erik lundegaard

Monday June 23, 2008

Fall of the American Empire Quote of the Day - II

"The informers about this time began to accuse wealthy men of charging more than the legal interest on loans—one and a half per cent was all that they were allowed to charge. The statute about it had long fallen in abeyance and hardly a single senator was innocent of infringing it. But Tiberius upheld its validity. A deputation went to him and pleaded that everyone should be allowed a year and a half to adjust his private finances to conform with the letter of the law, and Tiberius as a great favour granted the request. The result was that all debts were at once called in, and this caused a great shortage of current coin. Tiberius' great idle hoards of gold and silver in the Treasury had been responsible for forcing up the rate of interest in the first place, and now there was a financial panic and land-values fell to nothing."

— Robert Graves' I, Claudius, page 368-69

Posted at 02:23 PM on Monday June 23, 2008 in category Quote of the Day  
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