LECTURE No. 13. Formation and development of the credit system of Russia in the XVIII-XIX centuries

1. Credit institutions of Russia before the XNUMXth century

In the XNUMXth century, there were the first attempts at state credit establishment in Russia.

The beginning of these attempts dates back to the reign of Empress Anna Ioannovna.

In 1733, by her decree, she ordered loans to be opened from the Mint. But still, the credit operations of the Mint were not very significant and were soon completed.

More significant attempts were put into action under Empress Elizaveta Petrovna, who was the daughter of Peter I, her reign lasted 20 years (1741-1761).

On May 13, 1754, by decree of the Empress, State Loan Banks (Noble Banks) were formed for the nobility in St. Petersburg and Moscow under the Senate and the Senate office.

The same decree provides for the organization of the Merchants' Bank at the College of Commerce in St. Petersburg.

Noble banks issued loans for a period of 1 year at the rate of 6% per annum secured by collateral:

1) gold, silver, diamond things and pearls - in the amount of 1/3 of the cost;

2) the amount of loans should not exceed 3 real estates, villages and villages with people and with all land, assuming 50 rubles each. per 50 people.

In addition to loans under named pledges, personal loans were also allowed with the guarantee of "noble, living years and reliable people", after which the unredeemed estate had to be sold at auction.

Initially, the authorized capital of the Noble Banks was 740 thousand rubles. During the reign of Catherine II, the capital was increased to 6 million rubles.

The merchant's bank issued loans to Russian merchants who traded at the St. Petersburg port from 6% per annum, secured by goods for a period of 1-6 months. A year later, the terms of the loans were increased to 1 year, and in 1764 it was allowed to issue loans to merchants without collateral for goods - secured by the guarantee of the magistrates and the town hall.

The activities of the first credit institutions, both noble and merchant, were not very successful.

These institutions did not justify the hopes of the Russian government.

The treasury capital issued by the bank for circulation was distributed to a relatively small circle of people who had money left; there were many overdue loans, the landowners for the most part did not even pay interest; the sale of overdue pledges signed by law was not actually applied; there was no proper accounting; the reports submitted to the Empress were very approximate; abuses have also been identified.

As a result, in 1785, the Moscow and St. Petersburg noble banks were closed, and their affairs were transferred to the newly created State Loan Bank.

In 1782 the Merchants' Bank was closed. At this time, the government sent its forces to collect funds to facilitate the circulation of copper money.

On July 21, 1758, a decree was issued on the establishment of independent banks in St. Petersburg and Moscow under the general name "Bank offices of bill production for the circulation of copper money."

These institutions are known as the "Copper Bank". Banks were required to:

1) have continuous relationships with state institutions in St. Petersburg and Moscow in order to be aware of how much and when they should receive money from other cities; the money came to the bank as a result of a bill of exchange;

2) accept state and private capital;

3) to keep the main ledger, which took into account the issuance and contributions;

4) to provide money on bills of exchange to merchants, landowners, breeders and manufacturers.

The Copper Bank, compared with the Merchant's Bank, made a significant breakthrough; at this time, transfer operations (transfers) and current accounts are born.

Under Empress Catherine II (1729-1796), who ruled for 34 years, the government's efforts in organizing credit were directed mainly to the formation of land and pawn loans. In 1772, for these purposes, new credit institutions were opened in the capitals, such as Saving and Loan treasuries.

Safe treasuries, which were established at orphanages in St. Petersburg and Moscow, accepted deposits for incremental interest for various periods and on demand and issued loans secured by real estate for a period of 1 to 8 years. Profits from these operations went to the maintenance of orphanages.

Loan treasuries in St. Petersburg and Moscow issued loans secured by silver, gold, diamond things and watches, at 6% per annum, for a period of 3 to 12 months. A distinctive feature is that the Loan treasuries did not have their own capital and did not accept any deposits, and the capital of the Safe Treasury was the source for issuing loans.

For these borrowings, the Loan Treasury paid 5% of the profits to the Saving Treasury.

In 1755 Orders of Public Charity were established in all provincial towns. In fact, these Orders had the character of long-term mortgage institutions. Unlike the Saved Treasuries, they could issue loans secured by real estates only in the province in which they themselves were located.

