Page 213 Thus banking was carried on in almost the same manner in the Roman world as in our world of today and to those who understand the significance of the practices of modern banking, nothing could be clearer. Even the ostentatious display of a metal safety deposit vault is recorded by the antiquarian Lanciana, doubtless to encourage people to leave their valuables with the bank and so strengthen their confidence. Until the end of the numerical currency, with the resumption of the striking of silver money and therefore reentry into the orbit of the silver bullion brokers, mining of the precious metals had been forbidden in Italy and copper mining had been state monopoly, clearly indicating the futility of any discussion of whether the striking of coinage had been free or otherwise. Where the policy of the state had been to maintain an overvaluation of its bronze coinage relative to bullion prices, it is quite clear that it could in no way permit private individuals the privilege of the mints, free or otherwise. To do so would be to concede to them the power to manipulate prices levels and so, confounding the economy, dismay the rulers. Thus it was not until the time of Cicero that evidence appears of private persons bring bullion to the mints.
Posted on: Sat, 24 Jan 2015 22:42:12 +0000
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