in a short time, and even those, who only for credit’s
sake joined in what was most necessary, saw their
inherited and firmly- established wealth rapidly undermined.
The canvass for the consulship, for instance, was
the usual highway to ruin for houses of distinction;
and nearly the same description applies to the games,
the great buildings, and all those other pleasant,
doubtless, but expensive pursuits. The princely
wealth of that period is only surpassed by its still
more princely liabilities; Caesar owed about 692,
after deducting his assets, 25,000,000 sesterces (250,000
pounds); Marcus Antonius, at the age of twenty-four
6,000,000 sesterces (60,000 pounds), fourteen years
afterwards 40,000,000 (400,000 pounds); Curio owed
60,000,000 (600,000 pounds); Milo 70,000,000 (700,000
pounds). That those extravagant habits of the
Roman world of quality rested throughout on credit,
is shown by the fact that the monthly interest in Rome
was once suddenly raised from four to eight per cent,
through the borrowing of the different competitors
for the consulship. Insolvency, instead of leading
in due time to a meeting of creditors or at any rate
to a liquidation which might at least place matters
once more on a clear footing, was ordinarily prolonged
by the debtor as much as possible; instead of selling
his property and especially his landed estates, he
continued to borrow and to present the semblance of
riches, till the crash only became the worse and the
winding-up yielded a result like that of Milo, in
which the creditors obtained somewhat above four per
cent of the sums for which they ranked. Amidst
this startlingly rapid transition from riches to bankruptcy
and this systematic swindling, nobody of course gained
so much as the cool banker, who knew how to give and
refuse credit. The relations of debtor and creditor
thus returned almost to the same point at which they
had stood in the worst times of the social crises
of the fifth century; the nominal landowners held
virtually by sufferance of their creditors; the debtors
were either in servile subjection to their creditors,
so that the humbler of them appeared like freedmen
in the creditor’s train and those of higher rank
spoke and voted even in the senate at the nod of their
creditor-lord; or they were on the point of declaring
war on property itself, and either of intimidating
their creditors by threats or getting rid of them
by conspiracy and civil war. On these relations
was based the power of Crassus; out of them arose
the insurrections—whose motto was “a
clear sheet"-of Cinna(54) and still more definitely
of Catilina, of Coelius, of Dolabella entirely resembling
the battles between those who had and those who had
not, which a century before agitated the Hellenic
world.(55) That amidst so rotten an economic condition
every financial or political crisis should occasion
the most dreadful confusion, was to be expected from
the nature of the case; we need hardly mention that
the usual phenomena—the disappearance of
capital, the sudden depreciation of landed estates,
innumerable bankruptcies, and an almost universal
insolvency—made their appearance now during
the civil war, just as they had done during the Social
and Mithradatic wars.(56)