Roman finance
Encyclopedia
For centuries the monetary affairs of the Roman Republic
had rested in the hands of the Senate
. These elite liked to present themselves as steady and fiscally conservative, but as the 19th-century historian of Rome Wilhelm Ihne
remarked:
The aerarium
(state treasury) was supervised by members of the government rising in power and prestige, the Quaestors, Praetors, and eventually the Prefect
s. With the dawn of the Roman Empire
, a major change took place, as the emperors assumed the reins of financial control. Augustus
initially adopted a system that was, on the surface, fair to the senate. Just as the world was divided in provinces designated as imperial or senatorial, so was the treasury. All tribute brought in from senatorially controlled provinces was given to the aerarium
, while that of the imperial territories went to the treasury of the emperor, the fiscus
.
Initially, this process of distribution seemed to work, although the legal technicality did not disguise the supremacy of the emperor or his often used right to transfer funds back and forth regularly from the aerarium to the fiscus. The fiscus actually took shape after the reign of Augustus and Tiberius. It began as a private fund (fiscus meaning purse or basket) but grew to include all imperial monies, not only the private estates but also all public lands and finances under the imperial eye.
The property of the rulers grew to such an extent that changes had to be made starting sometime in the 3rd century, most certainly under Septimius Severus
. Henceforth the imperial treasury was divided. The fiscus was retained to handle actual government revenue, while a patrimonium was created to hold the private fortune, the inheritance of the royal house. There is a considerable question as to the exact nature of this evaluation, involving possibly a res privata so common in the Late Empire
.
Just as the senate had its own finance officers, so did the emperors. The head of the fiscus in the first years was the rationalis
, originally a freedman due to Augustus' desire to place the office in the hands of a servant free of the class demands of the traditional society. In succeeding years the corruption and reputation of the freedman forced new and more reliable administrators. From the time of Hadrian
(117-138), any rationalis hailed from the Equestrian Order (equites) and remained so through the chaos of the 3rd century and into the age of Diocletian
.
With Diocletian came a series of massive reforms, and total control over the finances of the Empire fell to the now stronger central government. Under Constantine this aggrandizement continued with the emergence of an appointed minister of finance, the comes sacrarum largitionum
(count of the sacred largesses). He maintained the general treasury and the intake of all revenue. His powers were directed toward control of the new sacrum aerarium, the result of the combination of the aerarium and the fiscus.
The comes sacrarum largitionum was a figure of tremendous influence. He was responsible for all taxes, examined banks, mints and mines everywhere, watched over all forms of industry, and paid out the budgets of the many departments of the state. To accomplish these many tasks, he was aided by a vast bureaucracy. Just below the comes sacrarum were the rationales positioned in each diocese. They acted as territorial chiefs, sending out agents, the rationales summarum, to collect all money in tribute, taxes, or fees. They could go virtually anywhere and were the most visible extension of the government in the 4th and 5th centuries.
Only the praetorian prefects who were responsible for the supply of the army, the imperial armament factories, weaving mills, the maintenance of the state post and the magister officiorum
and the comes rerum privatarum could counter the political and financial weight of the comes sacrarum largitionum. The magister officiorum (master of offices) made all the major decisions concerning intelligence matters, receiving a large budget, over which the comes sacrarum largitionum probably only had partial authority. After the end of Constantine's reign the comes sacrarum largitionum gradually lost power to the prefects as the taxes of his department came to be collected more and more in gold rather than in kin. By the 5th century their diocesan level staff were no longer of much importance, although they continued in their duties.
Given the increased size of the imperial estates and holdings, the res privata not only survived but was also officially divided into two different treasuries, the res privatae of actual lands and the patromonium sacrae, or imperial inheritance. Both were under the jurisdiction of the comes rerum privatarum. He also took in any rents or dues from imperial lands and territories.
Roman Republic
The Roman Republic was the period of the ancient Roman civilization where the government operated as a republic. It began with the overthrow of the Roman monarchy, traditionally dated around 508 BC, and its replacement by a government headed by two consuls, elected annually by the citizens and...
had rested in the hands of the Senate
Roman Senate
The Senate of the Roman Republic was a political institution in the ancient Roman Republic, however, it was not an elected body, but one whose members were appointed by the consuls, and later by the censors. After a magistrate served his term in office, it usually was followed with automatic...
