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| Imperial Russia 5 Rubles banknote |
Russian money of the Imperial period - 5 Rubles banknote of 1840, issued by the State Commercial Bank.
Obverse: Double-headed eagle with raised wings - State Coat of Arms of Russia. On the top of the banknote is the text field: "State Commercial Bank. Produces according to this note immediately upon presentation of his five rubles in silver coin ".
Reverse: Text - Rules for the organization of deposits.
Russian money of the Imperial period - State Commercial Bank.
State Commercial Bank was established in 1817 to promote domestic trade and industry. The new lender's successor accounting firms Assignation Bank. The base of the Commercial Bank preceded the next event. In 1803, the trading house "Ponomarev and K0" sought the large loans from the Treasury - from 100 to 150 rubles. The request was considered at a meeting of the Council of State ruled that the named firm has no advantage over other companies in obtaining such a loan and that assistance to the Russian merchants would be useful to establish a special bank.
April 22, 1803, Alexander I ordered a plan to establish a new bank. However, because of the worsening of the situation of foreign policy, and then the war with Napoleon, the solution of this issue, it was long delayed. In 1817, the Minister of Finance Count DA Guriev presented to the State Council proposal to establish a state commercial bank. According to the draft core capital - 50 million rubles. - Form of shares of one thousand rubles. each. Thus, the new Commercial Bank was conceived as a joint stock.
Having considered the draft DA Guriev, the State Council decided to open in St. Petersburg Commercial Bank with a capital of 30 million rubles. In the manifesto of May 7, 1817 was promulgated charter a new bank.
The main purpose of the Commercial Bank was formulated in the manifesto as promoting "the spread of agriculture, industry, commerce and the common good", but the real challenge given the new credit facilities were provided by the Russian merchants of cheap credit.
Commercial Bank in St. Petersburg began to conduct operations only 2 January 1818. The sources of the bank's capital was the residual sum of accounting firms Assignation Bank transferred funds from the twenty-five expeditions at Loan Bank, as well as the capitalization of the profits of the Commercial Bank. At the opening of its capital stock actually amounted to only 15.8 million and only later rose to the planned value (30 mln.).
Commercial Bank of producing deposits, bill discounting, issue of commercial loan, transferring money and time deposits by the rules Loan Bank, first published in 1786. The amount of money you can put in the bank for at least 3 months at 5% per annum. Deposits can be deposited not less than 6 months, a commission of 0.5% per year. Deposited gold and silver were made in foreign coin and bullion. Have deposited with a nominal value of issued certificate, which could be transferred to another person. Provision was also so-called "transfers", or money orders. The Commission in this case is 0.25% of the total. Payment of interest on deposits was carried out of the bank's profit from conducting accounting and loan operations. As in other European banks, introduced by the bank was not subject to property tax.
The funds raised went to the bank's development of accounting and loan operations. Chief among them was the discount of bills - simple and transferable (drafts). As stated in the charter of the Commercial Bank, "in consideration of accepted notes of Russian citizens and foreign visitors, generating trade or business of bankers, or containing plants and factories and trading companies." Discount a bill at the bank could merchant, industrialist or keeper banking house - by the standards of the first half of XIX century. also trader selling the money.
When accounting bill puts a condition that one of the participants in the transaction of the bill - the drawer, nadpisatel, Makers (in modern terminology - the drawer, drawee beneficiaries) had Russian citizenship, as well as "that one of the parties to the bill had stay in St. Petersburg." The main criterion for discounting bills were reliable borrowers. Bills in the amount of more than 10 thousand rubles. took into account only the "first-class" borrowers - big merchants of the first guild.
Accounting bills decided to hold for up to 9 months at 2/3% per month (8% per year) with a possible adjustment to the discount rate depending on the changes in the market. So, from May 10, 1819 discount Commercial Bank was slightly reduced - up to 7/12% per month (7% per year). The average bank rate in the 1818-1859 years. ranged from 6.5 to 8%, while the average private discount at this time was 18%. Commercial bank discount rate is reviewed every fortnight and approved by the Finance Minister on the proposal of the Management Board.
Failure to pay the bill on time in accordance with prevailing statutes of bill payer is deferred - 10 "soft" days, during which he had to pay off the debt. Otherwise, the bill is presented to the protest, which often ended with the announcement of the debtor bankrupt and auction sale of the property.
In addition to the bills, commercial banks were allowed to take account of other securities - receipts Petersburg Mint "for making the office of weights of gold and silver" 3.