Established lending institutions were still not able to meet the entire need for long-term loans. In this regard, in 1786, the State Loan Bank was established to develop the sphere of noble agriculture.

Loans were secured by:

1) inhabited mining estates;

2) landowners' inhabited estates;

3) houses of factory and stone buildings in St. Petersburg. Loans were issued to the nobility for a period of 20 years out of 8%, and to cities - for 22 years out of 7%.

In 1797, an attempt was made to form a land loan on a new basis. Decree December 18, 1797 was established for the nobility Auxiliary Bank on the following important grounds:

1) loans are issued for 25 years, but not in money, but in special bank notes, secured by 2 real estates, in the amount of 40-75 rubles. per peasant soul and depending on the class of provinces;

2) the borrower pays 6% and repayment according to this calculation for not paying the installment on time, the estate is taken into custody;

3) bank notes issued to the borrower are necessarily accepted both by private individuals and the treasury at a nominal price and generate an income of 5%.

Practice has shown that bank notes have not been able to gain confidence in themselves as independent, actually secured credit obligations.

In this regard, during the entire reign of Catherine II, the government was concerned about the arrangement of a land loan, but nothing was done to organize a commercial loan.

2. Credit institutions in the reign of Alexander I

Alexander I was born on December 12, 1777, died on November 19, 1825. He ascended the throne on March 12, 1801 at the age of 24 and ruled for 24 years.

In the first half of the reign of Alexander I, the government, absorbed by military events (Napoleon's invasion of Russia), could not begin to transform state credit institutions in accordance with the increased needs of domestic industry and trade and the needs of land ownership.

In this regard, the measures taken by the government in this area were of a partial nature of changes and improvements.

One of these measures was the opening in 1806 of new registration offices in Moscow, Arkhangelsk, Feodosia and Taganrog. But in 1817 these offices in Moscow and Arkhangelsk were reorganized into offices of the State Commercial Bank.

On a broader basis, the State Commercial Bank was established in 1817, and under Alexander II in 1860 it was replaced by the current State Bank.

The State Commercial Bank in its organization was an institution that met the requirements of commercial and industrial credit, as a result of which its activities developed rapidly, especially when provincial offices were opened in a number of provinces.

The system of land credit institutions, represented by the Loan Bank, the Safe Treasury and the Orders of Public Charity, operated on the same basis.

In connection with the Patriotic War of 1812, the activities of the Loan Bank were suspended, since its capital was directed to reinforce the funds of the State Treasury.

The issuance of new loans secured by immovable estates from the Loan Bank resumed in 1822, but in small amounts and on special orders from the Highest.

It was only in 1824 that a manifesto was adopted on the opening of the Zemsky Bank on the basis of a new regulation, which detailed the conditions and terms for issuing loans. The new position of the Zemsky Bank caused a significant impact on the expansion of the operations of this bank.

As for the public and private initiative in the field of credit, as before, and in the reign of Alexander I, it was almost completely absent, not counting the emergence of two urban public banks and one rural one. These banks arose as a result of the initiative of individuals, who had in mind mainly charitable purposes.

3. Credit institutions in the reign of Nicholas I

Nicholas I (1796-1855) reigned on the throne for 30 years - from December 14, 1825 Nicholas I, brother of Alexander I, who was childless and had no heirs.

The system of state credit institutions during the reign of Nicholas I did not undergo significant changes.

The activities of these institutions developed while Count Kankrin was at the head of the Ministry of Finance.

The credit policy of the Ministry of Finance was to compress the amount of credit, to reduce the turnover of banking activities and to suppress any private initiative in banking. The Count believed that private banks were generally harmful.

Such a policy also left its mark on the second half of the reign of Nicholas I. Complete stagnation in the development of old credit institutions led to their liquidation, since they were not prepared for new conditions under the reign of Alexander II.

Under Nicholas I, a lot of legalizations were issued in the credit area, but they did not contribute anything significant to the activities of the Commercial and Loan Banks, Safe Treasuries and Orders of Public Contempt.

