Loans to the Provisional Government-Soviet Financial Decrees-Continued DECREE OF THE SOVIET GOVERNMENT REPUDIATING ALL FOREIGN STATE LOANS, FEBRUARY 3, 1918: PROTEST BY THE DIPLOMATIC CORPS AT PETROGRAD; RESOLUTION OF THE INTER-ALLIED COUNCIL-MEASURES INTERFERING WITH BANKING DECREE REQUIRING REGISTRATION OF ALL SECURITIES, APRIL 20, 1918ASSUMPTION OF THE SERVICE OF THE RUSSIAN DEBT BY THE BRITISH GOVERNMENT; USE OF BANK BALANCES AND RECEIPTS FOR THIS PURPOSE BY THE RUSSIAN EMBASSY IN THE UNITED STATES-DISCONTINUANCE OF PAYMENTS BY THE BRITISH GOVERNMENT; Impounding of RUSSIAN ASSETS-POSTPONEMENT OF INTEREST DUE TO THE AMERICAN GOVERNMENT; CONTINUANCE OF PAYMENT ON BONDS HELD BY PRIVATE INVESTORS

30

31

31

31

Jan. 7 From the Consul
General at
Moscow (tel.)
From the Consul
General at
Moscow (tel.)

165

Jan. 29

2348 Feb. 8 From the Ambassador in Russia (tel.)

Payment in the United States of
interest (Jan. 1 and May 1) on
Russian loans privately owned.
Consular Corps protests the order
of the de facto government affect-
ing safety vaults.
Banks closed. Consuls will pur-
chase rubles by selling drafts on
Department.

All-Russian Central Executive Com-
mittee approves decree of Council
of Commissars annulling all state
loans.

Transmits text of decree regarding
annulment of state loans adopted
by Central Executive Committee,
Feb. 3.

Joint protest by the Diplomatic
Corps against repudiation of Rus-
sian state loans and confiscation of
property.

Resolution of Finance Section of
Inter-Allied Council on Russian
repudiation of loans.

Discussion of proposed further joint
protest against Bolshevik decrees.

Consuls instructed to pursue the
general lines of the joint protest
against Bolshevik decrees.
Commends judgment shown
refraining from further joint
protests.

in

36

Understanding that surplus Russian
funds will be applied to interest
on obligations up to and including
July 1.

Agrees to proposed use of surplus
Russian funds.

Soviet government annuls all loans,

confiscates property, and levies
contributions, causing loss to
Americans.

38

388

Loans to the Provisional Government-Soviet Financial Decrees-Continued

Loans to the Provisional Government-Soviet Financial Decrees-Continued

F

Attitude of U. S. Treasury officials 51
toward postponement of interest
due Nov. 15 from Russia.
Payment of interest on Russian ob-
ligations held by the U. S. Gov-
ernment and those held by pri-
vate investors.

Note from the Kolchak government

at Omsk, assuming responsibility
for Russia's liabilities.
Department sees no objection to
payment of interest due to-day on
Russian bonds privately owned.
Deprecates further payment of in-
terest on Russian obligations pri-
vately owned unless interest due
the United States is paid.

Forwards copy of his note of Dec.
11 to the Russian Financial At-
taché.

Advisability of Russia's meeting
present payment of interest to
private investors in order to main-
tain note values.

Forwards copy of letter of Dec. 17
from the Russian Financial At-
taché.

Discussion of interest due the
United States and private inves-
tors on Russian loans.
Acquiescence in payment of interest
due Jan. 10 on Russian bonds
privately owned.

Treasury will make no objection to
payment of interest on Russian
bonds privately owned, maturing
Jan. 10.

52

52

53

54

53

54

54

55

56

56

CHAPTER II. EFFORTS TO STABILIZE RUSSIAN CURRENCY PROPOSALS FOR FINANCIAL ASSISTANCE TO THE PROVISIONAL GOVERNMENT OF THE NORTHERN REGION AND FOR THE PROVISION OF CURRENCY IN CONNECTION WITH ALLIED AND AMERICAN OPERATIONS IN RUSSIA-BRITISH PLAN OF AN OFFICE OF CONVERSION AT ARCHANGEL ISSUING NOTES BASED ON STERLING DEPOSITS

Efforts to Stabilize Russian Currency-Continued

No.

Date

From and to whom

1918 Undated

From the Secre-
tary of the
Treasury

Sept. 4 From the Ambas-
sador in Japan
(tel.)
To the Ambassa-
dor in Japan
(tel.)

Aug. 31

980 Sept. 5 From the British

Chargé

Suggests issuance of ruble certifi-
cates in small denominations for
use of U. S. troops at Vladivostok.
Suggestions regarding currency for
troops in Siberia; forcing of the
yen into use by Japanese.
Quotes undated letter from the
Secretary of the Treasury. See
supra.

British plan for a new ruble note in
north Russia based on sterling
reserve at the Bank of England.
Department is considering the sub-
ject of Russian currency.

Forwards British financial scheme
for office of conversion issuing
new ruble notes.

French plan for establishment of an
inter-Allied bank.

Plans for currency in Russia and
Siberia are in the hands of the
Department of State.

Urgency of proceeding with cur-
rency plan for north Russia.
Further discussion of financial

71

Britain (tel.):

Crosby to

Rathbone

433 Oct. 1

From the Ambas-
sador in Russia

(tel.)

British Government is ready to
begin operation of currency
scheme in north Russia.

71

AMERICAN PLAN OF AN ALL-RUSSIAN CURRENCY BASED ON COMMODITY TRANSACTIONS EXECUTION OF THE BRITISH PLAN WITH AMERICAN CONSENT; DIFFICULTIES ENCOUNTERED-FRENCH PLAN FOR A SIMILAR EMERGENCY CURRENCY ISSUE IN SIBERIA-PROTEST BY THE RUSSIAN AMBASSADOR AGAINST MEASURES TAKEN WITHOUT CONSULTATION OF THE OMSK GOVERNMENT SHIPMENT TO VLADIVOSTOK OF NOTES PRINTED IN THE UNITED STATES FOR THE PROVISIONAL GOVERNMENT DETAINED BY THE AMERICAN GOVERNMENT