Commercial bank loans issued under the statute accounting firms Assignation Bank - on the security of Russian products for up to 6 months. Lending under the goods subject to strict regulation: established product line (only in some cases, the government expanded the list of products that are taken as collateral) and the maximum loan size - from 56 to 75% of value of goods.
Accounting and loan operations carried out through brokers, which according to the ordinance of the Commercial Bank as members of the bank officials. Brokers - Stock market notaries, fixed promissory note transactions and loans - carried a special responsibility for the choice of accounting in the Commercial Bank only reliable bills. Broker services rewards from referrals (Brokerage), which by commercial loan was 0.25% of the loan amount.
The highest executive body of the Commercial Bank was his rule, directly involved directing the banking operations and represent the bank in its external relations with other departments and organizations. Chairman of the Board was the manager, who reports to eight directors. And managers, and directors appointed by the Minister of Finance and approved by the emperor. This habit of government agencies led to order a change of leadership of the Commercial Bank after the change of finance minister.
Half of the directors - the so-called directors "from the government" - were drawn from the officials and the other half - of the merchants, "with sufficient information on the position and speed of trade." Director "of the merchants" were elected for four years. These could be the merchants of the first and second guilds Petersburg merchants who traded at St. Petersburg and Kronstadt port. After two years, two of the four directors were replaced by lot. The next two years re-elected and the remaining two directors from the merchants.
Director of the government led by four branches of the bank: Branch deposits and transfers, Branch of discounting bills, Branch loans on goods and Kassirskii department consisting of three banks (total ticket deposits and deposit amounts, daily box office receiving the amounts, daily box office issuing sums). In the offices of the bank, other than directors, worked as an accountant and controller "with the necessary number of assistants." They are appointed on the proposal of the bank manager with the approval of the Minister of Finance. White collar (counters, etc.) was taken at the service of the bank.
The Board of Commercial Bank in session daily. It solves the problems associated with the activities of the bank and its business and proceedings, as well as an interest in politics. If the directors of the government were required to attend meetings every day, then director of the merchant class - only twice a week (in fact, they played a role in the Board of Consultants, lacking real authority). Directors were largely limited to making decisions on granting loans - by statute in 1817 the responsibility for accounting bills were attributed mainly to the brokers.
At the opening of the Commercial Bank in St. Petersburg began work on creating its branch network. During his stay, DA Guriev as Minister of Finance was established more than half of the bank's offices. Moscow was the largest firm with working capital of 4 million rubles. Established August 5, 1818. In 1819, the offices were established in the major port cities - Odessa (with a capital of 3 million rubles.) And Archangel (2 million rubles.). In 1920, the office of the Commercial Bank appeared in Riga in 1821 - in Astrakhan in 1839 - in Kiev, in 1843 - in Kharkov, in 1847 - in Yekaterinburg. At the time of fairs in 1820 opened a temporary office in Nizhny Novgorod, and since 1841 - in Rybinsk, in 1846 - in Irbit, in 1852 - in Poltava. Thus, as part of the Commercial Bank had 7 offices, located in major cities, and 4 temporary offices.
In the operations office of the Commercial Bank was guided not only by its charter, but also specially issued for these provisions, which take into account the specific nature of the various regions. Thus, Ekaterinburg office "after their manner producing loans secured by iron and copper from 3 to 12 months" 4. Odessa office allows you to buy gold and silver in foreign coin, and thus the exchange of foreign coins to Russian rubli5. Astrakhan branch of this bank could take the mortgage loan products, not identified in the statute - Asian silk and cotton. Kharkiv office gave out loans wool, vodka, nitrate, sugar and tobacco. Poltava Branch gave out loans against fur Kharkov only shareholder of the company.
The Commercial Bank of element in the program was the Minister of Finance DA Guriev development of domestic industry. Guriev was important to focus on the statute of the new bank charters of the Bank of England and the Bank of France, the prospective nature of the share of commercial banks and provided extensive lending them the Russian industry, is embodied in the opening of its offices in the major cities of the empire. Under this program, together with the commercial banks in 1817 was the creation of the Council of state credit statutes, coordinating the activities of state banks. It included both government officials and elected representatives, including six members of the merchant class. Up until the establishment in 1828, the Board of the Council of manufactories public credit establishments was the only state agency which introduced the representatives of the bourgeoisie.
Intensive development of domestic trade and industry DA Guriev considered necessary to the military might of the Russian Empire, supported by robust economy supported by government loans. Although the plan D. Guriev was aimed at the gradual convergence of the principles of the unit of the Russian economy to the developed countries of Europe, it does not share the views of the popular in Russia in the early XIX century. economist Adam Smith on the issue of government intervention in the economy. DA Guriev is considered desirable intervention (in particular, the development for the benefit of commerce and industry of the state credit and protectionism). This position was due to Russian realities - underdevelopment of factory production and the weakness of the Russian bourgeoisie. Guriev wanted to change that by providing merchants seat in the public credit institutions.