In 1828, the Polish Bank was formed, which is considered a new major single banking institution. Under the reign of Nicholas I, the activities of Savings Banks for accepting small deposits began to develop.

The first savings banks were formed in 1842 under the Preservation Treasuries in St. Petersburg and Moscow, and then under some Orders of Public Charity.

Cashiers accepted deposits from 50 kopecks. up to 50 rubles at the same time. The total amount of deposits for one book should not exceed 300 rubles. Cash desks paid 4% per annum on deposits. The activities of cash desks developed very poorly even in the capitals, and there were very few cash desks outside the capitals. In 1853, there were only 37 cash desks under Orders.

The total amount of deposits in Sberbank was extremely insignificant and did not have any noticeable impact on the working capital of credit institutions.

The development of private credit institutions encountered insurmountable obstacles in the credit policy of Count Kankrin and his entourage.

To such external obstacles were added the general features of the economic system of Russia at that time: the predominance of subsistence farming, serfdom, the weak development of factory activities, the lack of good roads - all these moments fettered private initiative in banking.

For 20 years of managing the Ministry of Finance, Count Kankrin agreed to open only one city bank (Verkhotursky Popov Bank in 1836), and even then in connection with the personal desire of the Emperor and the charitable purpose of the bank.

Only after the resignation of Count Kankrin, city banks began to appear little by little in various provinces of Russia - in 1843-1849. 15 city banks were opened.

So, during the reign of Nicholas I, the system of public and especially private credit institutions developed very slowly and did not undergo significant changes.

4. Credit institutions in the reign of Alexander II

Alexander II - son of Nicholas I, ruled in the period 1855-1881. Killed by terrorists. Under Alexander II, serfdom was abolished in 1861. Alexander II went down in history as a liberator of the peasants.

In the first years of the new reign, a strong influx of private deposits was found in state credit institutions.

Over two years, from January 1, 1855 to mid-1857, the total amount of deposits increased from 873 million rubles to 1276 million rubles. This rapid growth of deposits is explained, on the one hand, by large issues of credit notes on the occasion of the Crimean War (1853-1886), and on the other hand, by the fact that as a result of the general commercial and industrial stagnation, private capital did not find profitable premises and most of them went to state banks.

The high accumulation of capital in the conditions of a weak credit system could not but create a very difficult situation for this system.

Weaknesses in the creation of state credit institutions led, ultimately, to the need to eliminate the old credit system. The credit system has been reformed.

By decree of July 20, 1857, measures were taken to weaken the accumulation of deposits in state banks, and give them a different direction.

In particular, it was necessary to allocate part of the capital for the purchase of bonds and shares of the Main Society of Russian Railways (which was achieved). The decree provided for lowering the interest on private deposits and reducing interest payments on debt to credit institutions of the state treasury.

The results of the decree of July 20, 1857, nevertheless, did not live up to expectations and established the complete unsuitability of the old credit institutions with the onset of new conditions in the economy.

The era after the Crimean War was not like 1830, when Count Kankrin managed to reduce the deposit interest from 5 to 4 without any significant fluctuations in the size of the deposit transaction.

What caused the necessary radical transformation of the entire system of state credit institutions? There were several reasons, and all of them were of very significant importance, due to the change in the economic life of Russia.

First of all, from the second half of 1857, industrial life began to develop, and the previous stagnation was replaced by feverish entrepreneurial, mainly joint-stock activity.

This led to the fact that deposits began to flow out of banks with unimaginable speed. The total amount of deposits compared to 1857 decreased from 1276 million rubles. up to 900 million rubles in 1859, and cash in the cash register with 140 million rubles. up to 20 million rubles The situation of state credit institutions became critical; they were threatened with bankruptcy.

The need to transform credit institutions was caused by the forthcoming peasant reform.

