V. I.   Lenin



Written: Written before November 3, 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 366b-367a.
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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Let’s have the figure:

1) how many-fold will your denomination increase the emission?

2) Why not (later) worsen the quality of the bank-notes to speed up their self-liquidation?



Your arguments against the module 1 : 50,000:

1) the worker will receive 25,000 rubles=1/4 ruble!!

2) the price of gold will be disproportional.
And with 10,000?

1) the worker will receive 25,000 rubles=2 1/2 rubles. All-Russia C.E.C. members receive 27,000=2 rubles 70 kopeks a month, 

2) gold?

Does not your argument boil down in essence to the need to keep open the possibility to yet another “retreat” when we put paper on a par with gold (within a year, two, etc.) only after the exchange rate of the ruble is consolidated?


a) there is need for an emission

b) 1 : 10,000==cautious probe, “probing the soil”.


1) Semyon Yenukidze has calculated:

roughly the same quantity of paper (13,000 and 12,000 poods) gives
4,500 thousand million old rubles, and 457 million new ones, i.e., the same 4,500 thousand million old ones.

Is that so?

What, does it give us?

2) Isn’t it better to use bad paper to allow the issued money to be self-liquidated faster?


[1] The notes were written in connection with the preparation for denomination as a means of regulating the currency of money and stabilising the ruble. Under a C.P.C. decree of November 3, 192!, one ruble of the new issue was equal to 10,000 of the old issues (see Izvestia VTslK No. 263, November 26, 1921).

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