LENIN’S NOTEBOOK members of the conference. The document printed here was written by Lenin on the basis of a summation of the debates on the issues discussed at the conference. (Ya. S. Ganetsky, "Lenin and the Nationalization of Private Banks," "Proletarian Revolution" No. 5, 1926.)
21)58
ON THE COMPULSORY HOLDING OF MONEY
IN BANKS 1
[April 1918]
1) To deposit money in a bank is mandatory (under the threat of confiscation and revocation of the right to land)
2) Pay 4% on deposits
3) Of the deposits
*/3 remains in local branches, and 2/3 in the central bank.
1 This thesis was possibly drafted by Lenin in connection with paragraph 9 of the resolutions of the Financial Conference, convened in April 1918 to develop theses on banking policy (see p. 163 of the Notebook).
AMENDMENTS TO DRAFT DECREES
ON THE REGISTRATION OF INTEREST-BEARING SECURITIES 1
EARLIER THAN APRIL 16, 1918
1.
illegible

DRAFT DECREE No. 1.
"Taking into account that until the ratification of the peace treaty with the states that fought against Russia, the sale of shares and bonds to subjects of states that fought against Russia was prohibited, from July 19, 1914 to December 29, 1917], that the decree of December 29 prohibited all kinds of transactions with shares and their transfer from hand to hand, except for inheritance - the SNK, according to the submission of the VSNKh, resolves:
1.
Persons who, during the registration of shares according to the decree of April 2, are found to have made an illegal and therefore legally invalid attempt to alienate shares by any means other than inheritance, are subject to confiscation of all property in favor of the state.

ON THE REGISTRATION OF INTEREST-BEARING SECURITIES
1 1 3 "
DRAFT DECREE No. 2.
In the interests of the state, the mandatory registration of
shares and other valuable interest-bearing securities is introduced [on the following bases:
I.
Every owner of shares held in one of the Banks of the Russian Republic is obliged to deliver the
shares belonging to him for registration to one of the offices or
branches of the banks of the Russian Republic.
3.
Owners of shares held in banks are obliged to submit to the offices or branches of the State
Bank a list of shares and other securities belonging to them
indicating in which banks they are located, with the presentation
of documentary data confirming their statement, after which these shares are stamped and registered, as indicated
in Article 2, point.
Note:
Valuable
% and/o securities held in safes, [in the event that no evidence to the contrary is presented I
are considered the property of the safe depositor.
7. Registration
is also subject to annulled valuable securities and shares of confiscated enterprises, in order to ensure
fair interests [clarification of the number and identity of small
holders, [subject to] satisfaction].
8. Registration of Russian interest-bearing
securities, bonds"! and shares, private societies, public and state
securities * and securities located abroad is carried out
regardless of whether they belong to Russian or foreign
subjects] citizens, and for registration, their physical presentation to persons and institutions is mandatory,
which will be authorized by the relevant diplomatic representatives
of Russia abroad to keep state registration books in the corresponding states.
*
This phrase was written by Lenin in pencil under the text of the
decree draft. Ed.

I fi8
LENIN’S
NOTEBOOK
ill.
n m
DECREE ON THE REGISTRATION OF SHARES, BONDS AND OTHER
INTEREST-BEARING SECURITIES 1
[April 16, 1918] 2
1) In pursuance of the decree of December 29, 1917, on the
termination of payments on coupons and dividends (see Collection
of Laws No. 13, Art. 185, dated January 5, 1918), the system of bearer
shares and all kinds of other interest-bearing securities is abolished
and henceforth only registered interest-bearing securities may have legal force.
Note**. Those state interest-bearing securities that have been given circulation on a par with banknotes by a special government decree,
are not subject to this article.
2) In accordance with this, mandatory registration is introduced
of shares, bonds and all kinds of other [%] interest-bearing
securities, both Russian and foreign, belonging both to citizens
of the Russian Soviet Republic and to foreign subjects citizens residing within the territory. Of the Russian Soviet
Republic.]
3) Every owner [as well as or holder of the securities specified
in Article 1 is obliged to submit them for registration to one
of the offices or branches of the People's (State) Bank
of the Russian Soviet Republic.
4) On the securities presented, according to the [previous] previous
paragraph] article, the State Bank, under its seal, indicates the first name, patronymic, last name and address of its
owners*, [and] which are also entered in the registration book
of securities.
5 y All branches of the People's
State j) Bank, [as well as] State
Savings Banks, all state and public institutions, as well as not nationalized
credit institutions in which shares and interest-bearing securities are held in storage, in management, in pledge,
as security, etc., are obliged to register the securities located
there, recognizing as their owners those physical
The title is given by Lenin. Ed.
In the draft, the note was attributed to Article 2*. Editing
the draft, Lenin marked it: «/» article] 1». Ed.