The following measures have been taken:

1) the finance committee tried to make it as difficult as possible to make loans for real estate. But this move did not stop the outflow of deposits;

2) credit institutions were allocated 77 million rubles from the state treasury to bolster their cash registers. But this amount turned out to be small to fully satisfy the needs of credit institutions;

3) an attempt was made to consolidate a certain share of deposits with the help of an internal loan. On March 13, 1859, a subscription to 4% continuously profitable tickets was organized. Still, the subscription did not produce significant results - by January 1, 1960, the subscription reached 22,8 million rubles, while the liability of state credit institutions amounted to 900 million rubles;

4) to strengthen the cash registers of state-owned banks, an external debt of 20 million pounds sterling was concluded on March 1859, 12 (London and Berlin);

5) By a decree of April 16, 1859, the issuance of loans for populated estates is suspended. New rules were drawn up for these loans according to the amount of land convenient, and not according to the number of souls in the inhabited estate.

The Committee of Finance, in the circumstances, considered it necessary to take the following measures (published July 10, 1859):

1) liquidate existing credit institutions and stop issuing loans from them;

2) not to accept deposits to the Safe Treasuries and orders and subordinate them to the Ministry of Finance;

3) accept demand deposits in the Commercial Bank only until January 1, 1860.

Calculate interest on deposits instead of 3% in the amount of 2% and create a commission to develop a project for the establishment of zemstvo (i.e., land) banks.

The commission, having completed its work by January 30, 1860, came to the following conclusions: it is necessary to abandon the state system of land credit and leave the establishment of zemstvo banks to private initiative.

The "works" published by the commission included significant materials on the study of existing forms of land credit, and published a draft regulation on zemstvo credit societies with detailed explanations. But this project was never submitted for legislative approval. Consequently, the first attempt at "general" banking legislation was not successful. I had to limit myself to the transformation of individual institutions.

Before proceeding with the creation of new credit institutions, it was necessary to find funds to liquidate the obligations of the abolished state banks.

To achieve this goal, on September 1, 1859, a regulation was issued on 5% bank notes issued in exchange for deposit certificates of state-owned credit institutions.

Only individuals could purchase 5% tickets, and government offices, noble, urban and rural societies, as well as monasteries, churches and other charitable institutions could not turn their deposits into 5% bank notes, and they could only be content with 4 % continuously profitable tickets.

And, despite this, the issue of 5% bank notes was a great success; in total, tickets worth 277,5 million rubles were issued. (compared to the fact that the subscription to continuously profitable tickets was only 22,8 million rubles).

Having carried out preparatory measures, it became possible to begin the final transformation of credit institutions.

The loan bank was abolished on May 31, 1860, and its affairs were transferred to the St. Petersburg Safe Treasury. The Safe Treasury and the Orders were entrusted with the termination of banking operations and the limitation of their activities by making settlements with former borrowers and transferring the amounts received from them to the newly established on May 31, 1860.

The state bank to which the affairs of the State Commercial Bank were transferred. All deposits that were made in the old credit institutions were also transferred to the state bank, which was supposed to carry out settlements with depositors.

According to the charter of May 31, 1860, the organization of the State Bank was presented in general terms, in the following form. The bank is established to increase trade turnover and stabilize the monetary and credit system.

Own capital was determined at 15 million rubles, and it was allowed to increase it by transferring funds from reserve capital (up to 3 million rubles through annual deductions from profits).

The Bank is administered by the Minister of Finance and supervised by the Council of State Credit Institutions.

The affairs of the bank are managed directly by the board and the bank manager.

The Board of the bank includes the manager, his associates, six directors and three deputies from the Council of State Establishments.

Local institutions of the State Bank were of two types: Offices, the establishment of which was a special Highest command, and Branches opened by direct order of the Ministry of Finance. Offices and Branches were directly subordinate to the Board of the State Bank. Initially, 7 offices were established and 47 permanent branches of the State Bank were opened (in the period 1862-1863).

Subsequently, after the establishment of the State Bank, private credit institutions began to be organized in the form of societies of borrowers associated with mutual responsibility and in the form of joint stock.

The first, based on reciprocity, private lending institution was the St. Petersburg City Credit Society - for issuing loans secured by city real estate.

The Kherson Loan Bank was the second such private institution for a long-term loan.

The bank was created to provide landowners of the Kherson province with funds to obtain a loan secured by landed property. However, in Russia, credit companies on the model of the Kherson loan bank have not received significant development.

