The whole gain from these immense transactions of the Roman capitalists flowed in the long run to Rome; for, much as they went abroad, they were not easily induced to settle permanently there, but sooner or later returned to Rome, either realizing their gains and investing them in Italy, or continuing to carry on business from Rome as a centre by means of the capital and connections which they had acquired. The moneyed superiority of Rome as compared with the rest of the civilized world was, accordingly, quite as decided as its political and military ascendency. Rome in this respect stood towards other countries somewhat as the England of the present day stands towards the Continent - a Greek, for instance, observes of the younger Scipio Africanus, that he was not rich "for a Roman". We may form some idea of what was considered as riches in the Rome of those days from the fact, that Lucius Paullus with an estate of 60 talents (14,000 pounds) was not reckoned a wealthy senator, and that a dowry - such as each of the daughters of the elder Scipio Africanus received - of 50 talents (12,000 pounds) was regarded as a suitable portion for a maiden of quality, while the estate of the wealthiest Greek of this century was not more than 300 talents (72,000 pounds).

It was no wonder, accordingly, that the mercantile spirit took possession of the nation, or rather - for that was no new thing in Rome - that the spirit of the capitalist now penetrated and pervaded all other aspects and stations of life, and agriculture as well as the government of the state began to become enterprises of capitalists. The preservation and increase of wealth quite formed a part of public and private morality. "A widow's estate may diminish"; Cato wrote in the practical instructions which he composed for his son, "a man must increase his means, and he is deserving of praise and full of a divine spirit, whose account-books at his death show that he has gained more than he has inherited". Wherever, therefore, there was giving and counter-giving, every transaction although concluded without any sort of formality was held as valid, and in case of necessity the right of action was accorded to the party aggrieved if not by the law, at any rate by mercantile custom and judicial usage[24]; but the promise of a gift without due form was null alike in legal theory and in practice. In Rome, Polybius tells us, nobody gives to any one unless he must do so, and no one pays a penny before it falls due, even among near relatives. The very legislation yielded to this mercantile morality, which regarded all giving away without recompense as squandering; the giving of presents and bequests and the undertaking of sureties were subjected to restriction at this period by decree of the burgesses, and heritages, if they did not fall to the nearest relatives, were at least taxed. In the closest connection with such views mercantile punctuality, honour, and respectability pervaded the whole of Roman life. Every ordinary man was morally bound to keep an account-book of his income and expenditure - in every well-arranged house, accordingly, there was a separate account-chamber (tablinum) - and every one took care that he should not leave the world without having made his will: it was one of the three matters in his life which Cato declares that he regretted, that he had been a single day without a testament. Those household books were universally by Roman usage admitted as valid evidence in a court of justice, nearly in the same way as we admit the evidence of a merchant's ledger. The word of a man of unstained repute was admissible not merely against himself, but also in his own favour; nothing was more common than to settle differences between persons of integrity by means of an oath demanded by the one party and taken by the other - a mode of settlement which was reckoned valid even in law; and a traditional rule enjoined the jury, in the absence of evidence, to give their verdict in the first instance for the man of unstained character when opposed to one who was less reputable, and only in the event of both parties being of equal repute to give it in favour of the defendant[25]. The conventional respectability of the Romans was especially apparent in the more and more strict enforcement of the rule, that no respectable man should allow himself to be paid for the performance of personal services. Accordingly, magistrates, officers, jurymen, guardians, and generally all respectable men entrusted with public functions, received no other recompense for the services which they rendered than, at most, compensation for their outlays; and not only so, but the services which acquaintances (amici) rendered to each other - such as giving security, representation in lawsuits, custody (depositum), lending the use of objects not intended to be let on hire (commodatum), the managing and attending to business in general (procuratio) - were treated according to the same principle, so that it was unseemly to receive any compensation for them and an action was not allowable even where a compensation had been promised. How entirely the man was merged in the merchant, appears most distinctly perhaps in the substitution of a money-payment and an action at law for the duel - even for the political duel - in the Roman life of this period. The usual form of settling questions of personal honour was this: a wager was laid between the offender and the party offended as to the truth or falsehood of the offensive assertion, and under the shape of an action for the stake the question of fact was submitted in due form of law to a jury; the acceptance of such a wager when offered by the offended or offending party was, just like the acceptance of a challenge to a duel at the present day, left open in law, but was often in point of honour not to be avoided.

One of the most important consequences of this mercantile spirit, which displayed itself with an intensity hardly conceivable by those not engaged in business, was the extraordinary impulse given to the formation of associations. In Rome this was especially fostered by the system already often mentioned whereby the government had its business transacted through middlemen: for from the extent of the transactions it was natural, and it was doubtless often required by the state for the sake of greater security, that capitalists should undertake such leases and contracts not as individuals, but in partnership. All great dealings were organized on the model of these state-contracts. Indications are even found of the occurrence among the Romans of that feature so characteristic of the system of association - a coalition of rival companies in order jointly to establish monopolist prices[26]. In transmarine transactions more especially and such as were otherwise attended with considerable risk, the system of partnership was so extensively adopted, that it practically took the place of insurances, which were unknown to antiquity. Nothing was more common than the nautical loan, as it was called - the modern "bottomry" - by which the risk and gain of transmarine traffic were proportionally distributed among the owners of the vessel and cargo and all the capitalists advancing money for the voyage. It was, however, a general rule of Roman economy that one should rather take small shares in many speculations than speculate independently; Cato advised the capitalist not to fit out a single ship with his money, but in concert with forty-nine other capitalists to send out fifty ships and to take an interest in each to the extent of a fiftieth part. The greater complication thus introduced into business was overcome by the Roman merchant through his punctual laboriousness and his system of management by slaves and freedmen - which, regarded from the point of view of the pure capitalist, was far preferable to our counting-house system. Thus these mercantile companies, with their hundred ramifications, largely influenced the economy of every Roman of note. There was, according to the testimony of Polybius, hardly a man of means in Rome who had not been concerned as an avowed or silent partner in leasing the public revenues; and much more must each have invested on an average a considerable portion of his capital in mercantile associations generally.