This epic poem provides some insight into the kind of conflict that ultimately results in revolution: the interests of the (bloated) state are pitted against the immediate needs of common people. There are some themes that are obvious here: the tragedy of a leader or state that is not responsive to the needs of its people, the irony of the burial out of charity, the sadness of the loss of human life, and the ridiculous contrast of wealth and poverty are a few.
While the 1917 Russian Revolution didn't come along for another 84 years after this poem was published, you can begin to see where the motivation for revolution, and specifically the rise of Socialism, came from - Russia operated under a feudal system for most of the 19th century. Serfs serving the Tsars, most rural people, wouldn't be emancipated until 1861, and after that they still didn't have full property rights. As always, context is useful in understanding the literature.
The Wikipedia article about the statue provides some great images and a detailed description.