After the abolition of serfdom, it was necessary to put agriculture on a new footing.

This required a more extensive organization of long-term credit.

The solution of this problem was entrusted to the Mutual Land Credit Society, which arose in 1866.

The society was created to issue loans secured by landed property.

Almost simultaneously with the establishment of long-term credit, institutions for short-term credit began to emerge, also on the basis of reciprocity.

During the reign of Alexander II, the development of joint-stock banks began, both for short-term commercial credit and long-term land. In 1864, the charter of the first joint-stock commercial bank was approved. This was the St. Petersburg Private Commercial Bank.

The first joint-stock land bank was the Kharkov Land Bank (1871), which served borrowers from 5 provinces.

Joint-stock banks quickly became in Russia the most favored form of both commercial and land credit. For one first decade 1864-1873. 31 joint-stock commercial banks were established, and within 3 years (1871-1873) 11 joint-stock land banks emerged.

On October 16, 1862, a new Charter of savings banks was issued. According to this Charter, savings banks are under the jurisdiction of the State Bank and are established under the City Dumas or County Treasuries. However, until the mid-1880s. Savings banks in Russia are not widespread. By January 1, 1881, there were only 67 cash desks with 96 depositors and 594 million rubles in deposits.

These are the fundamental points of credit activity during the reign of Alexander P.

5. Credit institutions in the reign of Alexander III

Alexander III, son of Alexander II, ruled 1881-1894. In the reign of Alexander III, Russia entered the top five most developed countries in the world. The Trans-Siberian Railway was built to the Pacific Ocean.

Legislative activity under this board in the field of credit institutions was very diverse. Existing credit institutions have undergone major changes, new state-owned credit institutions have emerged. With regard to public and private credit institutions, measures have been taken to ensure that the activities of these institutions correspond to the economic needs of the country.

The following transformation of the State Bank can be noted. According to the charter of 1860, the State Bank had to solve two main tasks: strengthening trade turnover and stabilizing the monetary and credit system. These tasks were poorly solved by the State Bank. The main reason for this situation was the lack of funds. Therefore, even during the reign of Alexander II, measures were taken to develop the commercial activities of the bank, on the one hand, by increasing its operations and the circle of persons admitted to them, and on the other, by providing it with the necessary working capital for this and, mainly, by reimbursement of the amounts spent on the needs of the treasury in the past from its funds.

On January 1, 1881, it was ordered to stop borrowing money for the needs of the treasury from the State Bank, taking measures to increase the funds of the State Bank so that it would be able to make both payments by order of the state treasury and loans for the development of industry and trade. Without resorting to issuance, i.e., the further issuance of credit notes, and so that the number of credit notes already issued could be reduced.

On June 4, 1893, the Highest Desire was adopted on temporary measures to ensure the activities of the Governor of the State Bank and the Board of the Bank, which will help facilitate the management of the State Bank by direct management of the current affairs and operations of the bank in St. Petersburg.

The management of current affairs and operations was entrusted to a special person, with the same rights given to him as to the Managers of the bank's offices; to leave under the jurisdiction of the Governor of the State Bank and the Board of the Bank the general management of the affairs of the State Bank in St. Petersburg and its provincial institutions, as well as the direct management of special operations that do not belong to the department of offices - this is the management of the metal fund and the fund of credit notes, the disposal of a portfolio of interest-bearing securities, special operations with foreign countries and others.

The Minister of Finance was given the right, in an instructional manner, to determine the range of cases that are subject to temporary withdrawal from the direct knowledge of the Governor of the State Bank, the "Board of the Bank."

The Charter of the State Bank of 1860 was not subjected to a thorough revision. Only changes and additions were made in some details of a secondary nature. Experience testified that the Charter and the activities of the State Bank based on it did not fully meet the conditions of modern banking policy and the country's economic conditions that have changed over 35 years. Therefore, Minister of Finance S. Yu. Witte (later chairman of the Council of Ministers in the reign of Nicholas II) considered it urgent to rework the Charter of the State Bank. On September 21, 1892, a special commission was formed to revise the Charter of the State Bank, chaired by the Minister of Finance.

