366 PAPER MONEY. 



CHAP. XXX, 



greater or less at the end than at the beginning 

 of the period. 



Russia differs from all the other divisions of 

 our part of the world in not having returned to 

 payments in metallic money. When its paper 

 money was first issued, and the quantity small, the 

 rouble was worth about three shillings and four- 

 pence sterling, or of the same value as the silver 

 coin of that name. The increased quantity 

 gradually depreciated the metallic value of the 

 paper till one silver rouble was worth four paper 

 roubles. It had nearly attained this low value in 

 1810, when the -paper roubles amounted to five 

 hundred and seventy-seven millions. It was 

 nearly of the same, but somewhat greater, value 

 in 1830, though the amount had increased to six 

 hundred and thirty-nine millions. 



Taking the paper rouble at one twenty-fifth 

 part of a pound sterling, the value of the whole 

 mass of paper money in the Russian empire was 

 in 1810 twenty-three millions, and in 1830 twenty- 

 five millions and a quarter. As there had been 

 an increase in the value of the rouble when 

 measured by the precious metals, we may assume 

 that all the paper money of Russia possessed 

 nearly the same power of purchasing gold or silver 

 in the year 1830 as it had in 1810. 



In Austria the paper money known by the name 

 of Wiener WJicirung had increased till it amounted 

 nominally to one thousand and sixty millions of 



