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 be noticed that the idea of a public treasure—a permanent store on which the State could draw in emergencies—had not hitherto been fully worked out in a Greek democracy. The economical basis of the old Greek commonwealth was different from that to which we are accustomed. The Greek city was, in this aspect, more like a corporation possessing property, and paying its current expenses out of that property. The Greek citizens were like joint administrators of a trust fund, for the common benefit. To take a modern illustration on a small scale, we might compare them to the Fellows of a College, in whom is vested the administration of the College property. The Greek city depended very little on direct taxation of the citizen. Hence it had small opportunities of forming a public reserve fund of any magnitude. That would have had to be done mainly out of its annual income, and at the cost of retrenchments which would not have been generally popular. Of course, where a despot had contrived to obtain the supreme power in a Greek city, he could exact from his subjects the means wherewith to form a public treasure. Peisistratus did so, when he was despot of Athens; so also did the Sicilian despots, and many more. Thus, a power based on money had hitherto in Greece been characteristic of a tyranny, not of a free commonwealth. But Pericles saw that the imperial position of Athens, and the naval power on which her Empire rested, could be secured only by creating a public reserve fund on an adequate scale. And since the tribute paid by the