Trades
Of trades and manufactur es there is nothing to be said, except that the Italian nation in this respect persevered in an inaction bordering on barbarism. They destroyed the Corinthian factories, the depositories of so many valuable industrial traditions - not however that they might establish similar factories for themselves, but that they might buy up at extravagant prices such Corinthian vases of earthenware or copper and similar "antique works" as were preserved in Greek houses. The trades that were still somewhat prosperous, such as those connected with building, were productive of hardly any benefit for the commonwealth, because here too the system of employing slaves in every more considerable undertaking intervened: in the construction of the Marcian aqueduct, for instance, the government concluded contracts for building and materials simultaneously with 3000 master-tradesmen, each of whom then performed the work contracted for with his band of slaves.
Money-Dealing and Commerce
The most brilliant, or rather the only brilliant, side of Roman private economics was money-dealing and commerce. First of all stood the leasing of the domains and of the taxes, through which a large, perhaps the larger, part of the income of the Roman state flowed into the pockets of the Roman capitalists. The money-dealings, moreover, throughout the range of the Roman state were monopolized by the Romans; every penny circulated in Gaul, it is said in a writing issued soon after the end of this period, passes through the books of the Roman merchants, and so it was doubtless everywhere. The co-operation of rude economic conditions and of the unscrupulous employment of Rome's political ascendency for the benefit of the private interests of every wealthy Roman rendered a usurious system of interest universal, as is shown for example by the treatment of the war-tax imposed by Sulla on the province of Asia in 670, which the Roman capitalists advanced; it swelled with paid and unpaid interest within fourteen years to sixfold its original amount. The communities had to sell their public buildings, their works of art and jewels, parents had to sell their grown-up children, in order to meet the claims of the Roman creditor: it was no rare occurrence for the debtor to be not merely subjected to moral torture, but directly placed upon the rack. To these sources of gain fell to be added the wholesale traffic. The exports and imports of Italy were very considerable. The former consisted chiefly of wine and oil, with which Italy and Greece almost exclusively - for the production of wine in the Massiliot and Turdetanian territories can at that time have been but small - supplied the whole region of the Mediterranean; Italian wine was sent in considerable quantities to the Balearic islands and Celtiberia, to Africa, which was merely a corn and pasture country, to Narbo and into the interior of Gaul. Still more considerable was the import to Italy, where at that time all luxury was concentrated, and whither most articles of luxury for food, drink, or clothing, ornaments, books, household furniture, works of art were imported by sea. The traffic in slaves, above all, received through the ever-increasing demand of the Roman merchants an impetus to which no parallel had been known in the region of the Mediterranean, and which stood in the closest connection with the flourishing of piracy. All lands and all nations were laid under contribution for slaves, but the places where they were chiefly captured were Syria and the interior of Asia Minor[27].
Ostia - Puteoli
In Italy the transmarine imports were chiefly concentrated in the two great emporia on the Tyrrhene sea, Ostia and Puteoli. The grain destined for the capital was brought to Ostia, which was far from having a good roadstead, but, as being the nearest port to Rome, was the most appropriate mart for less valuable wares; whereas the traffic in luxuries with the east was directed mainly to Puteoli, which recommended itself by its good harbour for ships with valuable cargoes, and presented to merchants a market in its immediate neighbourhood little inferior to that of the capital - the district of Baiae, which came to be more and more filled with villas. For a long time this latter traffic was conducted through Corinth and after its destruction through Delos, and in this sense accordingly Puteoli is called by Lucilius the Italian "Little Delos"; but after the catastrophe which befel Delos in the Mithradatic war[28], and from which it never recovered, the Puteolans entered into direct commercial connections with Syria and Alexandria, and their city became more and more decidedly the first seat of transmarine commerce in Italy. But it was not merely the gain which was made by the Italian exports and imports, that fell mainly to the Italians; at Narbo they competed in the Celtic trade with the Massiliots, and in general it admits of no doubt that the Roman merchants to be met with everywhere, floating or settled, took to themselves the best share of all speculations.
