Note 13 — Chapter II · PUBLIC FINANCE AND CHANGES IN THE VALUE OF MONEY
Reading edition
Recent experience everywhere seems to show that it is possible to inflate 100 per cent every three months without entirely killing the use of money in retail transactions, but that a greater rate of inflation than this can only be indulged in at the peril of total collapse.
14 The Soviet Government have always regarded monetary inflation quite frankly as an instrument of taxation, and have themselves calculated that the purchasing power secured to the State by this means has amounted in the past to the following sums:
1918 525 million gold roubles
1919 380 „ „ „
1920 186 „ „ „
1921 143 „ „ „
1922 (Jan. to March) 58 „ „ „
or (say) £130,000,000 altogether.
15 So far the chervonetz has generally sold at a small premium, the rates being:
March 15, 1923 ch. 1 = £1·07
April 17, 1923 ch. 1 = £1·05
June 15, 1923 ch. 1 = £0·94
July 27, 1923 ch. 1 = £1·05