Blackwood's Edinburgh Magazine, Volume 59, No. 368, June 1846Various
History
Blackwood's Edinburgh Magazine, Volume 59, No. 368, June 1846
Various
England -- Periodicals; Scotland -- Periodicals
In addition to this, the mines which supplied the Roman world failed to
a considerable extent under the emperors. "The poverty of Greece, as of
the whole empire," says Finlay, "was further increased _by the gradual
rise in the value of the precious metals_; an evil which began to be
generally felt about the time of Nero, and affected Greece with great
severity, from the altered distribution of wealth in the country with
which it was attended. Greece had once been rich in mines, which had
been a source of wealth and prosperity to Siphnos and Atticus, and had
laid the foundation of the power of Philip of Macedon. The fiscal
measures of the Romans soon rendered it a _ruinous speculation for
individuals to attempt working mines of the precious metals_; and, in
the hands of the state, they soon proved unprofitable. Many mines were
exhausted; and even _though the value of the precious metals was
enhanced_, some mines beyond the sphere of the Roman power _were
abandoned_ from those causes which, after the second century of the
Christian era, produced a sensible diminution in the commercial
transactions of the Old Hemisphere.[62] Greece shared in the general
decay: her commerce and manufactures, being confined to supplying the
consumption of a diminished and impoverished population, sunk into
insignificancy. _An accumulation of debts became general throughout the
country_, and formed an extensive evil, as already observed, in the time
of Plutarch."[63]
As this great diminution on the supply, and drain upon the treasures of
the precious metals in the time of the emperors, lowered the value of
every species of produce, so it proportionally augmented debts, and
swelled the already overgrown fortunes of the capitalists. What Finlay
says of Greece was true of the whole European provinces of the
empire:--"_The property of the Grecian debtors was at last transferred
to a very great extent to the Roman creditors._"[64] The gradual
diminution in the supply of, or abstraction of the precious metals, by
contracting the currency, lowered prices, and thus diminished the
returns of industry; while it proportionally augmented debts, and added
to the fortunes of the great capitalists and landholders. This again
produced another effect upon the manners of the inhabitants of the great
cities, which had an equally powerful effect in increasing the drain
upon that portion of the precious metals which was employed in the
public currency. The rich patricians of Rome, Antioch, and
Constantinople, possessed of colossal fortunes to which nothing in
modern times will bear a comparison, and nursed in habits of luxury and
expense beyond any thing we can even conceive, daily augmented the
amount of their immense incomes, which was devoted to the purposes of
extravagance. "The historians of the second and third centuries," says
Finlay, "are filled with lamentations on this subject."[65] It is not
surprising that it was so. Men possessed, in private stations, of as
Public-domain text, read in full here on John Shaqi.
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