Word: torgsin
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...Called in the "gold bonds" issued by the Soviet Torgsin. Reasons: 1) counterfeiting; 2) clandestine speculation in "gold bonds" by Russians who doubt the statement of their leaders that "the Soviet Union is on the gold standard...
When a Russian needs more food or clothing than his ration card entitles him to buy, he can go to the special Torgsin stores which sell only for valuta (foreign money), if he has any valuta-a difficult thing for a Russian to obtain. Last week the bars went down a little. To increase the State's stock of silver, Torgsin was authorized to accept silver plate and old jewelry as valuta. Next day Torgsin stores were jammed with hungry, ill-clad natives, eager to swap silver for rough clothing and such luxuries, dear to Russians, as smoked salmon...
...Torgsin Stores (state-owned) were established two years ago, have grown phenomenally in numbers. They sell better goods than other Russian stores at lower prices-but there is a catch. Torgsin sells only for "valuta," a pre-War Russian word meaning "foreign money." Thus no Russian can buy at Torgsin except by offering dollars, francs, marks, pounds, yen, etc., etc. Also no Russian is permitted to exchange rubles into valuta (except by special Government permit, rarely given). In effect Torgsin stores are baited traps to catch the valuta of tourists, foreigners employed in Russia and emigres. The State desperately needs...
...Moscow last week Torgsin's smart Sklar scored yet another coup. The State Bank had been wondering what to do about Lawyer Charles Recht who recently arrived in Russia representing New York Life Insurance Co. Lawyer Recht had come about the 21,000 pre-War Russian policy holders to whom his company owes some $3,000,000. He wanted to pay the money at once in dollars...
Entered at this point Torgsin's alert Sklar. His chain stores, he said, would be glad to hunt discreetly for the 21,000 policy holders. Moreover no dollars would have to be paid to any policy holder. Torgsin would take the $3,000,000 from New York Life Insurance Co. Torgsin would present the policy holders with Torgsin "purchase orders" equivalent to the sums due them. Without touching or hoarding a forbidden dollar, policy holders would get their due in Torgsin goods...