What is the historical era of "The Bet" by Anton Chekhov, and what is its significance to the story?

"The Bet" is a story that could be placed in just about any time period.  Its subject matter is a debate about the merits of capital punishment versus life in prison.  The lawyer believes that life in prison is better than death, because living is better than no life at all.  

"To live anyhow is better than not at all."

The banker believes otherwise.  He believes that capital punishment is more humane.  Their disagreement...

"The Bet" is a story that could be placed in just about any time period.  Its subject matter is a debate about the merits of capital punishment versus life in prison.  The lawyer believes that life in prison is better than death, because living is better than no life at all.  

"To live anyhow is better than not at all."

The banker believes otherwise.  He believes that capital punishment is more humane.  Their disagreement leads to the bet between the two men.  It's at that point that the reader gets a firm indication as to the historical context of the story.   

The agreement provided for every detail and every trifle that would make his imprisonment strictly solitary, and bound the young man to stay there exactly fifteen years, beginning from twelve o'clock of November 14, 1870, and ending at twelve o'clock of November 14, 1885.

Those dates make perfect sense, because they are right in the middle of Chekhov's life.  He was born in 1860 and died in 1904.  Additionally, Chekhov wrote "The Bet" in 1889.  It makes sense that he would place his story during a time period that he was familiar with.  But why would Chekhov write a story about capital punishment in 1889?  A possible reason was that the electric chair, as a method of execution, was first proposed in 1881.  It went through a development cycle and was first used to kill somebody in 1890.  I guarantee its use and capital punishment were popular topics at the time.  

Chekhov placed "The Bet" right in line with what was happening in his current time period.  His story works as a sort of social commentary on the pros and cons of life imprisonment and capital punishment.