ON THE REGISTRATION OF INTEREST-BEARING SECURITIES

or legal entities in whose name and on whose behalf they are entered.
All this registration information must be concentrated in the local branches of the People's State; Bank.
Note. Interest-bearing securities held in safes " are considered
unless proven otherwise the property of the safe depositors, unless in the safe itself
there is evidence to the contrary.
6^ The alienation of shares, bonds and all other securities
is prohibited
The prohibition to alienate shares, set forth in the law] of 29. XII. 1917, remains in force until
the issuance of a law on the introduction of a permissive system for the
alienation of shares. Only shareholders who have properly and timely
registered them will be entitled to compensation in the event of nationalization of enterprises in those
amounts and with those conditions that are to be determined
by the law on nationalization. Receipt of dividend]
Likewise, only such shareholders will receive the right to a dividend after its payment, suspended by the law of 29. XII. 1917, is permitted.
7 Presentation of shares and other interest-bearing securities held in
hand, must be preceded by the filing of applications.
The form of these applications, the deadline for their submission and further rules
relating to the presentation of shares and their registration are determined
by the People's Commissar of Finance and are published for
general information.

All shares for which the applications indicated in Article 7 are not submitted within the specified period are subject to gratuitous
transfer to state ownership.
Note*. Owners and holders of shares who have not complied with the
provisions of this decree are subject to imprisonment for a term of not less than one
year.
9) Registration is also subject to annulled
[valuable] securities and shares of confiscated enterprises, in order to ensure
the fair interests of the holders.
*
The note in the draft was attributed to Article 10. Editing the draft,
Lenin marked on the margins: «Note to Article 8 on page 3». Ed.

10j Registration of Russian interest-bearing securities, bonds, and stocks of private, public, and state [entities] located abroad,
is carried out regardless of whether they belong to Russian or foreign citizens, whereby
for registration it is mandatory to present them * in kind
to persons and institutions that will be authorized by the corresponding diplomatic representatives of Russia abroad
to keep state registration books in the corresponding states, within the time limits that will be established by the indicated diplomatic representatives.
Chairman of the Council of People's Commissars: V. Ulyanov (Lenin)
People's Commissars *:
1 The first two draft decrees on stocks were developed in the Supreme Council of National Economy.
But after reviewing the drafts, Lenin crossed out the text of the first, edited the second, but apparently considered it unsatisfactory, which necessitated the development of a new draft. The third draft, developed
by a member of the collegium of the People's Commissariat of Finance D. E. Akselrod, was edited by Lenin, given a title and, after discussion in the Council of People's Commissars on April 18, —
approved by him as a decree. The decree was published in "Izvestia"
All-Russian Central Executive Committee No. 78 of April 20 (7), 1918.

The date is determined from Lenin's letter to D. Ts. Bogolepov and I. E. Gukovsky of April 16, 1918 (see below).
NOTE TO D. P. BOGOLEPOV AND I. E. GUKOVSKY.
To Comrades Bogolepov and Gukovsky.
16. IV. 1918
I am sending you a draft law on stocks1. Mandatory and urgent.
1) discuss
2) outline your amendments
3) immediately involve specialists you know in
discussion (request feedback from them—preferably in writing; you can order feedback from professors).
* Signatures are missing. Ed.