Organizational Legal Basics for Farm Morgage Lending as a Measure for Sustainable Development of the Russian State (Following the Example of Dvoryanskiy Bank Activities in Tambov Province in 1885-1900)

Mortgage lending for agriculture in Russia was closely connected with the internal problems of the State. In the first post-reform decades, weakening of the nobility (dvoryanstvo) manifested itself primarily in the reduction of noble land. It is obvious that the establishment by the Government of the Dvoryanskiy Bank was aimed at supporting the nobility. The Charter of the Dvoryanskiy Bank stated that the bank was to support tenure gentry by issuing loans under pledge of their lands. The opening of the bank branches on the 21th of December 1885 in Tambov province immediately caused feverish demand on credit. In 1889-1890 Dvoryanskiy Bank granted borrowers with additional privileges. Decree of 12 October 1889, and then a new Charter of the Bank, accepted on June 12, 1890, set adjustments to the activities of the Bank. As a result, the credit activities of the Bank developed in Tambov province in the most successful way. A specific test for both the Bank and its borrowers, were the consequences of the poor harvest of 1891 in many regions of Russia. In this situation, on 10 January 1892 the Emperor ordered to provide the councils of the Bank and its special departments with the right to spread out payments on applications of borrowers for a period ranging from 6 to 20 six months. Thanks to the provided benefits, the percentage of the estates in Tambov province assigned to the sale was low. State power continued to grace the privileged mortgage lending policy of the hereditary nobility. The manifesto of Nicholas II of 14 November 1894 announced the lowering of the interest rate on loans of the Dvoryanskiy Bank from 4 ½ to 4%. The results of this were quick: in the 1895 the amount of mortgaged land rose markedly. In general, from 1895 to 1900 the volume of lending operations in Tambov province rose annually. Meanwhile, the development of mortgage crediting of agricultural lands in the late 19th century did not lead to a significant increase in agricultural production. Initially accumulated capital was not enough for transition of the whole Russian economy to the industrialized regime. The process of retooling of the industry was interrupted by the 1917 Revolution.

mortgage, reform law, Dvoryanskiy Bank, procedure, bank deposit, development, sustainability, the Charter of the Bank, articles of association, statutes, pawning, land valuation, agricultural borrowers

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