132 EDwARD M. HARRIS
become a public debtor. Pantaenetus had probably leased a mining concession
from the state and could no longer make payments after Evergus took over his
property. Evergus said that Pantaenetus had failed to pay interest and to abide
by the other terms of the contract. Evergus also brought forward another set of
lenders who insisted that Pantaenetus regain possession of his property.
At this point Nicobulus went to Mnesicles, who had introduced Pantaenetus
to him, and complained about the borrower’s conduct. Mnesicles promised to
help all the parties work out a solution. When they all met, the other lenders
made two alternative proposals: either Nicobulus and Evergus take their money
and leave or they pay the other lenders their share of the loan and depart.
Nicobulus was in no mood to continue doing business with Pantaenetus and
convinced Evergus to choose the first proposal, which was the safest option
for both of them. The other lenders quickly realized that they had spoken too
hastily and that this solution involved risks for them given Pantaenetus’ previ-
ous behavior. They therefore insisted that Nicobulus act as guarantor for their
loan to give them protection in case of any further trouble. At the urging of
Pantaenetus, Nicobulus accepted this solution but only on the condition that
Pantaenetus grant him a release from all further claims. A three-sided legal
agreement was then worked out, which provided a temporary end to the
dispute. Later, however, Pantaenetus brought an action for damages against
Evergus and won a judgment. Encouraged by this success, Pantaenetus brought
a separate action against Nicobulus, who responded by bringing a paragraphe
action against Pantaenetus on the grounds that he had granted him a release.
I am not going to discuss here the many important legal issues in the
speech, which I have written about in detail elsewhere.^81 The question here
is how does Nicobulus portray the relationships among the various parties.
First, the loan to Pantaenetus is not one in a series of loans between the
lenders and the borrower in which trust is gradually built up by repeat trans-
actions. Before Mnesicles introduced Pantaenetus to the lenders, they were
apparently complete strangers. What gives them the confidence to make the
loan is not the trust achieved by a long-term relationship but the real secu-
rity pledged by the borrower. They are not linked by any ties of friendship
or kinship. When Mnesicles intervenes in the dispute, he does so to fulfill his
legal duties as a guarantor, who was required to warrant title in a contract of
sale. Considerations of status or social ties do not enter into their decisions.
Second, in the negotiations between the two sets of lenders, each party makes
his decisions after calculating risk and profitability, and the solution is a con-
tractual agreement. When Nicobulus accepts the first proposal made by the
other lenders, his main reason is to minimize his risk and safeguard his assets.
When the other lenders decide to alter their proposal, they do so minimize
their risks. No one appeals to the need to preserve social ties. And no one talks
about doing anyone a favor or criticizes one of the other parties for refusing