ral instead of artificial, this could hardly have
happened; as in England from the fourteenth century onwards, the
steady growth of capital would have produced no ethical mischief, no
false economic ideas, because it would have been an _organic_ growth,
resting upon a sound and natural economic basis.[107] As the French
historian has said with singular felicity,[108] "Money is like water
of a river: if it suddenly floods, it devastates; divide it into a
thousand channels where it circulates quietly, and it brings life and
fertility to every spot."

It was in this period of the great wars, so unwholesome and perilous
economically, that the men of business, as defined at the beginning of
this chapter--the men of capital outside the ordo senatorius--first
rose to real importance. In the century that followed, and as we see
them more especially in Cicero's correspondence, they became a great
power in the State, and not only in Rome, but in every corner of the
Empire. We have now to see how they gained this importance and
this power, and what use they made of their capital and their
opportunities. This is not usually explained or illustrated in the
ordinary histories of Rome, yet it is impossible without explaining it
to understand either the social or the public life of the Rome of this
period.

The men of business may be divided into two classes, according as they
undertook work for the State or on their own account entirely. It does
not follow that these two classes were mutually exclusive; a man might
very well invest his money in both kinds of undertaking, but these two
kinds were totally distinct, and called by different names. A public
undertaking was called _publicum_,[109] and the men who undertook it
_publicani_; a private undertaking was _negotium_, and all private
business men were known as _negotiatores_. The publicani were always
organised in joint-stock companies (_societates publicanorum_);
the negotiatores might be in private partnership with one or more
partners,[110] but as a rule seem to have been single individuals. We
will deal first with the publicani.

In a passage of Livy quoted just now it is stated that at the
beginning of the Hannibalic war money was advanced to the State by
societates publicanorum; Livy also happens to mention that three of
these competed for the privilege. Thus it is clear that the system of
getting public work done by contract was in full operation before that
date, togethe