Vasilief, A History of the Byzantine Empire

Byzantium and the Crusades

Ιnternal affairs under the Comneni and Angeli 

Page 10

But confiscations of land were insufficient to improve the finances. Then Alexius Comnenus resorted to perhaps his worst financial measure, the corruption of money, the issue of debased coin, for which sources blame Alexius heavily. Along with the former golden coins of full weight, which were called nomisma, hyperpyrus, or solidus, he had put into circulation a certain alloy of copper and gold or silver and gold called nomisma which was circulated on a par with the full coin. The new nomisma as compared to the former, which consisted of twelve silver coins or miliarisia, was equal in value only to four silver coins, one-third as much. But Alexius insisted that taxes be paid in money of full weight. Such measures brought still greater confusion into the finances of the Empire and irritated the population.

The difficult external situation and almost complete financial bankruptcy of the country, despite the measures taken, forced the government to collect the taxes with extreme severity; and as many large estates, secular as well as ecclesiastic, were exempt from taxes, the whole burden of taxation fell upon the lower classes who were completely exhausted under the unbearable pressure of fiscal exactions. The tax-collectors, who are called by a writer of the eleventh and the early twelfth century, the archbishop of Bulgaria, Theophylact, rather robbers than collectors, despising both divine laws and imperial ordinances, were running wild among the people.

The cautious rule of John Comnenus somewhat improved the state finances, in spite of almost continuous wars. But the rule of his successor Manuel put the country again on the verge of bankruptcy. At this time the population of the Empire decreased, and consequently the ability of the population to pay taxes also decreased. Some districts of Asia Minor were abandoned because of Muhammedan invasions; a portion of their population was captured, another part escaped in flight to the maritime cities. The abandoned territories could not, of course, pay taxes. The situation was similar in the Balkan peninsula owing to the aggressions of the Hungarians, Serbs, and the peoples beyond the Danube.

Meanwhile expenses were increasing. Besides the expenses of military enterprises, Manuel squandered enormous amounts of money on a mass of foreigners who had come to Byzantium because of the Emperor's Latin sympathies; at the same time he required money for buildings, for sustaining the absurd luxury at his court, and for supporting his favorites, both men and women.

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