22.12. 12. The Circumstances in which the Romans changed the Value of the
Specie.
There was formerly very little gold and silver in Italy. This
country has few or no mines of gold or silver. When Rome was taken by
the Gauls, they found only a thousand-weight of gold
[20]
And yet the
Romans had sacked many powerful cities, and brought home their wealth.
For a long time they made use of none but copper money; and it was not
till after the peace with Pyrrhus that they had silver enough to coin
money:
[21]
they made denarii of this metal of the value of ten ases,
[22]
or ten pounds of copper. At that time the proportion of silver was to
that of copper as 1 to 960. For as the Roman denarius was valued at ten
ases, or ten pounds of copper, it was worth one hundred and twenty
ounces of copper; and as the same denarius was valued only at one-eighth
of an ounce of silver,
[23]
this produced the above proportion.
When Rome became mistress of that part of Italy which is nearest to
Greece and Sicily, by degrees she found herself between two rich nations
-- the Greeks and the Carthaginians. Silver increased at Rome; and as
the proportion of 1 to 960 between silver and copper could be no longer
supported, she made several regulations with respect to money, which to
us are unknown. However, at the beginning of the second Punic war, the
Roman denarius was worth no more than twenty ounces of copper;
[24]
and
thus the proportion between silver and copper was no longer but as 1 to
160. The reduction was very considerable, since the republic gained
five-sixths upon all copper money. But she did only what was necessary
in the nature of things, by establishing the proportion between the
metals made use of as money.
The peace which terminated the first Punic war left the Romans
masters of Sicily. They soon entered Sardinia; afterwards they began to
know Spain; and thus the quantity of silver increased at Rome. They took
measures to reduce the denarius from twenty ounces to sixteen,
[25]
which
had the effect of putting a nearer proportion between the silver and
copper; thus the proportion, which was before as 1 to 160, was now made
as 1 to 128.
If we examine into the conduct of the Romans, we shall never find
them so great as in choosing a proper conjuncture for performing any
extraordinary operation.
Footnotes
[20]
Pliny, lib. xxxiii, art. 5.
[21]
Freinshemius, dec. 2, lib. v.
[22]
Ibid. They struck also, says the same author, half denarii,
called quinarii; and quarters, called sesterces.
[23]
An eighth, according to Budæus; according to other authors, a
seventh.
[24]
Pliny, "Natural History," lib. xxxiii, art. 13.
