V. I.   Lenin



Written: Written on March 27, 1921
Published: First published In 1959 in Lenin Miscellany XXXVI Printed from the original.
Source: Lenin Collected Works, Progress Publishers, 1976, Moscow, Volume 45, pages 106b-107a.
Translated: Yuri Sdobnikov
Transcription\Markup: R. Cymbala
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Comrade Preobrazhensky:

The “co-operative” circles, headed by Prokopovich, Kuskova & Co., are said to wish to make this proposal to the government: 

we shall help you to restore the currency, if you allow us to issue bonds secured by our (co-operative) commodity stocks.

This is ridiculous, because it is tantamount to the capitalists’ proposal: we shall help you to restore the currency, if you let us have commodity stocks.

But apart from being ridiculous, it emphasises the gist of the matter: we must start just now, when the tax in kind and the exchange (for grain) are being introduced, to make systematic preparations to “improve” the currency through the issue of bonds secured by commodities (the commodity stocks, the grain stocks, etc.).

There must be no delay over this. This should be thought out, prepared and started, without waiting for the settlement of the silver issue.

Have you brought all this up for your commission, and in it?[2]

Drop me a couple of lines by 11 a.m. tomorrow (28).

We shall appoint you a member of the Collegium of the People’s Commissariat for Finance, This will not take much time, but will put you in touch with the P.C.F.[3]

Give your attention to Falkner (him; “her”[1] brother). Perhaps he will move closer to us and join in the work?

With communist greetings,


[1] Maria Smith-Falkner, S. A. Falkner’s sister.—Ed,—Lenin

[2] A reference to the Finance Commission of the R.C.P.(B.) Central Committee and the C.P.C., set up on Lenin’s proposal soon after the Tenth Party Congress to work out financial policy in connection with the switch to the New Economic Policy. Its chairman was Y. A. Preobrazhensky.

[3] On March 28, 1921, the Politbureau of the R.C.P.(B.) Central Committee and on March 29, the C.P.C. adopted a decision to include Y. A. Preobrazhensky in the Collegium of the People’s Commissariat for Finance.

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