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Documents and Readings in the History of Europe Since 1918
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Historical SummaryAmong the most far-reaching early acts of the Soviet authorities was the repudiation, on February 10, 1918, of all foreign and domestic state loans.
World History 222.
The Decree Repudiating State Debts, February 10, 19185
1. All state loans made by the governments of the Russian landowners and bourgeoisie . . . are hereby annulled (abolished) as from December 1917. The December coupons of these loans are not subject to payment.
2. Guaranties given by the said governments on loans made by different enterprises and institutions are likewise annulled.
3. All foreign loans without exception are unconditionally annulled.
4. Short term notes and State Treasury bonds retain their value. Interest on them will not be paid, but the bonds themselves are to circulate as legal tender.
5. Citizens of small means who hold certificates of not more than 10,000 rubles (nominal value) of annulled internal state loans are to receive in exchange certificates of the new loan of the Russian Socialist Federated Soviet Republic up to but not exceeding 10,000 rubles. There will be a special announcement of the terms of the loan.
6. Deposits made in the state savings banks and interest on them are not disturbed, All bonds of the annulled loans belonging to savings banks are transferred to the debit books of the Russian Federated Soviet Republic.
7. Co-operatives, municipalities, and other democratic and public service institutions which own bonds of the annulled loans will be indemnified in accordance with the rules to be determined by the Supreme Council of National Economy in co-operation with representatives of the above institutions, provided it can be proved that the bonds were acquired prior to the publication of the present decree.
Note: Local organs of the Supreme Council of National Economy shall determine whether the institutions presenting a claim are of a democratic or public service character.
8. The general liquidation of the state loans is in the hands of the Supreme Council of National Economy.
9. All detailed matters of liquidation are handled by the State Bank, which is to proceed at once to register all state bonds in the hands of different owners and other interest-bearing securities, irrespective of whether or not they are subject to annulment.
10. The local Soviets of Workers’, Soldiers’, and Peasants’ Deputies, in agreement with the local councils of national economy, are to form commissions to determine what citizens fall within the category of [those having] small means.
The commissions have the right to annul completely unearned savings, even if the sum does not exceed 5,000 rubles.
YA. SVERDLOV
Chairman of the All-Russian Central Executive Committee.
5 Translated from Sbornik dekretov i postanovlenii po narodnomu khoziaistvu, 25 oktiabria 1917 g.-25 oktiabria 1918 g., Moscow, 1918, p. 875, in J. Bunyan and H. H. Fisher, eds., The Bolshevik Revolution 1917–1918. Documents and Materials, Stanford University Press, Stanford University, 1934, pp. 602–603. Reprinted by permission of the Stanford University Press.
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Chicago: "The Decree Repudiating State Debts, February 10, 1918," Documents and Readings in the History of Europe Since 1918 in Documents and Readings in the History of Europe Since 1918, ed. Walter Consuelo Langsam and James Michael Egan (Chicage: Lippincott, 1951), 745–746. Original Sources, accessed December 21, 2024, http://originalsources.com/Document.aspx?DocID=DMRRZPM9W1HQZB5.
MLA: . "The Decree Repudiating State Debts, February 10, 1918." Documents and Readings in the History of Europe Since 1918, in Documents and Readings in the History of Europe Since 1918, edited by Walter Consuelo Langsam and James Michael Egan, Chicage, Lippincott, 1951, pp. 745–746. Original Sources. 21 Dec. 2024. http://originalsources.com/Document.aspx?DocID=DMRRZPM9W1HQZB5.
Harvard: , 'The Decree Repudiating State Debts, February 10, 1918' in Documents and Readings in the History of Europe Since 1918. cited in 1951, Documents and Readings in the History of Europe Since 1918, ed. , Lippincott, Chicage, pp.745–746. Original Sources, retrieved 21 December 2024, from http://originalsources.com/Document.aspx?DocID=DMRRZPM9W1HQZB5.
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