GENERAL HISTORY. 



[125 



3. The principles lately adopted, 

 and lately completed, to make a 

 foimdation fox" the extinction of 

 the debts of the state, are laid 

 down in the general regulation of 

 the committee of the sinking fund, 

 which we have confirmed. This 

 regulation is to be carried into 

 full effect from the first of Sep- 

 tember in this year. 



4. As all the debts of the go- 

 vernment are concentrated in the 

 committee of the sinking fund, all 

 tlie branches of the administration 

 are expressly prohibited, from this 

 day forward, from making Ijy 

 themselves new debts under any 

 pretext whatever, and this under 

 the personal responsibility of those 

 who are at the head of them ; but 

 if there should arise in future some 

 unforeseen circumstances which 

 would make it necessary to open 

 a loan to cover extiaordinary de- 

 mands, exceeding the usual re- 

 sources of the public treasury, in 

 this case the loan cannot be made 

 except in conformity with the 

 principles laid down in the regu- 

 lation of the said committee. 



Given at Petersburg, 

 April 16, 1817. 



A subsequent operation of the 

 imperial court was for the jnirpose 

 of extending the facilities of mer- 

 cantile men in their several deal- 

 ings. Tlie Emperor Alexander, in a 

 paper dated from Petersbuigh IMay 

 7 th, gives the following notice : 



Desiring to afford to the mer- 

 chants greater means for the faci- 

 litatin": and extendins;; their com- 

 mercial operations, we have 

 thouglit fit, instead of tlie new 

 existing discount bank, whose in- 

 fluence, on account of the small- 

 ness of its capital, and the several 

 defects observed in its constitution, 

 is of no visible use ; to ebtablish an 



Vol. LIX. 



Imperial Commercial liank. In 

 consequence of this resolution, we 

 have commissioned the minister of 

 finance to lay before the council of 

 state, for its consideration, all the 

 plans necessary to be prepared on 

 this subject. Now, having taken 

 the advice of our council of state, 

 we decree as follows : 



I. Thirty millions of rubles of 

 the cajjital of the crown are placed 

 at the disposal of the Commercial 

 Bank. [Here follows the state- 

 ment of the items of wliich this 

 capital is to be formed.] 



II. I'he Commercial Bank is to 

 be^Uowed to take money, 1 . On 

 interest for circulation, according 

 to the same principles as in tlie 

 loan bank. 2. To deposit and 

 transfer from one person to an- 

 other the sums inscribed by jiri- 

 vate persons, according to the 

 book of the bank. 



III. The Commercial Bank 

 gives loans on Russian goods, ac- 

 cording to tlie principles of the 

 discount office, and accepts bills, 

 but in this case taking the per- 

 centage according to the com'se of 

 commercial operations. 



IV. Half of the dii'ectors to 

 consist of public officers, and half 

 of merchants. 



V. The Commercial Bank shall 

 be o])ened on the first of January 

 next year. 



VI. At the same time we here- 

 by issue the regulations of the 

 Commercial Bank, confirmed by 

 us : we take it under our i)rotec- 

 tion, and guarantee with our im- 

 perial word the integrity of the 

 capitals which shall be intrusted to 

 it by piivate persons ; as also that 

 the rights of every pei'son to the 

 same shall remain inviolate. With 

 the opening of the Commercial 

 Bank, we shall not fail to increase 



[K] the 



