Against Phormio

[*](It is commonly assumed that the second speaker begins with this paragraph. In Dem. 34.23 Chrysippus is referred to as οὗτος, so the fact of a change of speakers is patent.) Theodotus, men of Athens, after hearing us several times, and being convinced that Lampis was giving false testimony, did not dismiss the suit, but referred us to the court. He was loth to give an adverse decision because he was a friend of this man Phormio, as we afterwards learned, yet he hesitated to dismiss the suit lest he should himself commit perjury.

Now, in the light of the facts themselves, consider in your own minds, men of the jury, what means the man was likely to have for discharging the debt. He sailed from this port without having put the goods on board the ship, and having no adequate security; on the contrary, he had made additional loans on the credit of the money lent by me. In Bosporus he found no market for his wares, and had difficulty in getting rid of those who had lent money for the outward-voyage.

My partner here had lent him two thousand drachmae for the double voyage on terms that he should receive at Athens two thousand six hundred drachmae; but Phormio declares that he paid Lampis in Bosporus one hundred and twenty Cyzicene staters[*](The stater of Cyzicus (a town on the south shore of the Propontis, or sea of Marmora) was a coin made of electrum, an alloy of approximately three-quarters gold and one-quarter silver. It was nearly twice as heavy as the ordinary gold stater, which was worth twenty drachmae, and had a value (as stated in the text) of twenty-eight drachmae. The addition of the word there indicates that the value differed in different places according to the rate of exchange.) (note this carefully) which he borrowed at the interest paid on loans secured by real property. Now interest on real security was sixteen and two-thirds percent, and the Cyzicene stater was worth there twenty-eight Attic drachmae.

It is necessary that you should understand how large a sum he claims to have paid. A hundred and twenty staters amount to three thousand three hundred and sixty drachmae, and the interest at the land rate of sixteen and two-thirds percent on thirty-three minae and sixty drachmae is five hundred and sixty drachmae, and the total amount comes to so much.[*](That is, of course, the sum of the two items, or three thousand nine hundred and twenty drachmae. The total is not mentioned here, as it is given in the lines immediately following. Note that the speaker inexactly speaks as if the whole sum (including the interest) had been paid to Lampis (according to Phormio’s claim). The argument is, however, valid, as the sum represents the cost to Phormio of paying off the loan.)