Written: Written on April 23, 1918
Published: First published in 1959 in Lenin Miscellany XXXVI. Printed from the original.
Source: Lenin Collected Works, Progress Publishers, 1975, Moscow, Volume 44, page 81b.
Translated: Clemens Dutt
Transcription\Markup: R. Cymbala
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Push hard in the Supreme Economic Council for a discussion on replacing the old paper currency by new; Gukovsky jibs at it, but I think it should be pushed forward.
 This refers to preparations for a monetary reform in order to establish a stable Soviet currency and overcome the inflation caused by the war and the economic policy of the tsarist government and the bourgeois Provisional Government. Lenin raised the question of the need for a monetary reform in December 1917 in his “Draft Decree on the Nationalisation of the Banks and on Measures Necessary for Its Implementation” (see present edition, Vol. 26, p. 403). Preparations for the monetary reform wore made under the direct guidance of Lenin. He urged more speed in preparing and issuing new, Soviet currency notes, and went into all details of the proposed designs. (See this volume, documents 125 and 126, and also Lenin Miscellany XXI, p. 180.)
Owing to the foreign military intervention and the Civil War, and the transition to the policy of War Communism, the monetary reform was not carried out in that period. The first Soviet monetary reform on the basis of Lenin’s principles was effected in 1922–24.