The commission created a draft of a new charter for the State Bank. It was submitted by the Minister of Finance for legislative discussion (to the State Council). The State Council, having considered the draft charter and changed some points, decided to submit the draft charter of the State Bank and the list of positions of this bank to the Emperor for approval. The approval was carried out on June 6, 1884.

On the basis of the new charter of the State Bank, from September 1, 1884, a Central Administration was established, headed by the Council and the Governor of the Bank.

Composition of the Central Administration:

1) bank manager;

2) the department of credit notes, which was in charge of the issuance of tickets into circulation, the exchange and destruction of tickets (withdrawn from circulation); for storage of change capital of tickets and metal fund;

3) the Judicial Department, which monitors the collection of overdue debts to the Bank and the collateral and mortgages left by the Bank. The department was in charge of drafting contracts and other civil acts and documents;

4) the central accounting department, in which general accounting for the Bank is carried out; accounting prepares periodic balance sheets and trade reports;

5) inspection - to supervise the operations of local institutions of the Bank and to carry out audits of these institutions;

6) office - for the census and office work on administrative issues;

7) management of savings banks.

These institutions existed before, and the Judicial Department was created for the first time.

In 1885 local institutions of the State Bank were formed. Initially, it was assumed that the local institutions of the State Bank would include offices, branches and agencies. But in the future, fearing excessive decentralization of management, the State Bank decided not to establish agencies.

By the end of the reign of Alexander III, there were 94 branches and 10 offices.

The offices were formed in the largest commercial and industrial centers and were directly subordinate to the Central Administration of the State Bank.

In order to manage reporting in each office, a certain number of branches was formed.

According to the charter of 1894, the main capital of the State Bank was established in the amount of 50 million rubles, and the reserve (reserve) capital was 5 million rubles.

The State Bank carried out the following operations: opening credits on special current accounts; accounting of bills; issuance of loans for various needs; purchase and sale of interest-bearing securities at their own expense; buying and selling foreign drafts; acceptance of deposits - term and termless; settlement between railways; transfer of amounts between points where there are institutions of the State Bank.

Since 1881, the government has focused its attention on the development of the savings business.

The percentage on deposits was increased from 3 to 4. New savings banks are constantly opening. By January 1, 1889, the number of savings banks was 622, the amount of deposits of which was about 93 million rubles. for 523736 passbooks.

By January 1, 1881, there were only 76 savings banks in Russia, deposits were accepted in the amount of about 9 million rubles, and 104072 savings books were issued. From this it is clear that the savings business has achieved noticeable development in 8 years.

City savings banks were opened, as well as savings banks at factories and factories, at postal and telegraph agencies, at customs.

On May 20, 1881, the emperor approved the regulation on the Peasant Land Bank, which was under the jurisdiction of the Ministry of Finance. This bank issued loans for the purchase of land.

In 1883, the bank's institutions were established in 11 local branches, and by 1894, 43 branches had already opened. In the period from 1883 to 1894, peasants purchased for 98,4 million rubles. with the assistance of the Bank, 2228 thousand acres of land.

The regulation on the State Noble Land Bank was approved on June 3, 1885. The bank was created to issue loans to hereditary nobles on the security of their land. The Bank's actions were extended to European Russia, with the exception of Finland, the Baltic provinces and the provinces of the Kingdom of Poland. In 1890, in the interests of the Georgian nobility, the position of the Bank was extended to the Transcaucasian region.

Published by the Law of April 5, 1883, amendments and additions are made to the existing rules on the opening of new joint-stock commercial banks and acted under the control of the government.

By 1895, the activities of joint-stock commercial banks in Russia had expanded significantly. At that time there were 34 joint-stock commercial banks. Banks' fixed capital increased by more than 35 million rubles, reserve capital - by 25 million rubles, and the amount of deposits increased by 100 million rubles.

Public city banks continued to operate in large numbers. In 1883, their activities were streamlined by a new regulation.

Banks were audited. According to its results, appropriate measures were taken.

As a result of the complete disruption of the activities of banks, there was their massive closure (1883-1894, 44 banks ceased their activities).