In 1821, the Minister of Finance made a bold project liquidation Loan Bank and the establishment of its residual capital of the State Insurance office for lending the domestic industry. Insurance office was supposed to create at the Commercial Bank in exchange for existing Loan Bank Insurance expedition. DA project Guriev was rejected, but he continued to pursue their dreams.
Shortly before DA Guriev the post of Minister of Finance (1823) adopted a protectionist customs tariff in 1822, restricting the import of foreign products, and eased the competition with domestic products, especially textiles (1819 rate setting lower duties on foreign goods). Among merchants fare in 1822 was called "conservative." Imposed greater restrictions on the importation of foreign goods, similar to that produced in Russia. In 1822, he was completely prohibited, in particular, "Large colorful silk products and printing." Not surprisingly, after 1822, in Russia began to develop intensively light industry, mainly in the 1830s and 1840s. Revs fairs - especially large among them Moscow, Makarevskaya, Rostov, Irbit. One can safely say that this was achieved by DA Guriev.
First Commercial Bank Managing Ribeaupierre Alexander (1781-1865) was invited personally DA Guriev. AI Ribeaupierre thought was his duty not to break with the existing foundations and their improvement. For his merits he considered that the activities of commercial banks to alleviating trade turnover merchants. In the early years of commercial bank domestic credit strengthened - Petersburg lenders, back in 1810s. holding the discount and interest on loans at 12-15% per annum, reducing it to 7.8%. According to the researcher of Russian banks YI Pecherin "every year bank turnover increased in all operations" 6. This basically refers to the first decade of the Commercial Bank. AI Ribeaupierre wrote: "... my creation has brought great benefit to commerce, industry and credit" 7.
Care A. Ribeaupierre of the Ministry of Finance in 1823, due to the reluctance to work with the new Minister of Finance, EF Cancrinite, protege AA Arakcheev, became one of the DA's resignation Guriev. EF Kankrin, critical of the financial projects of his predecessor, refused the original purpose of the Commercial Bank, turning it into a source of resources of the Treasury. Not considering it necessary to expand the branch network of commercial banks, in 1828, he refused to allow the opening of the offices of a bank in Tiflis (Tbilisi), with the excuse that local merchants "not yet reached an appropriate degree of European education" 8. When in 1830 the Polish bank made a proposal to establish correspondent relationships with commercial banks, Kankrin again refused, allegedly to counter the Polish influence. Later (in 1838) under the same pretext he gave permission for the liquidation of the Polish Agency Berdichevsky bank. For five years - from 1841 to 1845 - was delayed opening of a commercial bank in Rybinsk. As a result, over 20 years of management by the Ministry of Finance of the EF Kankrin branch network of commercial banks increased by only two institutions.
Meanwhile, the Commercial Bank has gone through several managers, the selection of which spoke of the crudity of the banking personnel policy. Directors of Commercial Bank is the former military or diplomats, who had no firm knowledge of banking. Of these, most famous for Sergei Semenovich Uvarov (1786-1855), appointed successor AI Ribotpierre. Position control of commercial banks, it is both the director of the Department of Manufactures and Internal Trade (1822-1832 gg.) And President of the Academy of Sciences (since 1818). SS Uvarov was known as the Minister of Education, who formulated the doctrine of official nationalism: "Orthodoxy, Autocracy, Nationality".
EF successor Kankrin graph FP Vronchenko for commercial banks continued the line, scheduled predecessor. Since much of the resources of the bank loans are not placed in trade and industry, the opening of new bank facilities did not contribute significantly to economic growth. Project in 1848 on the establishment of offices of commercial banks in London and Hamburg - a major center of European trade - was rejected.
Since the resignation of DA Guriev quickly developed only deposit operations, while accounting bills and issuing commercial loan over time reduced. Justly observes historian SJ Bor, "the relationship between capital and operating prazdnolezhaschim evidence of the weak development in Russia's economic life and business." 9
The discrepancy between the operation and development of small deposit placement of funds in loans was due to the insufficient development of domestic industry and trade. In 1819, AI Ribeaupierre consulted with officials of the Ministry of Finance, should I leave in Moscow sent to the office of the Commercial Bank of 2 million rubles. "The news that in the summer months there the trade is quite insignificant, and therefore accounting bills can not be extended to this present time, I I ask you ... immediately inform me whether you think the right, according to local reports, the last sent from the office of the bank two million rubles in Moscow to hold and find a proper use of this capital, otherwise these should be returned to the bank, that is not in vain prolezhivat in the office "10.
