Written: Written on October 11, 1021
Published: First published in 1965 in Collected Works, Fifth (Russian) Ed., Vol. 53. Printed from the original.
Source: Lenin Collected Works, Progress Publishers, 1976, Moscow, Volume 45, page 331b.
Translated: Yuri Sdobnikov
Transcription\Markup: R. Cymbala
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I consider the matter of exceptional importance and urgency, because to conclude a loan with Italy, which is not demanding recognition of the old debts, might mean a break through the financial blockade.
I propose a secret commission from the Politbureau right away with a short term (2-4 days). Let us say, with the following on it: Litvinov, Scheinman, Radchenko, Krestinsky (with the right of his substitution by another member of the Collegium of the People’s Commissariat for Finance), and Bogdanov (with the same right).
The guarantee may be: timber (concession in the north); oil on the Ukhta; oil on the Emba; copper mines, etc.
(Commission’s assign merit (2-4 days):
the Italian proposal specifically
and then general basis of guarantees.)
 Written in connection with M. M. Litvinov’s letter of October 10, 1921, which said: “Comrade Vorovsky several times telegraphed and wrote to us about the Italian banks being prepared to grant us a loan with the knowledge of the Italian Government.” On the letter are Lenin’s markings (Central Party Archives of the Institute of Marxism-Leninism of the C.P.S.U. Central Committee).