| Popis: |
Witte understood the gold standard very literally as the introduction of gold coins and the elimination of paper cash of small denominations. As a result of the reform, the social pyramid of the monetary system turned upside down: wealthy people were expected to use paper banknotes, while simple folk had to operate with silver and gold coins. Predictably, there was a great deal of discontent, especially in the agrarian sector. The new system’s vulnerability became even more apparent when Russia attempted to introduce the gold ruble into the Eastern “realm of silver,” that is, Bukhara and Manchuria, where the population stubbornly continued to value the ruble by its reputation and purchasing power, not according to its gold “content.” |
