The Third Congress of Soviets - A New Epoch in World History

The congress abolished private ownership of land. Granted the supreme economic council authority to convert factories, mines, railways and other means of production into state property. Consolidated all banks into a single state institution. As this auspicious soviet congress wrapped up, an addressed them comrades: "We must establish with complete impartiality the momentous part it has had to play in the history of the international revolution"