Scythian Gold and the Gold- Standard : Soviet Attitudes To Gold and the International Monetary System

Diogenes 26 (101-102):26-49 (1978)
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Abstract

The train has stopped in the night. It is the end of winter, 1920; it is very cold, about 25 degress below zero, some hundred kilometers west of Irkutsk. Along the train soldiers mount guard; ahead, a party of the detachment is clearing the track. Many of the soldiers have makeshift bandages around their wrists and feet: the Siberian frost has taken its toll. There is no question, however, of withdrawing the guard or stopping the work. This train is the most precious treasure of the Soviet. Republic, transporting the greater part of the State gold reserves: 355 m. tons. Previously housed in the vaults of the Kazan Bank in Tartary by the Tsarist government, it was removed in 1918 by admiral Kolchak; the greatest coup in history! Not that it brought the admiral any good luck: in Siberia, at the height of the civil war, the richest man in the world was only able to get a few shipments of gold through to Vladivostok, to pay his debts to the Americans and buy arms from them. And then Kolchak died: he was shot on February 7th, the gold now returning to Kazan.

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