Thus, the period of the reign of Alexander III was marked by very active and versatile government activities in the field of improving the credit system of the Russian state: a new Charter of the State Bank was issued, new State banks were opened - Krestyansky and Dvoryansky, peripheral banking institutions were created, the number of savings banks grew, city pawnshops were established , streamlined the activities of public city banks.

6. Credit institutions in the reign of Nicholas II

Nicholas II, son of Alexander II, was the last tsar of Russia, he was on the throne in 1894-1917.

Two wars fell on the reign of Nicholas II - the Russo-Japanese and the First World War.

During the reign of Nicholas II, the activity of the State Bank was constantly developing.

The Ministry of Finance in 1897 adopted a new order on the accounting operation of the State Bank.

The Gosbank made efforts to ensure that the bank's institutions were accessible both to capitalists and to medium and small merchants. To this end, an operation was introduced to provide loans to handicraftsmen and artisans. Another form of development of small credit was lending by the State Bank to savings and loan associations and new small credit institutions - credit associations. On October 1, 1902, the number of credit partnerships was 157, with the amount of fixed capital of 257,9 thousand rubles.

When organizing an accounting operation, it was necessary to carefully approach the issuance of loans.

The bill accounting case required a reduction in the accounting period and a phased release of the Bank's portfolio from non-tradable bills.

The State Bank, in addition to commercial operations, continued to carry out mass operations at the expense of the treasury and other state institutions. Such operations include: the issuance of credit notes, the sale of new government loans, the conversion of private and government interest-bearing papers, current accounts of the state treasury, and others.

The significant development of the savings business during the reign of Alexander III led to the need for the entire revision of legislative decrees. For this purpose, the charter of savings banks was revised, and on June 1, 1895, a new charter of savings banks was issued.

The main differences between the new charter and the previous one:

1) savings banks are given the name of the state ones;

2) a special department has been created, with precisely defined competence for managing cash desks, which is part of the central administration of the State Bank;

3) certain rules have been established on the size of savings banks, expenses, their reserve capital, reporting and control;

4) the expansion of the savings bank network was facilitated by the power of the Minister of Finance without legislative approval;

5) contributors enjoy many significant amenities that were not provided before. Namely, information about accounts on deposits is not disclosed; previously existing restrictions on the amount of contributions at a time have been cancelled; it was possible to make contributions at any cash desk of the Empire using existing books; the rights of legal entities and minors have been increased; the latter could independently make deposits and dispose of them on a common basis; the contributor now had the right, in the event of death, to make testamentary dispositions when making contributions.

Cash desks are obligated to convert a share of deposits by their order into interest-bearing papers when the amount of deposits reaches the limit established by the Charter (3000 rubles for legal entities and 1000 rubles for individual depositors), and if the depositor does not make an application for a reduction in the deposit, suspend the payment of interest on deposits; ensure for depositors the purchase of interest-bearing papers through the cash desk at the expense of deposits.

In connection with the changes in the Charter, measures were taken to expand the network of savings banks and facilitate their use. For example, school savings banks were formed (after the introduction of savings marks for the smallest deposits at a price of 1,5 and 10 kopecks) to form the habit of saving among the population.

In 1901, a new transformation was carried out in the management of savings banks to provide independence in managing the savings business.

According to the new law of June 4, 1901, savings banks are managed by their managers, who are under the general supervision of the Governor of the State Bank.

In Russia, by the beginning of 1902, the general state of the savings business was as follows: a total of 5629 savings banks were opened, the number of depositors in these banks was 3936 thousand, the amount of deposits was about 832 million rubles.

Compared to 1892, there were 2326 savings banks and 999 thousand depositors, with a total amount of deposits of 200 million rubles.

During the reign of Nicholas II, the concentration and centralization of banks was carried out, which was unusual for previous years. The system of local banks in the province is beginning to lose ground.

An important place is occupied by the activities of large banks, and the capital and cities of trade and industry become the centers of government of these banks. At the same time, many provincial banks are disappearing. Early XNUMXth century became the period of their extinction.

The reason for the disappearance of banks was strong competition from large banks that opened their branches in those cities where there were provincial ones; most of them closed, some became branches of large banks.

