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 irksome training, and the loss of valuable time, which military service would have entailed on themselves.

As Michelet remarks, "The life of an industrious merchant, of a Carthaginian, was too precious to be risked, as long as it was possible to substitute advantageously for it that of a barbarian from Spain or Gaul. Carthage knew, and could tell to a drachma, what the life of a man of each nation came to. A Greek was worth more than a Campanian, a Campanian worth more than a Gaul or a Spaniard. When once this tariff of blood was correctly made out, Carthage began a war as a mercantile speculation. She tried to make conquests in the hope of getting new mines to work, or to open fresh markets for her exports. In one venture she could afford to spend fifty thousand mercenaries, in another, rather more. If the returns were good, there was no regret felt for the capital that had been sunk in the investment; more money got more men, and all went on well."

Armies composed of foreign mercenaries have in all ages been as formidable to their employers as to the enemy against whom they were directed. We know of one occasion (between the first and second Punic wars), when Carthage was brought