It is only, I fear, a minority of the landed proprietors that have grappled successfully with these and other difficulties of their position. As a class they are impoverished and indebted, but this state of things is not due entirely to serf-emancipation. The indebtedness of the Noblesse is a hereditary peculiarity of much older date. By some authorities it is attributed to the laws of Peter the Great, by which all nobles were obliged to spend the best part of their lives in the military or civil service, and to leave the management of their estates to incompetent stewards. However that may be, it is certain that from the middle of the eighteenth century downwards the fact has frequently occupied the attention of the Government, and repeated attempts have been made to alleviate the evil. The Empress Elizabeth, Catherine II., Paul, Alexander I., Nicholas I., Alexander II., and Alexander III. tried successively, as one of the older ukazes expressed it, "to free the Noblesse from debt and from greedy money-lenders, and to prevent hereditary estates from passing into the hands of strangers." The means commonly adopted was the creation of mortgage banks founded and controlled by the Government for the purpose of advancing money to landed proprietors at a comparatively low rate of interest.
These institutions may have been useful to the few who desired to improve their estates, but they certainly did not cure, and rather tended to foster, the inveterate improvidence of the many. On the eve of the Emancipation the proprietors were indebted to the Government for the sum of 425 millions of roubles, and 69 per cent.
of their serfs were mortgaged. A portion of this debt was gradually extinguished by the redemption operation, so that in 1880
over 300 millions had been paid off, but in the meantime new debts were being contracted. In 1873-74 nine private land-mortgage banks were created, and there was such a rush to obtain money from them that their paper was a glut in the market, and became seriously depreciated. When the prices of grain rose in 1875-80 the mortgage debt was diminished, but when they began to fall in 1880 it again increased, and in 1881 it stood at 396 millions. As the rate of interest was felt to be very burdensome there was a strong feeling among the landed proprietors at that time that the Government ought to help them, and in 1883 the nobles of the province of Orel ventured to address the Emperor on the subject. In reply to the address, Alexander III., who had strong Conservative leanings, was graciously pleased to declare in an ukaz that "it was really time to do something to help the Noblesse," and accordingly a new land-
mortgage bank for the Noblesse was created. The favourable terms offered by it were taken advantage of to such an extent that in the first four years of its activity (1886-90) it advanced to the proprietors over 200 million roubles. Then came two famine years, and in 1894 the mortgage debt of the Noblesse in that and other credit establishments was estimated at 994 millions. It has since probably increased rather than diminished, for in that year the prices of grain began to fall steadily on all the corn-exchanges of the world, and they have never since recovered.
By means of mortgages some proprietors succeeded in weathering the storm, but many gave up the struggle altogether, and settled in the towns. In the space of thirty years 20,000 of them sold their estates, and thus, between 1861 and 1892, the area of land possessed by the Noblesse diminished 30 per cent.--from 77,804,000
to 55,500,000 dessyatins.