On Revenues

III

At this point I propose to offer some remarks in proof of the attractions and advantages of Athens as a centre of commercial enterprise. In the first place, it will hardly be denied that we possess the finest and safest harbourage for shipping, where vessels of all sorts can come to moorings and be laid up in absolute security[1] as far as stress of weather is concerned. But further than that, in most states the trader is under the necessity of lading his vessel with some merchandise[2] or other in exchange for his cargo, since the current coin[3] has no circulation beyond the frontier. But at Athens he has a choice: he can either in return for his wares export a variety of goods, such as human beings seek after, or, if he does not desire to take goods in exchange for goods, he has simply to export silver, and he cannot have a more excellent freight to export, since wherever he likes to sell it he may look to realise a large percentage on his capital.[4]

[1] Reading {adeos} after Cobet, or if {edeos}, transl. "in perfect

comfort."

[2] Or, "of exchanging cargo for cargo to the exclusion of specie."

[3] I.e. of the particular locality. See "The Types of Greek Coins,"

Percy Gardner, ch. ii. "International Currencies among the

Greeks."

[4] Or, "on the original outlay."

Or again, supposing prizes[5] were offered to the magistrates in charge of the market[6] for equitable and speedy settlements of points in dispute[7] to enable any one so wishing to proceed on his voyage without hindrance, the result would be that far more traders would trade with us and with greater satisfaction.

[5] Cf. "Hiero," ix. 6, 7, 11; "Hipparch." i. 26.

[6] {to tou emporiou arkhe}. Probably he is referring to the

{epimeletai emporiou} (overseers of the market). See Harpocr.

s.v.; Aristot. "Athenian Polity," 51.

[7] For the sort of case, see Demosth. (or Deinarch.) "c. Theocr."

1324; Zurborg ad loc.; Boeckh, I. ix. xv. (pp. 48, 81, Eng. tr.)

It would indeed be a good and noble institution to pay special marks of honour, such as the privilege of the front seat, to merchants and shipowners, and on occasion to invite to hospitable entertainment those who, through something notable in the quality of ship or merchandise, may claim to have done the state a service. The recipients of these honours will rush into our arms as friends, not only under the incentive of gain, but of distinction also.

Now the greater the number of people attracted to Athens either as visitors or as residents, clearly the greater the development of imports and exports. More goods will be sent out of the country,[8] there will be more buying and selling, with a consequent influx of money in the shape of rents to individuals and dues and customs to the state exchequer. And to secure this augmentation of the revenues, mind you, not the outlay of one single penny; nothing needed beyond one or two philanthropic measures and certain details of supervision.[9]

[8] See Zurborg, "Comm." p. 24.

[9] See Aristot. "Pol." iv. 15, 3.

With regard to the other sources of revenue which I contemplate, I admit, it is different. For these I recognise the necessity of a capital[10] to begin with. I am not, however, without good hope that the citizens of this state will contribute heartily to such an object, when I reflect on the large sums subscribed by the state on various late occasions, as, for instance, when reinforcements were sent to the Arcadians under the command of Lysistratus,[11] and again at the date of the generalship of Hegesileos.[12] I am well aware that ships of war are frequently despatched and that too[13] although it is uncertain whether the venture will be for the better or for the worse, and the only certainty is that the contributor will not recover the sum subscribed nor have any further share in the object for which he gave his contribution.[14]

[10] "A starting-point."

[11] B.C. 366; cf. "Hell." VII. iv. 3.

[12] B.C. 362; cf. "Hell." VII. v. 15. See Grote, "H. G." x. 459;

Ephor. ap. Diog. Laert. ii. 54; Diod. Sic. xv. 84; Boeckh, ap. L.

Dindorf. Xenophon's son Gryllus served under him and was slain.

[13] Reading {kai tauta toutout men adelou ontos}, after Zurborg.

[14] Reading {[uper] on an eisenegkosi} with Zurborg. See his note,

"Comm." p. 25.

But for a sound investment[15] I know of nothing comparable with the initial outlay to form this fund.[16] Any one whose contribution amounts to ten minae[17] may look forward to a return as high as he would get on bottomry, of nearly one-fifth,[18] as the recipient of three obols a day. The contributor of five minae[19] will on the same principle get more than a third,[20] while the majority of Athenians will get more than cent per cent on their contribution. That is to say, a subscription of one mina[21] will put the subscriber in possession of nearly double that sum,[22] and that, moreover, without setting foot outside Athens, which, as far as human affairs go, is as sound and durable a security as possible.

[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}.