Capitalist Oligarchy
Putting together these phenomena, we recognize as the most prominent feature in the private economy of this epoch the financial oligarchy of Roman capitalists standing alongside of, and on a par with, the political oligarchy. In their hands were united the rents of the soil of almost all Italy and of the best portions of the provincial territory, the proceeds at usury of the capital monopolized by them, the commercial gain from the whole empire, and lastly, a very considerable part of the Roman state-revenue in the form of profits accruing from the lease of that revenue.
The daily-increasing accumulation of capital is evident in the rise of the average rate of wealth: 3,000,000 sesterces (30,000 pounds) was now a moderate senatorial, 2,000,000 (20,000 pounds) was a decent equestrian fortune; the property of the wealthiest man of the Gracchan age, Publius Crassus consul in 623 was estimated at 100,000,000 sesterces (1,000,000 pounds). It is no wonder, that this capitalist order exercised a preponderant influence on external policy; that it destroyed out of commercial rivalry Carthage and Corinth[29] as the Etruscans had formerly destroyed Alalia and the Syracusans Caere; that it in spite of the senate upheld the colony of Narbo[30]. It is likewise no wonder, that this capitalist oligarchy engaged in earnest and often victorious competition with the oligarchy of the nobles in internal politics. But it is also no wonder, that ruined men of wealth put themselves at the head of bands of revolted slaves[31], and rudely reminded the public that the transition is easy from the haunts of fashionable debauchery to the robber's cave. It is no wonder, that that financial tower of Babel, with its foundation not purely economic but borrowed from the political ascendency of Rome, tottered at every serious political crisis nearly in the same way as our very similar fabric of a paper currency. The great financial crisis, which in consequence of the Italo-Asiatic commotions of 664 f. set in upon the Roman capitalist-class, the bankruptcy of the state and of private persons, the general depreciation of landed property and of partnership-shares, can no longer be traced out in detail; but their general nature and their importance are placed beyond doubt by their results - the murder of the praetor by a band of creditors[32], the attempt to eject from the senate all the senators not free of debt[33], the renewal of the maximum of interest by Sulla[34], the cancelling of 75 per cent of all debts by the revolutionary party[35]. The consequence of this system was naturally general impoverishment and depopulation in the provinces, whereas the parasitic population of migratory or temporarily settled Italians was everywhere on the increase.
In Asia Minor 80,000 men of Italian origin are said to have perished in one day[36]. How numerous they were in Delos, is evident from the tombstones still extant on the island and from the statement that 20,000 foreigners, mostly Italian merchants, were put to death there by command of Mithradates[37]. In Africa the Italians were so many, that even the Numidian town of Cirta could be defended mainly by them against Jugurtha[38]. Gaul too, it is said, was filled with Roman merchants; in the case of Spain alone - perhaps not accidentally - no statements of this sort are found. In Italy itself, on the other hand, the condition of the free population at this epoch had on the whole beyond doubt retrograded. To this result certainly the civil wars essentially contributed, which, according to statements of a general kind and but littletrustworthy, are alleged to have swept away from 100,000 to 150,000 of the Roman burgesses and 300,000
of the Italian population generally; but still worse was the effect of the economic ruin of the middle class, and of the boundless extent of the mercantile emigration which induced a great portion of the Italian youth to spend their most vigorous years abroad.
A compensation of very dubious value was afforded by the free parasitic Helleno-Oriental population, which sojourned in the capital as diplomatic agents for kings or communities, as physicians, schoolmasters, priests, servants, parasites, and in the myriad employments of sharpers and swindlers, or, as traders and mariners, frequented especially Ostia, Puteoli, and Brundisium.
