had been in existence since the years 442 and 492—­the Appian and the Anio aqueducts—­ thoroughly repaired in 610, but two new ones were formed; the Marcian in 610, which remained afterwards unsurpassed for the excellence and abundance of the water, and the Tepula as it was called, nineteen years later.  The power of the Roman exchequer to execute great operations by means of payments in pure cash without making use of the system of credit, is very clearly shown by the way in which the Marcian aqueduct was created:  the sum required for it of 180,000,000 sesterces (in gold nearly 2,000,000 pounds) was raised and applied within three years.  This leads us to infer a very considerable reserve in the treasury:  in fact at the very beginning of this period it amounted to almost 860,000 pounds,(20) and was doubtless constantly on the increase.

All these facts taken together certainly lead to the inference that the position of the Roman finances at this epoch was on the whole favourable.  Only we may not in a financial point of view overlook the fact that, while the government during the two earlier thirds of this period executed splendid and magnificent buildings, it neglected to make other outlays at least as necessary.  We have already indicated how unsatisfactory were its military provisions; the frontier countries and even the valley of the Po(21) were pillaged by barbarians, and bands of robbers made havoc in the interior even of Asia Minor, Sicily, and Italy.  The fleet even was totally neglected; there was hardly any longer a Roman vessel of war; and the war-vessels, which the subject cities were required to build and maintain, were not sufficient, so that Rome was not only absolutely unable to carry on a naval war, but was not even in a position to check the trade of piracy.  In Rome itself a number of the most necessary improvements were left untouched, and the river-buildings in particular were singularly neglected.  The capital still possessed no other bridge over the Tiber than the primitive wooden gangway, which led over the Tiber island to the Janiculum; the Tiber was still allowed to lay the streets every year under water, and to demolish houses and in fact not unfrequently whole districts, without anything being done to strengthen the banks; mighty as was the growth of transmarine commerce, the roadstead of Ostia—­already by nature bad—­was allowed to become more and more sanded up.  A government, which under the most favourable circumstances and in an epoch of forty years of peace abroad and at home neglected such duties, might easily allow taxes to fall into abeyance and yet obtain an annual surplus of income over expenditure and a considerable reserve; but such a financial administration by no means deserves commendation for its mere semblance of brilliant results, but rather merits the same censure—­ in respect of laxity, want of unity in management, mistaken flattery of the people—­as falls to be brought in every other sphere of political life against the senatorial government of this epoch.