. These elite liked to present themselves as steady and fiscally conservative, but as the 19th-century historian of Rome Wilhelm Ihne
Wilhelm Ihne
Wilhelm Ihne was a German historian who was a native of Fürth. He was the father of architect Ernst von Ihne ....
remarked:
The aerarium
Aerarium
Aerarium was the name given in Ancient Rome to the public treasury, and in a secondary sense to the public finances....
(state treasury) was supervised by members of the government rising in power and prestige, the Quaestors, Praetors, and eventually the Prefect
Prefect
Prefect is a magisterial title of varying definition....
s. With the dawn of the Roman Empire
Roman Empire
The Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....
, a major change took place, as the emperors assumed the reins of financial control. Augustus
Augustus
Augustus ;23 September 63 BC – 19 August AD 14) is considered the first emperor of the Roman Empire, which he ruled alone from 27 BC until his death in 14 AD.The dates of his rule are contemporary dates; Augustus lived under two calendars, the Roman Republican until 45 BC, and the Julian...
initially adopted a system that was, on the surface, fair to the senate. Just as the world was divided in provinces designated as imperial or senatorial, so was the treasury. All tribute brought in from senatorially controlled provinces was given to the aerarium
Aerarium
Aerarium was the name given in Ancient Rome to the public treasury, and in a secondary sense to the public finances....
, while that of the imperial territories went to the treasury of the emperor, the fiscus
Fiscus
Fiscus, from which comes the English term fiscal, was the name of the personal treasury of the emperors of Rome. The word is literally translated as "basket" or "purse" and was used to describe those forms of revenue collected from the provinces , which were then granted to the emperor...
.
Initially, this process of distribution seemed to work, although the legal technicality did not disguise the supremacy of the emperor or his often used right to transfer funds back and forth regularly from the aerarium to the fiscus. The fiscus actually took shape after the reign of Augustus and Tiberius. It began as a private fund (fiscus meaning purse or basket) but grew to include all imperial monies, not only the private estates but also all public lands and finances under the imperial eye.
The property of the rulers grew to such an extent that changes had to be made starting sometime in the 3rd century, most certainly under Septimius Severus
Septimius Severus
Septimius Severus , also known as Severus, was Roman Emperor from 193 to 211. Severus was born in Leptis Magna in the province of Africa. As a young man he advanced through the customary succession of offices under the reigns of Marcus Aurelius and Commodus. Severus seized power after the death of...
. Henceforth the imperial treasury was divided. The fiscus was retained to handle actual government revenue, while a patrimonium was created to hold the private fortune, the inheritance of the royal house. There is a considerable question as to the exact nature of this evaluation, involving possibly a res privata so common in the Late Empire
Roman Empire
The Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....
.
Just as the senate had its own finance officers, so did the emperors. The head of the fiscus in the first years was the rationalis
Rationalis
The rationalis was the Roman Empire's chief financial minister prior to the reforms of Emperor Diocletian and the Late Empire. Among the tasks of the rationalis were the collection of all normal taxes payable in coin and duties, the control of the currency, and the administration of mines, mints,...
, originally a freedman due to Augustus' desire to place the office in the hands of a servant free of the class demands of the traditional society. In succeeding years the corruption and reputation of the freedman forced new and more reliable administrators. From the time of Hadrian
Hadrian
Hadrian , was Roman Emperor from 117 to 138. He is best known for building Hadrian's Wall, which marked the northern limit of Roman Britain. In Rome, he re-built the Pantheon and constructed the Temple of Venus and Roma. In addition to being emperor, Hadrian was a humanist and was philhellene in...
(117-138), any rationalis hailed from the Equestrian Order (equites) and remained so through the chaos of the 3rd century and into the age of Diocletian
Diocletian
Diocletian |latinized]] upon his accession to Diocletian . c. 22 December 244 – 3 December 311), was a Roman Emperor from 284 to 305....
.
