All these prices are very low when compared with our standard, and can only be explained by the fact that at Athens, which was probably the most crowded and the dearest place in Greece, the circuit of the walls was greater than that required for the houses, so that there was always building ground to spare. It appears that Athenian citizens did not invest more than the fifth part of their property in dwelling houses, unless they kept them for letting out. The ordinary rent of country houses in Attica was from eight to eight and three-quarters per cent. of the total value, which is about the same that a builder now expects for the money he invests in houses. But when we reflect that the ordinary rate of interest was not five per cent. as among us, but twelve, we have another proof that houses and house-rent were cheap in Greece. But we should also remember the fact that as most of the day was spent abroad, the house was by no means so important as it is in our colder and harsher climate.
As to the other kinds of real property, that which we know most about, and which was perhaps the most important, was mining property. There were gold and silver mines in many parts of Greece, of which those of Thasos (gold) and Laurium (silver) are the best known. Both these were probably discovered by the Phœnicians. We are told that the Athenian state used to let the right of mining on leases for ever, for a fine at the outset, of which we can not tell the amount, and a rent of four per cent. on the profit. The shafts in pits were thus divided into lots, and the holder of the lease could sell it, or borrow money upon it, just as upon any other real property. Owing to the fixed yearly rent or tax upon the produce of the mine, the occasional taxes were not levied on this kind of property. There were officers appointed to watch the working of the mines and see that the rent was honestly paid, just as we have government officers constantly supervising distilleries, in order to see the taxes properly paid. The produce of the mines of Laurium was a great source of wealth to Athens; just as the gold mines of Thrace were an important gain to Philip of Macedon. This was especially the case, because they were worked not by free labor, which is subject to strikes and the raising of wages, but by slaves bought and hired out for that purpose.
By far the most important part of personal property was the possession of slaves and of ready money. There is indeed some doubt among Greek writers about the classing of the latter, and generally we find the money left by a citizen in bank counted as a part of his real property in the law courts. There can be no doubt that gold and silver were very scarce in Greece up to the time of the Persian wars, the first large quantities being presents from the Lydian and other Asiatic kings. Even in later days great fortunes were not frequent, and the Greeks always kept much of their wealth invested in slaves and in vessels of gold and silver or plate, as we should call it. These latter are always specially mentioned in inventories of property, and the ready money seems always a small fraction of the full value in these lists. States, on the other hand, kept large reserve funds of ready money, because of this general scarcity of it among private citizens, and the difficulty of borrowing it during a sudden crisis. Accordingly the ordinary rate of interest obtained on money was twelve per cent., which was of course greatly increased when the investment was risky. Thus it was very common to lend money to a ship-owner in order to enable him to lay in a cargo, and carry it to a foreign port. But as the money was lost if the ship foundered the lender expected twenty-five or thirty per cent. in case of its safe return. We are told that most of the trade in the Piræus was carried on in this way. Investments on the security of landed property, or of an established trade, were, of course, safer, and therefore made at a lower rate of interest.
The oldest banks in Greece had been the temples, in which all manner of valuables were deposited for safety. The priests had also been in the habit of lending money, especially to states, upon public security. But in later days we find banking, especially at Athens, altogether a matter of private speculation. Originally, the table of a money-changer was a banking office, and there accounts were kept in books by careful and regular entries. These private bankers often failed, and such failure was politely called rearranging his table. There was once an Athenian banker called Pasion, who had been originally a slave, but who received the freedom of the city, and was enrolled in one of the most important demes, because his bank had stood firm when all the rest failed, and he had thus sustained the public credit. We are told that letters from his house gave a man credit when traveling through all the Greek waters, as all the merchants had dealings with him, and he doubtless issued circular notes, like those of Coutts’s and other English banks, for the benefit of travelers.
Of the coinage of money I will speak hereafter. Though the Phœnicians, especially at Carthage, had invented the use of token money, like our notes, such a device was, as a rule, unknown to the Greeks, who did not advance beyond the use of formal bonds for the payment of money. We are told however that the people of Byzantium used iron money in this way.
