The Golden BoughA Study in Magic and Religion

Chapter 13. The Kings of Rome and Alba. ...... The union of a royal title with priestly duties was common in ancient Italy and. Greece. At Rome and in other cities ...
2MB taille 1 téléchargements 227 vues
7KH*ROGHQ%RXJK $ 6WXG\LQ0DJLFDQG5HOLJLRQ %\ 6LU-DPHV*HRUJH)UD]HU

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

0DQ\0DQLLDW$ULFLD   &KDSWHU+RPHRSDWKLF0DJLFRID)OHVK'LHW  &KDSWHU.LOOLQJWKH'LYLQH$QLPDO   .LOOLQJWKH6DFUHG%X]]DUG   .LOOLQJWKH6DFUHG5DP   .LOOLQJWKH6DFUHG6HUSHQW  .LOOLQJWKH6DFUHG7XUWOHV   .LOOLQJWKH6DFUHG%HDU   &KDSWHU7KH3URSLWLDWLRQRI:LOG$QLPDOV%\+XQWHUV  &KDSWHU7\SHVRI$QLPDO6DFUDPHQW   7KH(J\SWLDQDQGWKH$LQR7\SHVRI6DFUDPHQW  3URFHVVLRQVZLWK6DFUHG$QLPDOV   &KDSWHU7KH7UDQVIHUHQFHRI(YLO   7KH7UDQVIHUHQFHWR,QDQLPDWH2EMHFWV   7KH7UDQVIHUHQFHWR$QLPDOV   7KH7UDQVIHUHQFHWR0HQ   7KH7UDQVIHUHQFHRI(YLOLQ(XURSH   &KDSWHU7KH3XEOLF([SXOVLRQRI(YLOV  7KH2PQLSUHVHQFHRI'HPRQV  7KH2FFDVLRQDO([SXOVLRQRI(YLOV   7KH3HULRGLF([SXOVLRQRI(YLOV  &KDSWHU3XEOLF6FDSHJRDWV   7KH([SXOVLRQRI(PERGLHG(YLOV   7KH2FFDVLRQDO([SXOVLRQRI(YLOVLQD0DWHULDO9HKLFOH   7KH3HULRGLF([SXOVLRQRI(YLOVLQD0DWHULDO9HKLFOH  2Q6FDSHJRDWVLQ*HQHUDO   &KDSWHU+XPDQ6FDSHJRDWVLQ&ODVVLFDO$QWLTXLW\  7KH+XPDQ6FDSHJRDWLQ$QFLHQW5RPH   7KH+XPDQ6FDSHJRDWLQ$QFLHQW*UHHFH   7KH5RPDQ6DWXUQDOLD  &KDSWHU.LOOLQJWKH*RGLQ0H[LFR  1RWWRWRXFKWKH(DUWK   1RWWRVHHWKH6XQ  7KH6HFOXVLRQRI*LUOVDW3XEHUW\   5HDVRQVIRUWKH6HFOXVLRQRI*LUOVDW3XEHUW\  &KDSWHU7KH0\WKRI%DOGHU   &KDSWHU7KH)LUH)HVWLYDOVRI(XURSH   7KH)LUHIHVWLYDOVLQJHQHUDO  7KH/HQWHQ)LUHV  7KH(DVWHU)LUHV  7KH%HOWDQH)LUHV   7KH0LGVXPPHU)LUHV   7KH+DOORZH HQ)LUHV  7KH0LGZLQWHU)LUHV  7KH1HHGILUH   &KDSWHU7KH,QWHUSUHWDWLRQRIWKH)LUH)HVWLYDOV   2QWKH)LUHIHVWLYDOVLQJHQHUDO   7KH6RODU7KHRU\RIWKH)LUHIHVWLYDOV   7KH3XULILFDWRU\7KHRU\RIWKH)LUHIHVWLYDOV  &KDSWHU7KH%XUQLQJRI+XPDQ%HLQJVLQWKH)LUHV 

7KH%XUQLQJRI(IILJLHVLQWKH)LUHV  7KH%XUQLQJRI0HQDQG$QLPDOVLQWKH)LUHV  &KDSWHU%DOGHUDQGWKH0LVWOHWRH  &KDSWHU7KH([WHUQDO6RXOLQ)RON7DOHV  &KDSWHU7KH([WHUQDO6RXOLQ)RON&XVWRP  7KH([WHUQDO6RXOLQ,QDQLPDWH7KLQJV  7KH([WHUQDO6RXOLQ3ODQWV  7KH([WHUQDO6RXOLQ$QLPDOV   7KH5LWXDORI'HDWKDQG5HVXUUHFWLRQ  &KDSWHU7KH*ROGHQ%RXJK  &KDSWHU)DUHZHOOWR1HPL  

3UHIDFH

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

7KH5LFHPRWKHULQWKH(DVW,QGLHV

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q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