With Diocletian came a series of massive reforms, and total control over the finances of the Empire fell to the now stronger central government. Under Constantine this aggrandizement continued with the emergence of an appointed minister of finance, the comes sacrarum largitionum
Comes sacrarum largitionum
The comes sacrarum largitionum was one of the senior fiscal officials of the late Roman Empire and the early Byzantine Empire....
(count of the sacred largesses). He maintained the general treasury and the intake of all revenue. His powers were directed toward control of the new sacrum aerarium, the result of the combination of the aerarium and the fiscus.
The comes sacrarum largitionum was a figure of tremendous influence. He was responsible for all taxes, examined banks, mints and mines everywhere, watched over all forms of industry, and paid out the budgets of the many departments of the state. To accomplish these many tasks, he was aided by a vast bureaucracy. Just below the comes sacrarum were the rationales positioned in each diocese. They acted as territorial chiefs, sending out agents, the rationales summarum, to collect all money in tribute, taxes, or fees. They could go virtually anywhere and were the most visible extension of the government in the 4th and 5th centuries.
Only the praetorian prefects who were responsible for the supply of the army, the imperial armament factories, weaving mills, the maintenance of the state post and the magister officiorum
Magister officiorum
The magister officiorum was one of the most senior administrative officials in the late Roman Empire and the early centuries of the Byzantine Empire...
and the comes rerum privatarum could counter the political and financial weight of the comes sacrarum largitionum. The magister officiorum (master of offices) made all the major decisions concerning intelligence matters, receiving a large budget, over which the comes sacrarum largitionum probably only had partial authority. After the end of Constantine's reign the comes sacrarum largitionum gradually lost power to the prefects as the taxes of his department came to be collected more and more in gold rather than in kin. By the 5th century their diocesan level staff were no longer of much importance, although they continued in their duties.
Given the increased size of the imperial estates and holdings, the res privata not only survived but was also officially divided into two different treasuries, the res privatae of actual lands and the patromonium sacrae, or imperial inheritance. Both were under the jurisdiction of the comes rerum privatarum. He also took in any rents or dues from imperial lands and territories.
See also
- Agentes in rebusAgentes in rebusThe agentes in rebus , were the late Roman imperial courier service and general agents of the central government from the 4th to the 7th centuries.- History :...
- AerariumAerariumAerarium was the name given in Ancient Rome to the public treasury, and in a secondary sense to the public finances....
- ComesComesComes , plural comites , is the Latin word for companion, either individually or as a member of a collective known as comitatus, especially the suite of a magnate, in some cases large and/or formal enough to have a specific name, such as a cohors amicorum. The word comes derives from com- "with" +...
- CongiariumCongiariumOf Ancient Roman containers, a congiarium, or congiary, was a vessel containing one congius, a measure of volume equal to six sextarii....
- DonativumDonativumDonativum was the name given to the gifts of money dispersed to the soldiers of the Roman legions or to the Praetorian Guard by the Roman Emperors....
- FiscusFiscusFiscus, from which comes the English term fiscal, was the name of the personal treasury of the emperors of Rome. The word is literally translated as "basket" or "purse" and was used to describe those forms of revenue collected from the provinces , which were then granted to the emperor...
- RationalisRationalisThe rationalis was the Roman Empire's chief financial minister prior to the reforms of Emperor Diocletian and the Late Empire. Among the tasks of the rationalis were the collection of all normal taxes payable in coin and duties, the control of the currency, and the administration of mines, mints,...
- RationibusRationibusA rationibus was the Roman Empire's secretary of finance, in charge of maintaining the accounts and expenditures of the fiscus which is the imperial treasury. This official's role in the finances of the Early Empire was considerable...
- Roman commerceRoman commerceRoman trade was the engine that drove the Roman economy of the late Republic and the early Empire. Fashions and trends in historiography and in popular culture have tended to neglect the economic basis of the empire in favor of the lingua franca of Latin and the exploits of the Roman legions...
- Roman economyRoman economyThe history of the Roman economy covers the period of the Roman Republic and the Roman Empire.Recent research has led to a positive reevaluation of the size and sophistication of the Roman economy within the constraints generally imposed on agricultural societies in the preindustrial age.- Gross...
Further reading
- Jean Andreau, Banking and Business in the Roman World, translated by Janet Lloyd (Cambridge University Press, 1999). Limited preview online.