Still more hazardous was the disproportionate increase of the multitude of slaves in the peninsula. The Italian burgesses by the census of 684 numbered 910,000 men capable of bearing arms, to which number, in order to obtain the amount of the free population in the peninsula, those accidentally passed over in the census, the Latins in the district between the Alps and the Po, and the foreigners domiciled in Italy, have to be added, while the Roman burgesses domiciled abroad are to be deducted. It will therefore be scarcely possible to estimate the free population of the peninsula at more than from 6 to 7 millions. If its whole population at this time was equal to that of the present day, we should have to assume accordingly a mass of slaves amounting to 13 or 14 millions. It needs however no such fallacious calculations to render the dangerous tension of this state of things apparent; this is loudly enough attested by the partial servile insurrections, and by the appeal which from the beginning of the revolutions was at the close of every outbreak addressed to the slaves to take up arms against their masters and to fight out their liberty.
If we conceive of England with its lords, its squires, and above all its City, but with its freeholders and lessees converted into proletarians, and its labourers and sailors converted into slaves, we shall gain an approximate image of the population of the Italian peninsula in those days.
The economic relations of this epoch are clearly mirrored to us even now in the Roman monetary system. Its treatment shows throughout the sagacious merchant. For long gold and silver stood side by side as general means of payment on such a footing that, while for the purpose of general cash-balances a fixed ratio of value was legally laid down between the two metals[39], the giving one metal for the other was not, as a rule, optional, but payment was to be in gold or silver according to the tenor of the bond. In this way the great evils were avoided, that are otherwise inevitably associated with the setting up of two precious metals; the severe gold crises - as about 600, for instance, when in consequence of the discovery of the Tauriscan gold-seams[40] gold as compared with silver fell at once in Italy about 33 1/3 per cent - exercised at least no direct influence on the silver money and retail transactions. The nature of the case implied that, the more transmarine traffic extended, gold the more decidedly rose from the second place to the first; and that it did so, is confirmed by the statements as to the balances in the treasury and as to its transactions; but the government was not thereby induced to introduce gold into the coinage. The coining of gold attempted in the exigency of the Hannibalic war[41] had been long allowed to fall into abeyance; the few gold pieces which Sulla struck as regent were scarcely more than pieces coined for the occasion of his triumphal presents. Silver still as before circulated exclusively as actual money; gold, whether it, as was usual, circulated in bars or bore the stamp of a foreign or possibly even of an inland mint, was taken solely by weight. Nevertheless gold and silver were on a par as means of exchange, and the fraudulent alloying of gold was treated in law, like the issuing of spurious silver money, as a monetary offence. They thus obtained the immense advantage of precluding, in the case of the most important medium of payment, even the possibility of monetary fraud and monetary adulteration. Otherwise the coinage was as copious as it was of exemplary purity. After the silver piece had been reduced in the Hannibalic war from 1/72[42] to 1/84 of a pound[43], it retained for more than three centuries quite the same weight and the same quality; no alloying took place. The copper money became about the beginning of this period quite restricted to small change, and ceased to be employed as formerly in large transactions; for this reason the as was no longer coined after perhaps the beginning of the seventh century, and the copper coinage was confined to the smaller values of a semis (1/4 pence) and under, which could not well be represented in silver.
The sorts of coins were arranged according to a simple principle, and in the then smallest coin of the ordinary issue - the quadrans (1/8 pence) - carried down to the limit of appreciable value. It was a monetary system, which, for the judicious principles on which it was based and for the iron rigour with which they were applied, stands alone in antiquity and has been but rarely paralleled even in modern times.
Yet it had also its weak point. According to a custom, common in all antiquity, but which reached its highest development at Carthage[44], the Roman government issued along with the good silver denarii also denarii of copper plated with silver, which had to be accepted like the former and were just a token-money analogous to our paper currency, with compulsory circulation and recourse on the public chest, inasmuch as it also was not entitled to reject the plated pieces. This was no more an official adulteration of the coinage than our manufacture of paper-money, for they practised the thing quite openly; Marcus Drusus proposed in 663, with the view of gaining the means for his largesses of grain, the sending forth of one plated denarius for every seven silver ones issuing fresh from the mint; nevertheless this measure not only offered a dangerous handle to private forgery, but designedly left the public uncertain whether it was receiving silver or token money, and to what total amount the latter was in circulation. In the embarrassed period of the civil war and of the great financial crisis they seem to have so unduly availed themselves of plating, that a monetary crisis accompanied the financial one, and the quantity of spurious and really worthless pieces rendered dealings extremely insecure. Accordingly during the Cinnan government an enactment was passed by the praetors and tribunes, primarily by Marcus Marius Gratidianus[45], for redeeming all the token-money by silver, and for that purpose an assay-office was established. How far the calling-in was accomplished, tradition has not told us; the coining of token-money itself continued to subsist.