Accumulation of deposits and weak development of commercial bank operations encouraged to search for their other uses of funds. In 1825 commercial banks began to transfer the remaining deposits without using borrowed bank "for the increment of interest." In the middle of XIX century. thus passed from an average of 90 to 95% of all incoming contributions (by the end of 1855 - 212.46 million rubles., by the end of 1856 - 222.02 million rubles., by the end of 1857 - 229, 37 million rubles.). Another important way of placement of funds are big loans the Treasury debt that the state credit statutes in 1859 reached 443 million rubley11.
Commercial Bank took an active part in the monetary reform of 1839-1843 years.: January 1, 1840 at the Commercial Bank Deposit Insurance Fund was established, which took deposits from the public and to issue a silver coin on deposit special tickets - issued by the bank paper money freely exchanged for silver coin and take in the payments. They return, even after 1843, when it was announced exchange old banknotes for government credit cards, - until the early 1850s.
Thus, a significant part of the resources of the Commercial Bank constantly distracted from lending industry and trade, or "perekochevyvaya" borrowing bank or adding resources of the Treasury, or serve as collateral for government paper money. Only the remaining funds raised - in the 1830-1840-ies. the proportion ranged from 15 to 50% - were used for accounting and loan operations. At a time when the Minister of Finance was EF Kankrin, especially after 1841, there were reductions in discount lending transaction and intensive use of the Bank's resources for lending to the nobility (in Loan Bank), or the needs of the Treasury. Share accounting operations relative to the amount of deposits at all times to decrease: from 15.6% in 1838 to 7.3% in 1856 godu12.
Most of the loans were given out in the form of merchant account short-term bills. Commercial banks lend mostly large merchants, owners of shopping centers, often linked to the textile industry. He did not seek to extend its operations to all categories of merchants, and the less wealthy merchants still had to borrow one from a friend or conduct business on its own. The reason for this was the lack of development of the branch network, does not cover even the most provincial towns of Russia.
In 1819, the charter of the Commercial Bank of additions have been made, providing for expansion of the list of goods that could be collateral for a loan. Henceforth pledge taken domestic product factories - glass, mirrors, cotton, feather hats. However, an attempt to legalize the charter of the bank lending industry has failed. It was considered more appropriate to credit the purchase of products of Russian factories in order to stimulate production. In other words, the priority given to trade, which fritrederstva13 supporters, amongst whom DA Guriev, considered the main condition for the growth of prosperity. At the same time pay attention to the practical side of things - loans to industrial enterprises belonged to the illiquid assets.
The short-term paper credit, widely popular in Europe, Russia beget bad. Rapid return of the loan to the bank provides, as a rule, only to pay off quickly weaving, so rapidly developed mainly light industry. The development of the Ural mining industry was determined by the fact that it was closely linked with the Treasury and carried out her orders.
Growth of short-term commercial lending merchants stimulated internal trade - especially the development of trade fairs. On the other hand, often unrealistically short time bill credit forced merchants to manage their own funds or borrow money at a significant percentage (usually 18-20% per annum) from moneylenders. One of the founders of the State Bank of Helena Lamansky pointed out that Russian merchants prefer not to consider bills in a government bank. Buying product "under the bill," many merchants put a condition that bills were not brought to account at the bank. The reason was mistrust of government institutions, with their red tape, bribery and embezzlement. When taking into account the bank's bills officials preferred merchants of the first guild, and only after satisfying their needs to consider applications shopkeepers. Merchants third guild remained in the queue and had very little chance of obtaining a loan. Up until 1818 they were completely deprived of public kredit14.
Lucrative positions were considered in the bank brokers, receive, in addition to high brokerage, and large bribes. The formation of such an institution Commercial bank intermediaries, typically in Europe, in Russia was judged various abuses. To appease the banking administration, brokers every year - usually on the feast of Our Lady of Kazan - give a dinner to attend, and high-ranking officials from the Ministry of Finance. No accident that one of the achievements EI Lamansky considered the abolition of estate agents in creating the State Bank.
Merchants often do not seek the services of commercial banks, since a long time in large Russian cities like Moscow, was not properly organized trade. Until 1831 in the "white stone" was not the Exchange - merchants gathered, usually in the arcade, making deals under the receipts on plain paper, or even "a word merchant." Known merchant IK Babst, who became a professor at Moscow University, wrote about grandparents' foundations of Russian merchants: "After a year passes Rybinsk commodity grain and coins up to 30 million rubles., And the form of credit has the same mark attorney. Merchants trust each other considerable sums on the notes on a simple sheet of paper without following all forms, and the temporary office of the Commercial Bank of Rybinsk, where they presented each year to 100 thousand rubles., Can not take them. "15 IK Babst noted that such orders were ubiquitous.
