A
considerable number of these certificates will be redeemed each year. It
is proposed to have one winner of 200,000 rubles, one of 100,000, two of
50,000, one of 25,000, about fifty of 10,000 rubles each, some 3,950
"chances" of from 100 to 500 rubles each. The whole loan may amount to
100,000,000 rubles. It is to be redeemed within fifty years.
Should this loan prove a success it will be followed by another of equal
amount.
Finally, Prof. Migoulin proposes to obtain about 200,000,000 rubles by
selling 4 per cent. Government bonds in fifty-ruble denominations. This
loan, too, will be equipped with the winners at the annual draw for the
redemption.
The first of the proposed loans will be realized soon. The Government
has decided to obtain 500,000,000 rubles at 5 per cent. This new loan
will increase the present debt of the Russian Government of
8,838,000,000 rubles ($4,500,000,000) to 9,338,000,000 rubles. Russia
has to pay 370,000,000 rubles annually for the interest on her debts.
About one-half of her indebtedness is due to railroad building and to
other more or less productive expenditures. But the other half of her
indebtedness has been spent on armaments, wars, and other unproductive
items.
Russia's new budget is about 3,500,000,000 rubles ($1,800,000,000.) The
interest on the new loan will increase this budget only 6 per cent. But
this new loan increases again her unproductive debt and places a heavy
burden upon the taxpayer for whom the Government has prepared many
"surprises" this year.
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