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-) THE HISTORY OF BANKS lands in payment for goods and taxes. These slaves living throughout Rome were, because of their slavery, denied the opportunity to become consumers and borrow money like the rest of the Roman population. As the decline of native popu- lation continued, the authorities were forced to free these slaves so that they could in turn borrow new money into existence. Slavery can never exist over a long period in a usurious society. The slaves are always freed to borrow panaty. slaves are emancipated to achieve the same object. to 1,250 acres.‘ It had gotten so that there was none available for the small farmer. The “Licinian Law" was passed requiring interest paid to be deducted from capital.’ This was the same as doing away with interest. None of these reform laws lasted long. In 326 BC, slavery and the death penalty for non-payment of debts was abolished—everyone was becoming a slave, The “Licinian Law" was passed requiring were, because of their slavery, denied the Thus we have newly freed slaves in interest paid to be deducted from capital.” opportunity to become consumers and many cases receiving treatment and privi- This was the same as doing away with borrow money like the rest of the Roman leges which in former days would have interest. None of these reform laws lasted population. As the decline of native popu- been reserved to Roman citizens only. It long. In 326 BC, slavery and the death lation continued, the authorities were is always so. A debt-free potential bor- penalty for non-payment of debts was forced to free these slaves so that they rower is of far more value than a heavily abolished—everyone was becoming a_ could in turn borrow new money into indebted native citizen. The Roman slave, existence. Slavery can never exist overa financial community welcomed these The remaining Roman and Greek farm- long period in a usurious society. The freed men with open arms and treated the ers deserted the land en masse and moved _ slaves are always freed to borrow money. _—_ debt-ridden native Roman with scorn. As to the cities. In 135 BC Tiberius Eleven free men can borrow more an added source of revenue, "Roman Gracchus, crossing the formerly rich and money than a master with ten slaves. The Citizenship" could be purchased for a rea- productive province of Etruria, had the system of usury itself decrees that slaves sonable sum. Nothing was denied them. impression that the land was empty. In pe freed, so that they can do their part in “Everything could be bought—if you = 124 BC he tried to distribute land in order orrowing money into existence. It was the money. to get the Roman mob back to their farms. along about 200 AD that slavery started to He was killed in a riot. In 121 BC his disappear.’ armed 7 — i i - a aes 1, cl ia Britannica, ad 67. aa moc cay iso Lime mvecccanurea cue innis- Store et hc ala landed rietors in all of Italy.* lory where slaves were Teed €n masse !0r 3, Tenney Frank, An Economic History Of Rome, Prop ¥ humanitarian reasons. First, usury causes New York, 1962, p.206. Abolition Of Slavery high prices (inflation), then heavy debts, a 4. Jean-Philippe Levy, The Econonic Life Of Ihe In the process of conquering the world, landless people, lower birth rates and tum — Chicago, 1964, p.54. Rome brought in millions of slaves. declining population, and finally immigra- ¢ 12)" P70. Many were Greek. Many were slaves sold tion of new peoples needed to borrow 7. Rostovizett, The Decline Of Rome—3rd Century, to the Romans by their masters in other money into existence and pay taxes, or p. 24. NEXUS¢67 | re | a nTTTTTTA/I——— erence NEESER ERO EST ets ORR EERO EOTESSHOUEH SCI en et OSE AUGUST-SEPTEMBER 1993