Russia entered upon the present war better equipped financially than ever before in her history. But it is evident that her ordinary resources will not suffice, and the Ministry of Finance will have to find new sources of revenue to meet the gigantic expenditures. The Ministry of Finance has begun the usual banking and credit operations—the supervision of specie payments, the issuance of paper money, and the discounting of the Treasury notes in the State Bank. In addition to these the Ministry is ready to turn to new taxes.
It proposes to increase the tax on tobacco and to raise the price of whisky. Both are desirable objects of taxation. The tobacco tax has been relatively low in Russia. Only the poorer grades of tobacco have been taxed 100 per cent. ad valorem, while the higher grades have been taxed at a lower rate.

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