Date: 1918
Source: ru:PSS/v36

The fourth task at hand is the replacement of old currency with new{134}. Money—those paper notes that are now universally referred to as “money”—these certificates of public welfare exert a corrosive influence and are fraught with danger, for as long as the bourgeoisie hoards these paper notes, it retains economic power.

To mitigate this phenomenon, we must implement the strictest possible accounting of existing paper money, ensuring that all old currency is fully replaced by new. Undoubtedly, in carrying out this measure, we will encounter extraordinary economic and political challenges; extensive preparatory work lies ahead—preparing several billion new banknotes, establishing savings banks in every township and in every district of every major city—but we will not be deterred by these difficulties. We will set the shortest possible deadline within which everyone must declare the amount of money they possess and receive new currency in exchange; if the sum is small, they will receive one ruble for each ruble; but if their holdings exceed the prescribed limit, they will receive only a portion of the total. This measure will undoubtedly meet fierce resistance—not only from the bourgeoisie, but also from the rural kulaks who have grown rich during the war and buried bottles filled with thousands of paper notes deep in the ground. We will confront our class enemy face to face. The struggle will be arduous, yet it will be a struggle worth fighting. There is no doubt among us that we must shoulder the full burden of this struggle, for it is both necessary and inevitable. Implementing this measure requires immense preparatory work: we must devise a standardized form for the declaration, we must intensify propaganda efforts at the local level, we must establish a clear timeline for exchanging old currency for new—and much more. But we will accomplish it. This will be the final, decisive battle against the bourgeoisie, and it will enable us to pay a temporary tribute to foreign capital until the hour of social revolution strikes in the West—and to carry out the reforms our country so desperately needs.

In closing, Comrade Lenin, speaking on behalf of the Council of People’s Commissars, addressed the Congress with wishes for fruitful deliberations. (Comrade Lenin’s speech was repeatedly interrupted by thunderous applause.)

The newspaper report was published on May 19, 1918, in Izvestia of the All-Russian Central Executive Committee, No. 99.

It was printed in full in 1918 in the book “Report on the Proceedings of the First All‑Russian Congress of Representatives from the Financial Departments of Regional, Provincial, and District Soviets,” Moscow.

Printed according to the text of the book.