As to the provinces, in accordance with the setting aside of gold money on principle, the coining of gold was nowhere permitted, not even in the client-states; so that a gold coinage at this period occurs only where Rome had nothing at all to say, especially among the Celts to the north of the Cevennes and among the states in revolt against Rome; the Italians, for instance, as well as Mithradates Eupator struck gold coins. The government seems to have made efforts to bring the coinage of silver also more and more into its hands, particularly in the west. In Africa and Sardinia the Carthaginian gold and silver money may have remained in circulation even after the fall of the Carthaginian state; but no coinage of precious metals took place there after either the Carthaginian or the Roman standard, and certainly very soon after the Romans took possession, the denarius introduced from Italy acquired the predominance in the transactions of the two countries.
In Spain and Sicily, which came earlier to the Romans and experienced altogether a milder treatment, silver was no doubt coined under the Roman rule, and indeed in the former country the silver coinage was first called into existence by the Romans and based on the Roman standard[46]; but there exist good grounds for the supposition, that even in these two countries, at least from the beginning of the seventh century, the provincial and urban mints were obliged to restrict their issues to copper small money.
Only in Narbonese Gaul the right of coining silver could not be withdrawn from the old-allied and considerable free city of Massilia; and the same was presumably true of the Greek cities in Illyria, Apollonia and Dyrrhachium. But the privilege of these communities to coin money was restricted indirectly by the fact, that the three-quarter denarius, which by ordinance of the Roman government was coined both at Massilia
and in Illyria, and which had been under the name of victoriatus received into the Roman monetary system[47], was about the middle of the seventh century set aside in the latter; the effect of which necessarily was, that the Massiliot and Illyrian currency was driven out of Upper Italy and only remained in circulation, over and above its native field, perhaps in the regions of the Alps and the Danube. Such progress had thus been made already in this epoch, that the standard of the denarius exclusively prevailed in the whole western division of the Roman state; for Italy, Sicily - of which it is as respects the beginning of the next period expressly attested, that no other silver money circulated there but the denarius - Sardinia, Africa, used exclusively Roman silver money, and the provincial silver still current in Spain as well as the silver money of the Massiliots and Illyrians were at least struck after the standard of the denarius.
It was otherwise in the east. Here, where the number of the states coining money from olden times and the quantity of native coin in circulation were very considerable, the denarius did not make its way into wider acceptance, although it was perhaps declared a legal tender. On the contrary either the previous monetary standard continued in use, as in Macedonia for instance, which still as a province - although partially adding the names of the Roman magistrates to that of the country - struck its Attic tetradrachmae and certainly employed in substance no other money; or a peculiar money-standard corresponding to the circumstances was introduced under Roman authority, as on the institution of the province of Asia, when a new stater, the cistophorus as it was called, was prescribed by the Roman government and was thenceforth struck by the district-capitals there under Roman superintendence. This essential diversity between the Occidental and Oriental systems of currency came to be of the greatest historical importance: the Romanizing of the subject lands found one of its mightiest levers in the adoption of Roman money, and it was not through mere accident that what we have designated at this epoch as the field of the denarius became afterwards the Latin, while the field of the drachma became afterwards the Greek, half of the empire. Still at the present day the former field substantially represents the sum of Romanic culture, whereas the latter has severed itself from European civilization.
The history of Rome. Book IV Page 50
