Money for the Turkish War

Marten Gerbertus Buist
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Marten Gerbertus Buist: Rijksuniversiteit te Groningen

Chapter Chapter Three in At Spes non Fracta, 1974, pp 93-110 from Springer

Abstract: Abstract The accession to the throne of Empress Catherine II of Russia in 1762 heralded a resumption of the vigorous territorial expansion which had been set in train during the reign of Czar Peter the Great. The finances of the economically underdeveloped country, however, were inadequate for the waging of lengthy wars, and when, in 1768, Russian intervention in the chaotic domestic situation in Poland led to a conflict with Turkey, the empress found herself in an extremely embarrassing position. The issue of paper money in the form of assignats, for which purpose the Assignat Bank was founded in 1768, afforded a certain respite.1 In addition, Catherine succeeded during the Turkish War in obtaining a number of loans in the Republic of the Seven United Provinces through the intermediacy of the house of Raymond and Theodore de Smeth of Amsterdam. These loans carried interest at 5 %.2

Keywords: Interest Rate; Money Market; United Province; Paper Money; Foreign Loan (search for similar items in EconPapers)
Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-94-011-8858-6_3

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DOI: 10.1007/978-94-011-8858-6_3

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