Undoubtedly, S. Yu. Witte was one of the most successful finance ministers in the history of the Russian Empire. And the Witte monetary reform contributed to the development of trade and production due to the convergence of banking and industrial capital and the elimination of inflation. However, the reformer brought much more fame to his first innovation related to the establishment of a monopoly on the sale of alcoholic beverages in 1894. From the beginning of 1894 until 1902, this Witte reform increased budget revenues by 16 times.
When the Russian government was convinced that the tax changes that occurred not only helped to cope with the
budget deficit, but also helped to reduce drunkenness, it was decided to carry out the second stage of the changes, during which
indirect taxes on kerosene, tobacco, sugar and matches were increased by 1, 5 times. The Witte reforms were not limited to “drinking” reforms, and also included the introduction of an apartment tax, a business tax on profits of enterprises, as well as an increase in the fee on bank deposits. But the most important achievement by Wittek of the Minister of Finance of Russia is rightfully considered to be the transition from inflationary-paper monetary circulation to the gold standard.
Witte's monetary reform called for stabilization of the country's monetary system by establishing the gold equivalent of the ruble. The need for such decisive action was due to the fact that at that time there was a great risk of a collapse of the Russian currency, because the official ruble to the French franc was considered 1 to 4, and in practice it was no more than 1 to 2.5. Witte monetary reform turned the ruble into a solid monetary unit, which contributed to improving the investment climate in the country. As a result, at the beginning of the 20th century, Russia experienced unprecedented industrial and economic growth in all sectors of the economy.
The inflow of foreign investment until the outbreak of the war increased annually by 150 million rubles, while before the reform, it amounted to only 100 million rubles. due to the instability of the country's monetary system. Witte’s monetary reform suggested that the ruble contained 7.66656 g of pure gold, and credit cards that were in circulation on the territory of the Russian state could be freely exchanged for this noble metal at the declared rate.
On the eve of World War I, the gold ruble became one of the most reliable currencies in the world and circulated freely throughout Europe. This allowed Russia not only to enter the foreign market and attract new capital, but also to strengthen political ties with the leading countries of that time.
And despite the fact that initially the changes in the legislation were perceived quite negatively, because they tied the hands of speculators, over time, Witte's contribution to the development of the state was appreciated by historians and economists. Today, this period of Russian history is studied in detail in many studies by both domestic and foreign authors, and Witte reform is considered an example of useful innovations that can and should be implemented without loss for the population.