Of all grievances, the most urgent was the condition of the poorer class of debtors. To their relief Solon’s first measure, the memorable Seisachtheia, or shaking off of burdens, was directed. The relief which it afforded was complete and immediate. It cancelled at once all those contracts in which the debtor had borrowed on the security either of his person or of his land: it forbade all future loans or contracts in which the person of the debtor was pledged as security; it deprived the creditor in future of all power to imprison, or enslave, or extort work, from his debtor, and confined him to an effective judgment at law authorizing the seizure of the property of the latter. It swept off all the numerous mortgage pillars from the landed properties in Attica, leaving the land free from all past claims. It liberated and restored to their full rights all debtors actually in slavery under previous legal adjudication; and it even provided the means (we do not know how) of repurchasing in foreign lands, and bringing back to a renewed life of liberty in Attica, many insolvents who had been sold for exportation. And while Solon forbade every Athenian to pledge or sell his own person into slavery, he took a step farther in the same direction by forbidding him to pledge or sell his son, his daughter, or an unmarried sister under his tutelage—excepting only the case in which either of the latter might be detected in unchastity. Whether this last ordinance was contemporaneous with the Seisachtheia, or followed as one of his subsequent reforms, seems doubtful.
By this extensive measure the poor debtors—the Thetes, small tenants, and proprietors—together with their families, were rescued from suffering and peril. But these were not the only debtors in the state: the creditors and landlords of the exonerated Thetes were doubtless in their turn debtors to others, and were less able to discharge their obligations in consequence of the loss inflicted upon them by the Seisachtheia. It was to assist these wealthier debtors, whose bodies were in no danger—yet without exonerating them entirely—that Solon resorted to the additional expedient of debasing the money standard. He lowered the standard of the drachma in a proportion of something more than 25 per cent., so that 100 drachmas of the new standard contained no more silver than 73 of the old, or 100 of the old were equivalent to 138 of the new. By this change the creditors of these more substantial debtors were obliged to submit to a loss, while the debtors acquired an exemption to the extent of about 27 per cent.