In Italy the transmarine imports were chiefly concentrated in the two great emporia on the Tyrrhene sea, Ostia and Puteoli.  The grain destined for the capital was brought to Ostia, which was far from having a good roadstead, but, as being the nearest port to Rome, was the most appropriate mart for less valuable wares; whereas the traffic in luxuries with the east was directed mainly to Puteoli, which recommended itself by its good harbour for ships with valuable cargoes, and presented to merchants a market in its immediate neighbourhood little inferior to that of the capital—­ the district of Baiae, which came to be more and more filled with villas.  For a long time this latter traffic was conducted through Corinth and after its destruction through Delos, and in this sense accordingly Puteoli is called by Lucilius the Italian “Little Delos”; but after the catastrophe which befel Delos in the Mithradatic war,(28) and from which it never recovered, the Puteolans entered into direct commercial connections with Syria and Alexandria, and their city became more and more decidedly the first seat of transmarine commerce in Italy.  But it was not merely the gain which was made by the Italian exports and imports, that fell mainly to the Italians; at Narbo they competed in the Celtic trade with the Massiliots, and in general it admits of no doubt that the Roman merchants to be met with everywhere, floating or settled, took to themselves the best share of all speculations.

Capitalist Oligarchy

Putting together these phenomena, we recognize as the most prominent feature in the private economy of this epoch the financial oligarchy of Roman capitalists standing alongside of, and on a par with, the political oligarchy.  In their hands were united the rents of the soil of almost all Italy and of the best portions of the provincial territory, the proceeds at usury of the capital monopolized by them, the commercial gain from the whole empire, and lastly, a very considerable part of the Roman state-revenue in the form of profits accruing from the lease of that revenue.  The daily-increasing accumulation of capital is evident in the rise of the average rate of wealth:  3,000,000 sesterces (30,000 pounds) was now a moderate senatorial, 2,000,000 (20,000 pounds) was a decent equestrian fortune; the property of the wealthiest man of the Gracchan age, Publius Crassus consul in 623 was estimated at 100,000,000 sesterces (1,000,000 pounds).  It is no wonder, that this capitalist order exercised a preponderant influence on external policy; that it destroyed out of commercial rivalry Carthage and Corinth(29) as the Etruscans had formerly destroyed Alalia and the Syracusans Caere; that it in spite of the senate upheld the colony of Narbo.(30) It is likewise no wonder, that this capitalist oligarchy engaged in earnest and often victorious competition with the oligarchy of the nobles in internal politics.  But it is also no wonder, that ruined men of wealth