The preparation of the reform began in the 1880s and was caused by the instability of the monetary system. Finance Minister Sergei Witte in February 1895 presented to Emperor Nicholas II a report on the need to introduce a golden circulation. Witte decided to introduce the gold standard adopted in England, and not the gold-silver, formally valid in France. The law of May 8, 1895 allowed to conclude transactions for gold, at the same time all offices and branches of the State Bank were given the right to buy a gold coin, and 8 offices and 25 branches also make payments with this coin. In June 1895, the State Bank was allowed to accept a gold coin to a current account (private St. Petersburg banks followed this example); in November 1895, a gold coin was accepted by the cash desks of all government agencies and state railways. In December 1895, a rate of credit tickets was established in the amount of 7.40 rubles for a gold semi-imperial with a face value of 5 rubles (since 1896 - 7.50 rubles).