So for the good local businesses would work several types of credit, but with priority state. To support this decision in Predumje, as the Council on the local economy, a year later, on November 9, 1910, the prime minister himself spoke. This indicated the role the government assigned to development. local credit systems in local reform in general. Stolypin pointed out that the cabinet is interested in the development of both private equity, mutual and public credit. Wherein advantage should be given to the mutually social and state credit.
Excessive private support is dangerous because it can create in this area, their monopoly and to prevent subsidies are obviously weak in budget city and zemstvos. The result of this presentation was the support of the Council for Local Affairs of the project developed meeting. Soon, in order to get the sovereign’s approval of the letter to him was forced to explain the need to provide it government assistance in organizing small local lending. Having passed all the stages of non-governmental discussion, this question was again submitted for final approval to the Council of Ministers. The next meeting was held almost under the curtain of the cabinet’s work. composition May 21, 1911 Kokovtsov tried again to realize his idea about the development in this business of private initiative. This time he suggested a compromise option according to which a new bank would be established on stock based. In it 10% of the shares would belong to the state, 50% from urban and territorial institutions and 40% from individuals. Stolypin was very skeptical of this proposal, since, in his opinion, at that time the relationship between local authorities local government and the government could not be considered positive.
It was still very difficult for these authorities to act together; there were frequent disagreements. In such conditions, the role of private loan, which was generally contrary to the government’s view of question. Therefore, the proposal of the Ministry of Finance was rejected, and the Cabinet ordered the Minister Finance to prepare a bill for its submission to the Duma on the basis of proposals developed by the Special Meeting. In early 1912, the project received approval from both houses of parliament and from the summer of that year began function a new lending institution called Cash city and land loan. So the idea is to further development of a local lending system, born in acute intragovernmental disputes, received its real embodiment.