head.

The honest men consulted on this serious question, replied that the measure, though good in itself, would destroy the most secure commercial fortunes if it were applied to transactions and bargains already made, and the terms of which would have to be fulfilled during the actual fair. While continuing to laud and admire the profound wisdom of the emperor, they