So little are we commonly acquainted with this principle that, though
all historians agree in relating uniformly so recent an event as the
immense treasure amassed by Harry VII. (which they make amount to
£1,700,000), we rather reject their concurring testimony than admit
of a fact which agrees so ill with our inveterate prejudices. It is
indeed probable that that sum might be three-fourths of all
the money in England; but where is the difficulty that such a sum
might be amassed in twenty years by a cunning, rapacious, frugal, and
almost absolute monarch? Nor is it probable that the diminution of
circulating money was ever sensibly felt by the people, or ever did
them any prejudice. The sinking of the prices of all commodities would
immediately replace it, by giving England the advantage in its commerce
with all the neighbouring kingdoms.
Have we not an instance in the small republic of Athens with its
allies, who in about fifty years between the Median and Peloponnesian
Wars amassed a sum greater than that of Harry VII.?[20] for all the
Greek historians and orators agree that the Athenians collected in the
citadel more than 10,000 talents, which they afterwards dissipated,
to their own ruin, in rash and imprudent enterprises. But when this
money was set a-running, and began to communicate with the surrounding
fluid, what was the consequence? Did it remain in the state? No; for
we find by the memorable census mentioned by Demosthenes and Polybius
that, in about fifty years afterwards, the whole value of the republic,
comprehending lands, houses, commodities, slaves, and money was less
than 6000 talents.
What an ambitious, high-spirited people was this, to collect and keep
in their treasury, with a view to conquests, a sum which it was every
day in the power of the citizens, by a single vote, to distribute among
themselves, and which would go near to triple the riches of every
individual; for we must observe that the numbers and private riches of
the Athenians are said by ancient writers to have been no greater at
the beginning of the Peloponnesian War than at the beginning of the
Macedonian.
Money was little more plentiful in Greece during the age of Philip
and Perseus than in England during that of Harry VII., yet these two
monarchs in thirty years collected from the small kingdom of
Macedon a much larger treasure than that of the English monarch.
Paulus Æmilius brought to Rome about £1,700,000 sterling—Pliny says
£2,400,000—and that was but a part of the Macedonian treasure; the rest
was dissipated by the resistance and flight of Perseus.
Public-domain text, read in full here on John Shaqi.
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