Michael Christoph Gerhard VON REUTERN

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Mikhail von Reutern was appointed as a Finance Minister in 1862. He has been described as a "financial wizard". He managed to reform the Treasury, establishing budgeting and auditing procedures for all government departments. He also abolished the previous right of tax-farming whereby private companies bought the right to collect taxes. He established a new system of collecting taxes, and produced Russia's first comprehensive budget in 1862. He extended credit facilities and helped set up the state bank in 1860. He also promoted a municipal bank and a saving bank in 1869. These changes helped put national currency on a firmer footing and gave more opportunities to those who wanted to borrow in order to establish a business.

Michael als Minister van Financiën, 1865.

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Michael getekend door Fedor Aleksandrovich Merkin.

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Mooi portret van Michael op oudere leeftijd.

Foto afkomstig van Rahvusarhiiv Estland

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