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Free Books / Finance / Commerce and Finance / | ![]() |
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Chapter III. Medieval Commerce. Decline And Fall Of Rome; Decay Of Commerce; Confusion And Ignorance; Charlemagne; Venetian Commerce |
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This section is from the "Commerce and Finance" book, by O. M. Powers. Amazon: Commerce and Finance.
About the middle of the fourth century the Roman power began to decline. It had held unbounded sway over an immense empire for five hundred years, and had created a high degree of civilization and an extensive commerce among all of its diversified provinces, but riches finally brought luxury and corruption, internal dissensions weakened the state, and wars, with bad government, destroyed, in a large measure, the commerce of the empire. Excessive taxation and extortion seriously crippled the prosperity of the provinces. Thus Brutus made Asia Minor pay five years' tribute at once, and shortly after Anthony compelled it to do the same thing again. To bolster up the failing revenues of the state and supply needed money for the extravagance and profligacy of Rome, the coinage was debased by reducing its weight and increasing the alloy. Thus under Vespasian the silver coin consisted of one-fourth copper and three-fourths pure silver. This was later reduced to one-third copper and two-thirds silver, then to one-half copper, and finally the coin of the realm contained but about one per cent, of silver, tin being substituted. From such debasement of the coin it was only a short step to the repudiation of debts, and this step was often attempted by the demagogues. Law ceased to have any value. A suitor must deposit a bribe before a trial could be had. The increase of immorality proceeded. The virtues which had adorned the earlier history of Rome disappeared, and in the end were replaced by crimes such as the world had never before witnessed.
The Decay of Commerce
To the north of the Roman Empire, occupying what is now France, Austria, Germany and Russia, had grown up powerful, semi-barbarous tribes of sturdy hunters and warriors. These "barbarians," as they are called, were of immense stature, dressed mostly in skins, were well mounted on a superior breed of horses, and used the customary shields, helmets and other implements of war. They had some semblance of laws, but paid no taxes, and their civilization and commerce were of the rudest character. These rugged tribes, known as the Goths, Vandals, Franks, and by other names, had given the Romans trouble along the border all through the second and third centuries, and frequent expeditions had been sent out to quiet or subdue them. They had been students of Roman discipline and methods of warfare, and some of them had even enlisted in the Roman army for this purpose, and thus, as the power and internal strength and prosperity of Rome began to decline, these hardy peoples, which had not been enervated by luxury, were in a condition to dispute Roman supremacy. The Roman Empire had been divided in the year 364 into two parts, with two capitals, viz.: Rome and Constantinople, and this separation divided its strength and made it all the more liable to defeat.
Inroads of the Barbarians
The Fall of Rome
Now it happened about this time, viz., the fourth century, that vast hordes of Huns and other tribes from the northern parts of Asia, now Siberia, swept over into Europe, driving the Goths and other European tribes before them and stirring up general confusion. The reason for this migration of the Huns is supposed to have been a gradual upheaval of the plains of Siberia, which geologists tell us actually occurred, thereby causing the rivers to run dry, and forcing the Huns to move westward with their herds and flocks in search of better pastures. A large number of the Goths were forced over the Danube and settled within the boundaries of the Roman Empire. They had their own king, and this led to a conflict with Home, the result of which was that Alaric, king of the Goths, in 410 penetrated into Italy and marched, despite all oppositions, to the very gates of the Eternal City. It had been over six hundred years since Rome had felt the presence of a foreign enemy at her door, and that was Hannibal, the Carthaginian. Alaric laid siege, captured and sacked the city. His successor made inroads into what is now France and Spain, and set up a Gothic kingdom there, while other tribes made similar incursions into Greece, and at the same time, too, still other Teutonic tribes, the Angles and the Saxons, were settling in Britain and laying the foundation for an Anglo-Saxon civilization. Later the Saracens conquered the eastern and African provinces of Rome and established themselves in Spain, where they remained for several centuries.
These great waves of migration which passed over Europe destroyed for a time the old civilization and the old commerce. All was chaos and disorder, and the night of ignorance and superstition prevailed. The semi-barbarous immigrants were content with the simplest necessaries and the products of the soil. There was no demand for foreign wares or costly articles of luxury such as the Roman world had used. The active powers of man were devoted to war, strife and destruction rather than the arts of peace. The hordes of barbarians overturned and almost annihilated every monument of science and art which then existed. The progress of literature was arrested, and so great was the general ignorance which prevailed that persons of the most distinguished rank could neither read nor write. Many charters granted by kings and others in high authority during this period have been preserved, to which it appears they were unable to subscribe their names, and then originated the custom for those who could not write to make the sign of the cross - a custom held to the present time, but seldom used in this enlightened day.
 
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