On Revenues

by Xenophon

(15) "A good substantial property."
(16) Or, "on the other hand, I affirm that the outlay necessary to
form the capital for my present project will be more remunerative
than any other that can be named." As to the scheme itself see
Grote, "Plato," III. ch. xxxix.; Boeckh, op. cit. (pp. 4, 37, 136,
600 seq. Eng. tr.) Cf. Demosth. "de Sym." for another scheme, 354
B.C., which shows the "sound administrative and practical
judgment" of the youthful orator as compared with "the benevolent
dreams and ample public largess in which Xenophon here indulges."
—Grote, op. cit. p. 601.
(17) L40:12:4 = 1000 drachmae.
(18) I.e. exactly 18 or nearly 20 per cent. The following table will
make the arithmetic clear:—
6 ob. = 1 drachma 10 minae = 6000 ob.
100 dr. = 1 mina = 1000 dr.
600 ob. = 1 mina 1000 dr.:180 dr.::100:18 therefore nearly 1/5
3 ob. (a day) x 360 = 1080 ob. p.a. = nearly 20 per cent.
= 180 dr. p.a.
As to the 3 obols a day (= 180 dr. p.a.) which as an Athenian
citizen he is entitled to, see Grote, op. cit. p. 597: "There will
be a regular distribution among all citizens, per head and
equally. Three oboli, or half a drachma, will be allotted daily to
each, to poor and rich alike" (on the principle of the Theorikon).
"For the poor citizens this will provide a comfortable
subsistence, without any contribution on their part; the poverty
now prevailing will thus be alleviated. The rich, like the poor,
receive the daily triobolon as a free gift; but if they compute it
as interest for their investments, they will find that the rate of
interest is full and satisfactory, like the rate on bottomry."
Zurborg, "Comm." p. 25; Boeckh, op. cit. IV. xxi. (p. 606, Eng.
tr.); and Grote's note, op. cit. p. 598.
(19) = L20:6:3 = 500 drachmae.
(20) = I.e. 36 per cent.
(21) = L4:1:3 = 100 drachmae.
(22) I.e. 180 per cent.

Moreover, I am of opinion that if the names of contributors were to be inscribed as benefactors for all time, many foreigners would be induced to contribute, and possibly not a few states, in their desire to obtain the right of inscription; indeed I anticipate that some kings, (23) tyrants, (24) and satraps will display a keen desire to share in such a favour.

(23) Zurborg suggests (p. 5) "Philip or Cersobleptes." Cf. Isocr. "On
the Peace," S. 23.
(24) I.e. despotic monarchs.

To come to the point. Were such a capital once furnished, it would be a magnificent plan to build lodging-houses for the benefit of shipmasters in the neighbourhood of the harbours, in addition to those which exist; and again, on the same principle, suitable places of meeting for merchants, for the purposes (25) of buying and selling; and thirdly, public lodging-houses for persons visiting the city. Again, supposing dwelling-houses and stores for vending goods were fitted up for retail dealers in Piraeus and the city, they would at once be an ornament to the state and a fertile source of revenue. Also it seems to me it would be a good thing to try and see if, on the principle on which at present the state possesses public warships, it would not be possible to secure public merchant vessels, to be let out on the security of guarantors just like any other public property. If the plan were found feasible this public merchant navy would be a large source of extra revenue.

(25) Reading, with Zurborg, {epi one te}.

IV

I come to a new topic. I am persuaded that the establishment of the silver mines on a proper footing (1) would be followed by a large increase in wealth apart from the other sources of revenue. And I would like, for the benefit of those who may be ignorant, to point out what the capacity of these mines really is. You will then be in a position to decide how to turn them to better account. It is clear, I presume, to every one that these mines have for a very long time been in active operation; at any rate no one will venture to fix the date at which they first began to be worked. (2) Now in spite of the fact that the silver ore has been dug and carried out for so long a time, I would ask you to note that the mounds of rubbish so shovelled out are but a fractional portion of the series of hillocks containing veins of silver, and as yet unquarried. Nor is the silver-bearing region gradually becoming circumscribed. On the contrary it is evidently extending in wider area from year to year. That is to say, during the period in which thousands of workers (3) have been employed within the mines no hand was ever stopped for want of work to do. Rather, at any given moment, the work to be done was more than enough for the hands employed. And so it is to-day with the owners of slaves working in the mines; no one dreams of reducing the number of his hands. On the contrary, the object is perpetually to acquire as many additional hands as the owner possibly can. The fact is that with few hands to dig and search, the find of treasure will be small, but with an increase in labour the discovery of the ore itself is more than proportionally increased. So much so, that of all operations with which I am acquainted, this is the only one in which no sort of jealousy is felt at a further development of the industry. (4) I may go a step farther; every proprietor of a farm will be able to tell you exactly how many yoke of oxen are sufficient for the estate, and how many farm hands. To send into the field more than the exact number requisite every farmer would consider a dead loss. (5) But in silver mining (operations) the universal complaint is the want of hands. Indeed there is no analogy between this and other industries. With an increase in the number of bronze-workers articles of bronze may become so cheap that the bronze-worker has to retire from the field. And so again with ironfounders. Or again, in a plethoric condition of the corn and wine market these fruits of the soil will be so depreciated in value that the particular husbandries cease to be remunerative, and many a farmer will give up his tillage of the soil and betake himself to the business of a merchant, or of a shopkeeper, to banking or money-lending. But the converse is the case in the working of silver; there the larger the quantity of ore discovered and the greater the amount of silver extracted, the greater the number of persons ready to engage in the operation. One more illustration: take the case of movable property. No one when he has got sufficient furniture for his house dreams of making further purchases on this head, but of silver no one ever yet possessed so much that he was forced to cry "enough." On the contrary, if ever anybody does become possessed of an immoderate amount he finds as much pleasure in digging a hole in the ground and hoarding it as in the actual employment of it. And from a wider point of view: when a state is prosperous there is nothing which people so much desire as silver. The men want money to expend on beautiful armour and fine horses, and houses, and sumptuous paraphernalia (6) of all sorts. The women betake themselves to expensive apparel and ornaments of gold. Or when states are sick, (7) either through barrenness of corn and other fruits, or through war, the demand for current coin is even more imperative (whilst the ground lies unproductive), to pay for necessaries or military aid.

(1) Or, "on a sound basis."
(2) "Exploited."
(3) Or, "at the date when the maximum of hands was employed."
(4) Reading {epikataskeuazumenois}, or, if {episkeuazomenoi}, transl.
"at the rehabilitation of old works."
(5) Cf. "Oecon." xvii. 12.
(6) "The thousand and one embellishments of civil life."
(7) "When a state is struck down with barrenness," etc. See "Mem." II.
vii.

And if it be asserted that gold is after all just as useful as silver, without gainsaying the proposition I may note this fact (8) about gold, that, with a sudden influx of this metal, it is the gold itself which is depreciated whilst causing at the same time a rise in the value of silver.

(8) Lit. "I know, however."