But a time came when the suction of the usurers so wasted the life of the community that the stream of bullion ceased to flow from the capital to the frontiers; then, as the sustaining force failed, the line of troops along the Danube and the Rhine was drawn out until it broke, and the barbarians poured in unchecked.
The so-called invasions were not conquests, for they were not necessarily hostile; they were only the logical conclusion of a process which had been going on since Trajan. When the power to control the German emigration decayed, it flowed freely into the provinces.
By the year 400 disintegration was far advanced; the Empire was crumbling, not because it was corrupt or degenerate, but because the most martial and energetic race the world had ever seen had been so thoroughly exterminated by men of the economic type of mind, that petty bands of sorry adventurers might rove whither they would, on what had once been Roman soil, without meeting an enemy capable of facing them, save other adventurers like themselves. Goths, not Romans, defeated Attila at Châlons.
The Vandals, who, in the course of twenty years, wandered from the Elbe to the Atlas, were not a nation, not an army, not even a tribe, but a motley horde of northern barbarians, ruined provincials, and escaped slaves – a rabble whom Cæsar’s legions would have scattered like chaff, had they been as many as the sands of the shore; and yet when Genseric routed Boniface and sacked Carthage, in 439, he led barely fifty thousand fighting men.
CHAPTER II
THE MIDDLE AGE
Probably the appreciation of the Roman monetary standard culminated during the invasion of the Huns toward the middle of the fifth century. In the reign of Valentinian III. gold sold for eighteen times its weight of silver, and Valentinian’s final catastrophe was the murder of Aëtius in 454, with whose life the last spark of vitality at the heart of Roman centralization died. The rise of Ricimer and the accession of Odoacer, mark the successive steps by which Italy receded into barbarism, and, in the time of Theoderic the Ostrogoth, she had become a primitive, decentralized community, whose poverty and sluggishness protected her from African and Asiatic competition. The Ostrogoths subdued Italy in 493, and by that date the barbarians had overrun the whole civilized world west of the Adriatic, causing the demand for money to sustain a consolidated society to cease, the volume of trade to shrink, the market for eastern wares to contract, and gold to accumulate at the centre of exchanges. As gold accumulated, its value fell, and during the first years of the sixth century it stood at a ratio to silver of less than fifteen to one, a decline of eighteen per cent.69 As prices correspondingly rose, the pressure on the peasantry relaxed, prosperity at Constantinople returned, and the collapse of the Western Empire may have prolonged the life of the European population of the Eastern for above one hundred and fifty years. The city which Constantine planted in 324 on the shore of the Bosphorus, was in reality a horde of Roman capitalists washed to the confines of Asia by the current of foreign exchanges; and these emigrants carried with them, to a land of mixed Greek and barbarian blood, their language and their customs. For many years these monied potentates ruled their new country absolutely. All that legislation could do for them was done. They even annexed rations to their estates, to be supplied at the public cost, to help their children maintain their palaces. As long as prices fell, nothing availed; the aristocracy grew poorer day by day. Their property lay generally in land, and the same stringency which wasted Italy and Gaul operated, though perhaps less acutely, upon the Danubian peasantry also. By the middle of the fifth century the country was exhausted and at the mercy of the Huns.
Wealth is the weapon of a monied society; for, though itself lacking the martial instinct, it can, with money, hire soldiers to defend it. But to raise a revenue from the people, they must retain a certain surplus of income after providing for subsistence, otherwise the government must trench on the supply of daily food, and exhaustion must supervene. Finlay has explained that chronic exhaustion was the normal condition of Byzantium under the Romans.
“The whole surplus profits of society were annually drawn into the coffers of the State, leaving the inhabitants only a bare sufficiency for perpetuating the race of tax-payers. History, indeed, shows that the agricultural classes, from the labourer to the landlord, were unable to retain possession of the savings required to replace that depreciation which time is constantly producing in all vested capital, and that their numbers gradually diminished.”70
Under Theodosius II., when gold reached its maximum, complete prostration prevailed. The Huns marched whither they would, and one swarm “of barbarians followed another, as long as anything was left to plunder.” The government could no longer keep armies in the field. A single example will show how low the community had fallen. In 446, Attila demanded of Theodosius six thousand pounds of gold as a condition of peace, and certainly six thousand pounds of gold, equalling perhaps $1,370,000, was a small sum, even when measured by the standard of private wealth. The end of the third century was not a prosperous period in Italy, and yet before his election as emperor in 275, the fortune of Tacitus reached 280,000,000 sesterces, or upwards of $11,000,000.71 Nevertheless Theodosius was unable to wring this inconsiderable indemnity from the people, and he had to levy a private assessment on the senators, who were themselves so poor that to pay they sold at auction the jewels of their wives and the furniture of their houses.
Almost immediately after the collapse of the Western Empire the tide turned. With the fall in the price of gold the peasantry revived and the Greek provinces flourished. In the reign of Justinian, Belisarius and Narses marched from end to end of Africa and Europe, and Anastasius rolled in wealth.
Anastasius, the contemporary of Theoderic, acceded to the throne in 491. He not only built the famous long wall from the Propontis to the Euxine, and left behind him a treasure of three hundred and twenty thousand pounds of gold, but he remitted to his subjects the most oppressive of their taxes, and the reign of Justinian, who succeeded him at an interval of only ten years, must always rank as the prime of the Byzantine civilization. The observation is not new, it has been made by all students of Byzantine history.
“The increased prosperity … infused into society soon displayed its effects; and the brilliant exploits of the reign of Justinian must be traced back to the reinvigoration of the body politic of the Roman Empire by Anastasius.”72
Justinian inherited the throne from his uncle Justin, a Dardanian peasant, who could neither read nor write. But the barbarian shepherd was a thorough soldier, and the army he left behind him was probably not inferior to the legions of Titus or Trajan. At all events, had Justinian’s funds sufficed, there seems reason to suppose he might have restored the boundaries of the Empire. His difficulty lay not in lack of physical force, but in dearth of opulent enemies; in the sixth century conquest had ceased to be profitable. The territory open to invasion had been harried for generations, and hardly a country was to be found rich enough to repay the cost of a campaign by mercenaries. Therefore, the more the emperor extended his dominions, the more they languished; and finally to provide for wars, barbarian subsidies, and building, Justinian had to resort to over-taxation. With renewed want came renewed decay, and perhaps the completion of Saint Sophia, in 558, may be taken as the point whence the race which conceived this masterpiece hastened to its extinction.
In the seventh century Asiatic competition