Along with the process of centralization of banking in St. Petersburg, a process of concentration is unfolding, that is, the merger of two or more banks into one.

The concentration period is 1903-1914. In Russia, joint-stock commercial banks, in a relatively short period of their existence, have grown into gigantic institutions that have taken over the entire industry and trade of the country. Despite the crises, they saw a significant increase in capital, deposits, network of branches and active operations.

Due to the concentration of banks, their number from 34 in 1885 reached 46 by the beginning of 1914, i.e., increased by only 35%. And bank capitals from 120,1 million rubles. increased to a huge number - 836,3 million rubles, i.e. by almost 700%.

The number of departments increased significantly, from 39 in 1885 to 822 by 1914 and thus increased by 21 times.

At this time, there is also a sharp increase in the influx of foreign capital into banks, which obviously contributes to the growth of the power of banks and, due to the increase in active operations, increasingly connects them with the country's industry. From 1885 to January 1, 1914, the value of deposits increased almost 12 times and in the same number of active operations.

After some time, the area of ​​influence on the national economy is divided between the banks. The main organizations are divided among several small groups of individuals concentrated around large banks. The formation of a large financial bourgeoisie is taking place, in whose hands is the management of the national economy.

By 1913 there were 19 large joint-stock commercial banks in Russia. They can be divided into two groups:

1) with foreign capital;

2) working only on Russian capital.

According to reports for the end of 1913, the first banks had 11 banks with assets of 3054,2 million rubles. These banks included 4 banks with German influence, 5 with French influence and 2 with English influence. The significant influence of foreign capital extends to St. Petersburg banks.

There were 8 banks belonging to the second group, with assets of 855,3 million rubles.

They belonged to Moscow banks, the composition of their assets accounted for the funds of Russian capitalists.

Thus, during the reign of Nicholas II, the concentration of commercial banks in Russia was carried out outside of Russia, mainly in the West.

During the World War 1914-1917. significantly increased the influx of deposits in commercial banks. This is due to Russia's transition from the beginning of the war to a system of paper money circulation, as a result of which there was a huge surplus of paper money in the country, which went mainly to commercial banks.

Commercial banks during 1915-1916 further strengthen their participation in industrial enterprises through the sale of new shares and other means. In 1916 and early 1917, there was a strong stock market boom and speculation in values, mainly in gold and gold coins.

At the beginning of the war, the outflow of funds from joint-stock commercial banks, in connection with the mobilization into the army, served as their appeal to the State Bank for an increase in loans. The State Bank went forward and for the most part satisfied the requests of joint-stock commercial banks.

Then, after the first months of the outflow, there was again a surge of funds in commercial banks.

For the period of late 1915 - early 1917. Commercial Banks gradually paid off their debts to the State Bank and, in addition, during the war they lent over 2 billion to the treasury.

By January 1, 1917, before the October Revolution, there were 52 joint-stock commercial banks in Russia; of these, 15 are Petrograd, 7 are Moscow and 30 are provincial.

Foreign capital took a huge part in the development of Russian Commercial Banks. All foreign share and bond capital invested in our credit, trade and industrial enterprises by January 1, 1917 amounted to about 2242,97 million rubles. Our commercial banks accounted for 232,71 million rubles, i.e. 10,5% of the total amount of foreign capital (exclusively as share capital). Comparing the total amount of foreign capital with the total amount of fixed capital of our commercial banks (883,5 million rubles), we note that foreign capital as of January 1, 1917 amounted to 26,3%.

In terms of national capital, France ranked first - 48%, and the remaining 5 states were located in the following order: Germany - 35%, England - 10,8%, Holland - 3,9%, Belgium - 2%, Austria - 0,5 %.

We conclude our review of the history of the formation and development of the Russian credit system in the period from the 200th century to the XNUMXth century. until the beginning of the XNUMXth century. From the foregoing, we can undoubtedly conclude that over the course of XNUMX years, an effective credit system in Russia was created, which was constantly improved depending on the economic conditions in the country. The created credit system at the final stage began to play a dominant role in the national economy, directing all the country's production.

Author: Shcherbina L.V.

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