y shown by the
way in which the Marcian aqueduct was created: the sum required for
it of 180,000,000 sesterces (in gold nearly 2,000,000 pounds) was
raised and applied within three years. This leads us to infer a
very considerable reserve in the treasury: in fact at the very
beginning of this period it amounted to almost 860,000 pounds,(20)
and was doubtless constantly on the increase.

All these facts taken together certainly lead to the inference that
the position of the Roman finances at this epoch was on the whole
favourable. Only we may not in a financial point of view overlook
the fact that, while the government during the two earlier thirds
of this period executed splendid and magnificent buildings, it
neglected to make other outlays at least as necessary. We have
already indicated how unsatisfactory were its military provisions;
the frontier countries and even the valley of the Po(21) were
pillaged by barbarians, and bands of robbers made havoc in the
interior even of Asia Minor, Sicily, and Italy. The fleet even was
totally neglected; there was hardly any longer a Roman vessel of
war; and the war-vessels, which the subject cities were required to
build and maintain, were not sufficient, so that Rome was not only
absolutely unable to carry on a naval war, but was not even in a
position to check the trade of piracy. In Rome itself a number of
the most necessary improvements were left untouched, and the river-
buildings in particular were singularly neglected. The capital
still possessed no other bridge over the Tiber than the primitive
wooden gangway, which led over the Tiber island to the Janiculum;
the Tiber was still allowed to lay the streets every year under
water, and to demolish houses and in fact not unfrequently whole
districts, without anything being done to strengthen the banks;
mighty as was the growth of transmarine commerce, the roadstead
of Ostia--already by nature bad--was allowed to become more and
more sanded up. A government, which under the most favourable
circumstances and in an epoch of forty years of peace abroad and
at home neglected such duties, might easily allow taxes to fall
into abeyance and yet obtain an annual surplus of income over
expenditure and a considerable reserve; but such a financial
administration by no means deserves commendation for its mere
semblance of brilliant results, but rather merits the same censure--
in respect of laxity, want of unity in management, mi