It is difficult for us to put ourselves in the place of the ancients as regards slaves. They were looked upon strictly as part of the chattels of the house, on a level rather with horses and oxen than with human beings. No Greek philosopher, however humane, had the least idea of objecting to slavery in itself, which was, Aristotle thought, quite necessary and natural in all society; but there were Greeks who objected to other Greeks being enslaved and thought that only barbarians should be degraded to this condition. Hence, any Greek general who sold his prisoners of war as slaves, was not indeed thought guilty of any crime or injustice, but was sometimes considered to have acted harshly. Still a vast number of Greeks who might have been brought up in luxury and refinement, were doomed to this misfortune, in early days, by the kidnapping of pirates, as Homer often tells us; in later, through the many fierce civil wars; in both, by being taken up as foundlings, since the exposing of children was common, and most states allowed the finder to bring up such infants as his slaves. Frequently the men of captured cities were massacred, but in almost all cases the women and children were sold into slavery. There were some parts of Greece, such as Laconia and Thessaly, in which old conquered nations were enslaved under the conditions of what we call serfdom. They were attached to the land of their master, and supported themselves by it, paying him a very large rent out of the produce. These serfs, called by many names, helots at Sparta, penestæ in Thessaly, clarotæ in Crete, were also obliged in most places to attend their masters as light-armed soldiers in war. That they were subject to much injustice and oppression is clear from the fact that they repeatedly made fierce and dangerous insurrections, and a writer on the Athenian state significantly complains that such was the license allowed at Athens to slaves, that they actually went about dressed almost like free men, and showed neither fear nor cringing when met in the streets.
Still, though slaves were on the whole better treated at Athens than elsewhere, they were always liable to torture in case their evidence was required, as it was common for the accused to offer his slaves’ evidence if he was suspected of concealing any facts which they knew, and they were not believed without torture. So also the respectable and pious Nicias let them out by thousands to be worked in the Laurian silver mines, where the poisonous smoke and the hardships were such that half the price of the slave was paid yearly by the contractor who hired them—in other words, if they lived three years Nicias received one and a half times the value of his slaves. The contractor was also obliged to restore them the same in number, no regard being had of the individual slave. Again, we find women slaves deliberately employed by their masters in the worst kinds of traffic. The general price of slaves was not high, and seems to have averaged about two minæ (under $40); even in the case of special accomplishments it did not often exceed ten minæ. They wore a tunic with one sleeve, and a fur cap, in fact the dress of the lower class country people.
The most important domestic animal in Greece, as in the rest of Europe, was the horse. Among the Homeric nobles, who went both to war and to travel in chariots, the use of horses was very great, and one Trojan chief is said to have possessed a drove of three thousand. And yet their carts were drawn by mules. In later days, the use of chariots in war and carriages in traveling almost disappeared from Greece, and was practiced only in Asia Minor. I suppose this was owing to the scarcity and bad state of the roads. Cavalry and pack horses were used instead, and the cavalry of most Greek states was very trifling. The Athenians, for example, had no cavalry at all at Marathon; and at Platæa none which could even protect foragers from the Persians, as the Thessalians were not on the Greek side. The Lacedæmonians had no cavalry at all before the year 424 B. C. Thus horses (except in Thessaly and a few other places) were only kept for cavalry purposes, and also for such displays as the Olympic games and the state processions in religious festivals. At Athens to keep horses and to drive four-in-hand (in public contests only) was a proof of either great wealth or great extravagance. The knights or cavalry were of the richest class, and only kept one horse each as a state duty. We know that the very cheapest price for a bad horse was three minæ—that is to say, more than the average for a good slave, though not in itself a large sum. Twelve minæ seems about the average price for an ordinary horse. The enormous and perfectly exceptional sum of thirteen talents is said to have been paid for Alexander’s horse “Bucephalus.” This name was one used of a special breed called ox-headed, from their short and broad head and neck, and which were celebrated in Thessaly. Other good breeds came from Sicyon, Cyrene, and Sicily.
For draught purposes and for traveling with packs, much greater use was made of mules and donkeys, especially of the former, as is still the case all over Greece. We have no certain knowledge as to the prices given for these animals. The history of the use of oxen is, on the other hand, much better known. In Homeric times, and before the use of coined money, prices were fixed by the number of oxen a thing would cost, and this old practice is preserved in the Latin word pecunia (from pecus) for money, and in the English fee.
But according as men, and with them farming, increased, so much land was withdrawn from pasture that few more oxen were kept than what were wanted for field work and for sacrifices. Beef was thought heavy diet, except in Bœotia; and cow’s milk was never much liked by the Greeks. In out-of-the-way parts of Greece, such as Eubœa and Epirus, there were still large herds, and this was also the case about Orchomenus; but in general we hear that hides and even cattle were imported from the Black Sea and from Cyrene. The price of an ox at Athens in Solon’s time is said to have been five drachmæ (one dollar), though much more was sometimes given. This was not so much on account of the plenty or cheapness of oxen, as owing to the scarcity of coined money all through Greece. Accordingly about the year 400 B. C. we find the price greatly increased, and ranging from fifty to eighty drachmæ. An ox fit for a prize at games was valued at one hundred ($15.50).