Have been in the financial circles of Petersburg representatives of France were well aware of the "imperfect" (in their opinion) of commercial banks. In 1847, the vice-director of the Bank of France appealed to the leadership of the Commercial Bank to an "improvement" of his work: expanding the range of operations and limiting bureaucracy hindering the success of the bank. These proposals were considered by the Minister of Finance, FP Vronchenko but were not prinyaty16. As a result, all subsequent years remained Commercial Bank Bank for crediting the Treasury, its agencies, as well as the merchant elite linked with a major Russian officials.
Since its inception, Commercial Bank was faced with the problem of bad loans. By 1828, this phenomenon has reached alarming proportions. The Management Board was forced to stop further discounting bills. The large size of bill credits and loans are often not appropriate to the nature of trade turnover, which led to an increase in the number of debtors and bank losses. Consequently, at the Commercial Bank Board decided to create a temporary office for collection on protested bills.
Temporary office was opened September 17, 1829. His employees were required to make statements that specify the drawer, the collateral, the date of protest, the payment of the amounts on bills, debts on bills accepted and protested bill for each measure. Temporary branch of the Commercial Bank lasted until 1860 and was eliminated, along with the bank itself.
The problem of bad loans faced not only commercial banks. In 1829, EF Kankrin sent a specially created a secret committee, to deal with bank interest, a note explaining the reasons for the decline in private credit in Russia, including those related to the work and the Commercial Bank "17. In 1831, additional regulations were adopted, establishes credit limits. According to these rules, one person could not borrow at the bank of more than 10 thousand rubles. notes. In the future, the maximum size of loans bill is set depending on the merchant belonging to a particular guild. So, the merchant of the third guild could take the bank to 7.5 thousand rubles., Merchant of the second guild - up to 30 thousand rubles., And merchant of the first guild - 60 thousand rubles.
How serious was the problem of bad loans to commercial banks, exemplified by the situation in the Astrakhan his office. Already in 1828, it was pointed out to employees to pay particular attention to paying customers, and the money issue "with possible consideration." Despite this, the debt office Astrakhan merchants increased year by year. Officials in investigating abuse of office in the 1833-1834 years. found that from 1828 to 1832 debt discount of bills of 2.7 million rubles., accounting term liabilities and debt installment promissory note - 0.9 million rubles., to incorporate the trade liabilities - 0.2 million rub., not including other debts. Among the debtors offices were merchants from Astrakhan, St. Petersburg, Moscow and other cities. As a result of the accumulation of vast debts, leading to a sharp deterioration in the financial position of the Astrakhan office, it was decided it likvidatsii18.
In the 1830-1840-ies. lending to commercial banks have sharply reduced, mainly due to the further growth of the debt notes. In 1848, due to the unstable political situation in Europe Commercial Bank stopped buying foreign bills. Thus, the Moscow office has taken into account only common in Russia, promissory notes, bills of exchange are not accepted. But even among the seemingly reliable bills became more protest. By 1852 non-liquid assets of commercial banks accounted for, the estimated SY Bor, 10% of all its aktivov19. On the other hand, in 1850, more than 90% of funds transferred to the Commercial Bank Loan Bank, where they were used for lending to the nobility. A situation where the office of the Commercial Bank became something of a savings bank Loan Bank. Thus, by the middle of the XIX century. Commercial bank virtually ceased to be a full-fledged bank short-term trade credit.
Since the beginning of the Crimean War, the problem of Commercial Bank intensified. The decline of trade and industry has led to a reduction in loan and bill operations. The amount of private deposits exceeded the funds in loans given to more than 180 thousand rubles. silver. Interest on private deposits dropped to 3%, and the State-owned - to 1.5%. Rapidly increased cash outflow: in 1858-1859 gg. it made 584 million rubles.
In 1859, Commercial Bank opened a subscription to the state 4-interest "continuously profitable" tickets, and in accordance with the decree of September 1, 1859 began to exchange these tickets at the 5 percent bank notes. Commercial Bank has been very difficult to consolidate funds - people are reluctant to buy the tickets. Contributions that have not been withdrawn from the bank, were mostly short-term, that does not balance the amount of long-term funds were spent, as already noted, mainly on loans borrowed by the nobility bank.
May 31, 1860 Commercial Bank was liquidated, and based on it was established the State Bank, which received a transfer balance all of its assets and liabilities.