Redemption Operation

Redemption Operation

 

a state credit operation effected by the tsarist government of Russia in connection with the peasant reform of 1861. The redemption operation was carried out in accord with the Law on Redemption. The pomeshchik (landlord) was obligated to provide the peasants only with cottage plots for redemption, and the field allotment was redeemed by the peasants either by voluntary agreement with the pomeshchik or at the pomeshchik’s demand. The essence of the redemption operation was that the peasants received redemption loans from the state which were paid to the pomeshchik all at once. The peasants had to liquidate the loan debt over a 49-year period at 6 percent annually. The amount of the loans was calculated at 75 to 80 percent of the quitrent, capitalized at a rate of 6 percent. This meant that the peasants redeemed not only the land but also their personal freedom. When the peasants entered into redemption with the consent of the pomeshchik, they were obligated to pay additional charges (usually 20-25 percent of the redemption loan). For former pomeshchik peasants, the redemption payments became the most onerous form of direct taxes. In 1863, the Law on Redemption was extended to appanage peasants, and in 1864 and later it was extended to pomeshchik peasants in the Caucasus and Transcaucasus. The tense situation that developed in the countryside, the increase in the gap between redemption payments and the profitability of farming on the allotments, and the growth of arrears compelled the government to lower redemption payments at the end of 1881. Simultaneously, the government issued a law on Dec. 28, 1881, concerning the transfer, beginning on Jan. 1, 1883, of all former pomeshchik peasants to obligatory redemption. In the Caucasus and Transcaucasus, this was done only in 1912-13. The price of the land in terms of redemption payments significantly exceeded its value: in the black-soil provinces, redemption payments were 342 million rubles, as against 284 million for the value of the land, and in the nonblack-soil provinces payments were 342 million rubles, as against 180 million for the value of the land. With the revolutionary events of 1905, the tsarist government was forced to abolish redemption payments as of Jan. 1, 1907. From 1861 to 1906 the government exacted 1.6 billion rubles from former pomeshchik peasants and as a result gained an income of about 700 million rubles.

REFERENCES

Lositskii, A. Vykupnaia operatsiia. St. Petersburg, 1906.
Zaionchkovskii, P. A. Otmena krepostnogo prava v Rossii, 3rd ed. Moscow, 1968.

P. A. ZAIONCHKOVSKII

References in periodicals archive ?
Heinl has held various other positions during her career with the Federal Reserve, including fiscal securities supervisor; manager of the Central Savings Bond Redemption Operation; and assistant vice president, operations and consolidation.
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But groups carrying out redemption operations said that there is no evidence that large-scale redemption efforts contribute to the cycle of abductions and slavery.
Inform the unit holders of the dividends and the cases of suspending the redemption operations using the notification method set forth in the prospectus.
Set an effective investment policy to manage the liquidity and suspension of the redemption operations that ensure an amount of liquidity that conforms to the nature of the fund to face the risks related to the fund's investments.
.As A result of the Implementation Compact Civil Service is the end of 2012, RIVM designated as a redemption operations center (IUC) of the national government.
It allowed six stores within two miles of the facility to eliminate their redemption operations, including Safeway on East 18th Avenue and Fred Meyer on West 11th Avenue.
When the LTCB was placed under state control in 1998, the bank transferred the bond redemption operations from London to a branch on a tax-haven island in the Caribbean Sea, and continued to refraining from collecting tax.
The West Broadway redemption center would allow three stores to eliminate in-store container redemption operations: