He celebrated his legislative inauguration by the abolition of debts,--that is, by bankruptcy.

In other words, Solon wound up the governmental machine for a longer or shorter time depending upon the rate of interest.

Consequently, when the spring relaxed and the chain became unwound, the republic had either to perish, or to recover itself by a second bankruptcy.

This singular policy was pursued by all the ancients.

After the captivity of Babylon, Nehemiah, the chief of the Jewish nation, abolished debts; Lycurgus abolished debts; Solon abolished debts; the Roman people, after the expulsion of the kings until the accession of the Caesars, struggled with the Senate for the abolition of debts.