The Law of Civilization and Decay: An Essay on History — John Shaqi
The Law of Civilization and Decay: An Essay on HistoryAdams, Brooks
Philosophy
The Law of Civilization and Decay: An Essay on History
Adams, Brooks
Civilization -- History; Degeneration; History -- Philosophy
As gold had become the sole legal tender, this change of ratio
represents a diminution, during the existence of the Western Empire, of
at least fifty per cent in the value of property in relation to debt,
leaving altogether out of view the appreciation of silver itself, which
was so considerable that the government was unable to maintain the
denarius.[40]
Resistance to the force of centralized wealth was vain. Aurelian’s
attempt to reform the mints is said to have caused a rebellion, which
cost him the lives of seven thousand of his soldiers; and though his
policy was continued by Probus, and Diocletian coined both metals
again at a ratio, expansion was so antagonistic to the interests of the
monied class that, by 360, silver was definitely discarded, and gold
was made by law the only legal tender for the payment of debts.[41]
Furthermore, the usurers protected themselves against any possible
tampering with the mints by providing that the solidus should pass by
weight and not by tale; that is to say, they reserved to themselves
the right to reject any golden son which contained less than one
seventy-second of a pound of standard metal, the weight fixed by
Constantine.[42]
Thus, at a time when the exhaustion of the mines caused a failure in
the annual supply of bullion, the old composite currency was split
in two, and the half retained made to pass by weight alone, so as to
throw the loss by clipping and abrasion upon the debtor. So strong a
contraction engendered a steady fall of prices, a fall which tended
rather to increase than diminish as time went on. But in prolonged
periods of decline in the market value of agricultural products,
farmers can with difficulty meet a money rent, because the sale of
their crops leaves a greater deficit each year, and finally a time
comes when insolvency can no longer be postponed.
In his opening chapter Gibbon described the Empire under the Antonines
as enjoying “a happy period of more than fourscore years” of peace and
prosperity; and yet nothing is more certain than that this halcyon age
was in reality an interval of agricultural ruin. On this point Pliny
was explicit, and Pliny was a large land-owner.
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