The habit of mortgaging and selling estates does not necessarily mean the impoverishment of the landlords as a class.  If the capital raised in that way is devoted to agricultural improvements, the result may be an increase of wealth.  Unfortunately, in Russia the realised capital was usually not so employed.  A very large proportion of it was spent unproductively, partly in luxuries and living abroad, and partly in unprofitable commercial and industrial speculations.  The industrial and railway fever which raged at the time induced many to risk and lose their capital, and it had indirectly an injurious effect on all by making money plentiful in the towns and creating a more expensive style of living, from which the landed gentry could not hold entirely aloof.

So far I have dwelt on the dark shadows of the picture, but it is not all shadow.  In the last forty years the production and export of grain, which constitute the chief source of revenue for the Noblesse, have increased enormously, thanks mainly to the improved means of transport.  In the first decade after the Emancipation (1860-70) the average annual export did not exceed 88 million puds; in the second decade (1870-80) it leapt up to 218 millions; and so it went up steadily until in the last decade of the century it had reached 388 millions—­i.e., over six million tons.  At the same time the home trade had increased likewise in consequence of the rapidly growing population of the towns.  All this must have enriched the land-proprietors.  Not to such an extent, it is true, as the figures seem to indicate, because the old prices could not be maintained.  Rye, for example, which in 1868 stood at 129 kopeks per pud, fell as low as 56, and during the rest of the century, except during a short time in 1881-82 and the famine years of 1891-92, when there was very little surplus to sell, it never rose above 80.  Still, the increase in quantity more than counterbalanced the fall in price.  For example:  in 1881 the average price of grain per pud was 119, and in 1894 it had sunk to 59; but the amount exported during that time rose from 203 to 617 million puds, and the sum received for it had risen from 242 to 369 millions of roubles.  Surely the whole of that enormous sum was not squandered on luxuries and unprofitable speculation!

The pessimists, however—­and in Russia their name is legion—­will not admit that any permanent advantage has been derived from this enormous increase in exports.  On the contrary, they maintain that it is a national misfortune, because it is leading rapidly to a state of permanent impoverishment.  It quickly exhausted, they say, the large reserves of grain in the village, so that as soon as there was a very bad harvest the Government had to come to the rescue and feed the starving peasantry.  Worse than this, it compromised the future prosperity of the country.  Being in pecuniary difficulties, and consequently impatient to make money, the proprietors