In 1880-1890 years in the Russian monetary system was unstable and weak.In 1895, Witte, at the time held the post of Minister of Finance, presented the report to Emperor Nicholas II, which wrote about the need for the introduction of the gold standard.This gold standard operated successfully in England.May 8, 1895 a law was passed allowing bargain for gold.Due to the reform of the State Bank in 1897 increased the gold cash from 300 million to 1095 million rubles.Foreign companies and individuals can buy and export from the Russian gold rubles, which contributed to the inflow of foreign capital of the Russian economy.Such a policy of Witte made the ruble one of the most stable and reliable currency in the world.The
reform has strengthened external and internal rate of the Russian currency.
Sergei Witte contributed to the industrialization of the Russian Empire.His policy was aimed at accelerating the development of railway and industrial construction.In the year it built about 3000 kilometers of track.And by 1900, the country went into a leading global position in oil.Witte in 1898 reformed the tax commercial and industrial area.
Witte considered essential to reform the peasant community.In 1898 he wrote a note to Nicholas II, which urged the emperor to complete the "liberation" of the peasants.However, the king listen more aristocrats, who were dissatisfied with the policy of Witte.But Sergei Yul'evich achieved rejection of collective responsibility, to facilitate farmers and passport control abolished corporal punishment for them.
Witte initiated the construction of the Chinese Eastern Railway and the Trans-Siberian Railway.To replenish the coffers reformer in 1894 introduced a "wine monopoly".Distilleries belonged to private entrepreneurs, but they produce alcohol bought by the state, it is cleaned and put up for sale in liquor stores, owned by the Treasury.Proceeds from the "wine monopoly" in 1913 amounted to 26% of total revenues of the empire.
in October 1905 in the Russian capital have been workers' strikes.Witte, Nicholas II commissioned to develop a manifesto, which declared on 17 October.Also Witte, together with the Manifesto, held government reform.They included the establishment of the State Duma, the introduction of electoral laws and the transformation of the State Council.Sergei Yul'evich edited the "Basic Law of the Russian Empire", which was the first constitution in the state.