a fluid medium for trade and enterprise, and changing economic conditions profoundly. In republican Rome, the financier and the "money" interest began to play a part recognizably similar to their rôles to-day.
We have already noted—in our account of Herodotus—that a first effect of money was to give freedom of movement and leisure to a number of people who could not otherwise have enjoyed these privileges. And that is the peculiar value of money to mankind. Instead of a worker or helper being paid in kind and in such a way that he is tied as much in his enjoyment as in his labour, money leaves him free to do as he pleases amidst a wide choice of purchasable aids, eases, and indulgences. He may eat his money or drink it or give it to a temple or spend it in learning something or save it against some foreseen occasion. That is the good of money, the freedom of its universal convertibility. But the freedom money gives the poor man is nothing to the freedom money has given the rich man. With money rich men ceased to be tied to lands, houses, stores, flocks, and herds. They could change the nature and locality of their possessions with an unheard-of freedom. In the third and second century B.C., this release, this untethering of wealth, began to tell upon the general economic life of the Roman and Hellenized world. People began to buy land and the like not for use, but to sell again at a profit; people borrowed to buy, speculation developed. No doubt there were bankers in the Babylon of 1000 B.C., but they lent in a far more limited and solid way, bars of metal and stocks of goods. That earlier world was a world of barter and payment in kind, and it went slowly—and much more staidly and stably—for that reason. In that state the vast realm of China has remained almost down to the present time.
The big cities before Rome were trading and manufacturing cities. Such were Corinth and Carthage and Syracuse. But Rome never produced a very considerable industrial population, and her warehouses never rivalled those of Alexandria. The little port of Ostia was always big enough for her needs. Rome was a political and financial capital, and in the latter respect, at least, she was a new sort of city. She imported profits and tribute, and very little went out from her in return. The wharves
