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means; they became treasures, not money. Not until the time of Pericles was the soldier paid regularly for his services.

The Macedonian conquest changd the conditions under which, down to that time, the production of the precious metals had been carried on. Gold had already begun to lose its character as treasure, and take on its character as money. Gold to the value of L40,000,000 sterling was carried by Alexander into Macedonia, and from Macedonia it was carried by Paullus to Rome. Suddenly, violently, the whole mass accumulated unpper non-economic principles came under the control of economic law. The effect upon prices was enormous. It was characteristic of the Roman People that this effect was turned to evil.

By force of arms not only had Rome acquired possession of nearly all the mines throughout the world, but a large proportion of the gold and silver produced during the past centuries. Mr. Jacob estimates the stock of money in the empire on the Accession of Augustus at L385,000,000 sterling. The Romans, however, were unskilled in mining. They adopted a system of "farming" the mines which greatly reduced their productiveness, as only the best ores were extracted and the works were of a temporary nature. The mines were worked by slaves and convicts. Suddenly the Barbarians appeared on the borders of the Empire. Millions flocked to their standards. Thus was the labor supply of the mines cut off. The industry of mining was doomed. Mr. Jacob has estimated that the L385,000,000 sterling which existed in 14 A. D. wasted away to L33,000,000 in 806. Thus the world of Augustus was in possession of a vast amount of treasure utterly disproportional to the needs ef commerce in those days; and second, when this vast body was at its greatest height it was suddenly cut off without hope of restoration or repair.