nly twenty-six companies had been formed,
and their united capital amounted only to thirty-two millions of
roubles. Thus in the space of two years (1857-58) eleven times as much
capital was subscribed to joint-stock companies as had been subscribed
during half a century previous to the war. The most exaggerated
expectations were entertained as to the national and private advantages
which must necessarily result from these undertakings, and it became
a patriotic duty to subscribe liberally. The periodical literature
depicted in glowing terms the marvellous results that had been obtained
in other countries by the principle of co-operation, and sanguine
readers believed that they had discovered a patriotic way of speedily
becoming rich.

These were, however, mere secondary matters, and the public were
anxiously waiting for the Government to begin the grand reforming
campaign. When the educated classes awoke to the necessity of great
reforms, there was no clear conception as to how the great work should
be undertaken. There was so much to be done that it was no easy matter
to decide what should be done first. Administrative, judicial, social,
economical, financial, and political reforms seemed all equally
pressing. Gradually, however, it became evident that precedence must be
given to the question of serfage. It was absurd to speak about progress,
humanitarianism, education, self-government, equality in the eye of
the law, and similar matters, so long as one half of the population was
excluded from the enjoyment of ordinary civil rights. So long as serfage
existed it was mere mockery to talk about re-organising Russia according
to the latest results of political and social science. How could a
system of even-handed justice be introduced when twenty millions of the
peasantry were subject to the arbitrary will of the landed proprietors?
How could agricultural or industrial progress be made without free
labour? How could the Government take active measures for the spread of
national education when it had no direct control over one-half of
the peasantry? Above all, how could it be hoped that a great moral
regeneration could take place, so long as the nation voluntarily
retained the stigma of serfage and slavery?

All this was very generally felt by the educated classes, but no one
ventured to raise the question until it should be known what were the
views of the Emperor on the subject. How the question was gradually
raised, h