7KH6SLULWRIWKH&RUQHPERGLHGLQ+XPDQ%HLQJV

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

7KH'RXEOH3HUVRQLILFDWLRQRIWKH&RUQDV0RWKHUDQG'DXJKWHU

 &203$5('ZLWKWKH&RUQPRWKHURI*HUPDQ\DQGWKH+DUYHVWPDLGHQRI6FRWODQG WKH 'HPHWHUDQG3HUVHSKRQHRI*UHHFHDUHODWHSURGXFWVRIUHOLJLRXVJURZWKJRG@EXWWKHUH ZHUHSRZHUIXODQGSRZHUOHVVJRGVHDFKQDWXUDOO\VRXJKWWRPDNHKLPVHOIRQHRIWKH IRUPHUWKHSODQWKHUHIRUHDGRSWHGZDVWRLQFRUSRUDWHWKHVSLULWVRIRWKHUVZLWKWKHLU RZQ WKXV ZKHQ D ZDUULRU VOHZ D FKLHI KH LPPHGLDWHO\ JRXJHG RXW KLV H\HV DQG VZDOORZHG WKHP WKH DWXD WRQJD RU GLYLQLW\ EHLQJ VXSSRVHG WR UHVLGH LQ WKDWRUJDQ WKXVKHQRWRQO\NLOOHGWKHERG\EXWDOVRSRVVHVVHGKLPVHOIRIWKHVRXORIKLVHQHP\ DQGFRQVHTXHQWO\WKHPRUHFKLHIVKHVOHZWKHJUHDWHUGLGKLVGLYLQLW\EHFRPH ,WLVQRZHDV\WRXQGHUVWDQGZK\DVDYDJHVKRXOGGHVLUHWRSDUWDNHRIWKHIOHVKRIDQ DQLPDORUPDQZKRPKHUHJDUGVDVGLYLQH%\HDWLQJWKHERG\RIWKHJRGKHVKDUHVLQ WKH JRG V DWWULEXWHV DQG SRZHUV $QG ZKHQ WKH JRG LV D FRUQJRG WKH FRUQ LV KLV SURSHU ERG\ ZKHQ KH LV D YLQHJRG WKH MXLFH RI WKH JUDSH LV KLV EORRG DQG VR E\ HDWLQJ WKHEUHDGDQGGULQNLQJWKHZLQHWKHZRUVKLSSHUSDUWDNHVRIWKHUHDOERG\DQG EORRGRIKLVJRG7KXVWKHGULQNLQJRIZLQHLQWKHULWHVRIDYLQHJRGOLNH'LRQ\VXVLV QRWDQDFWRIUHYHOU\LWLVDVROHPQVDFUDPHQWLH DGRSWHG ,QGLDQ EURWKHU@ DQG,VDWGD\DIWHUGD\LQWKHFRROXQGHUURRPVRIRXUKRXVHWKHODWWHU>VLF@EXV\ZLWK KLV TXDLQW IRUJH DQG FUXGH DSSOLDQFHV ZRUNLQJ 0H[LFDQ FRLQV RYHU LQWR EDQJOHV JLUGOHVHDUULQJVEXWWRQVDQGZKDWQRWIRUVDYDJHRUQDPHQW7KRXJKKLVWRROVZHUH ZRQGHUIXOO\UXGHWKHZRUNKHWXUQHGRXWE\GLQWRIFRPELQHGSDWLHQFHDQGLQJHQXLW\ ZDV UHPDUNDEO\ EHDXWLIXO 2QH GD\ DV , VDW ZDWFKLQJ KLP D SURFHVVLRQ RIILIW\PHQ ZHQWKDVWLO\GRZQWKHKLOODQGRIIZHVWZDUGRYHUWKHSODLQ7KH\ZHUHVROHPQO\OHG E\DSDLQWHGDQGVKHOOEHGHFNHGSULHVWDQGIROORZHGE\WKHWRUFKEHDULQJ6KXOXZLW VLRU*RGRI)LUH$IWHUWKH\KDGYDQLVKHG,DVNHGROGEURWKHUZKDWLWDOOPHDQW

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

6R\RXZHQWWR.DWKOXHOORQGLG\RX" ,DVNHG

( H UHSOLHGWKHZHDU\PDQLQDYRLFHKXVN\ZLWKORQJFKDQWLQJDVKHVDQNDOPRVW H[KDXVWHG RQ D UROO RI VNLQV ZKLFK KDG EHHQ SODFHG IRU KLP DQG WHQGHUO\ ODLG WKH WXUWOHRQWKHIORRU1RVRRQHUGLGWKHFUHDWXUHILQGLWVHOIDWOLEHUW\WKDQLWPDGHRIIDV IDVWDVLWVODPHOHJVZRXOGWDNHLW2IRQHDFFRUGWKHIDPLO\IRUVRRNGLVKVSRRQDQG GULQNLQJFXSDQGJUDEELQJIURPDVDFUHGPHDOERZOZKROHKDQGIXOVRIWKHFRQWHQWV KXUULHGO\ IROORZHG WKH WXUWOH DERXW WKH URRP LQWR GDUN FRUQHUV DURXQG ZDWHUMDUV EHKLQG WKH JULQGLQJWURXJKV DQG RXW LQWR WKHPLGGOHRIWKHIORRUDJDLQSUD\LQJDQG VFDWWHULQJ PHDO RQ LWV EDFN DV WKH\ ZHQW $W ODVW VWUDQJH WR VD\ LW DSSURDFKHG WKH IRRWVRUHPDQZKRKDGEURXJKWLW

+D KHH[FODLPHGZLWKHPRWLRQ VHHLWFRPHVWRPHDJDLQDKZKDWJUHDWIDYRXUVWKH IDWKHUV RI DOO JUDQW PH WKLV GD\  DQG SDVVLQJ KLV KDQG JHQWO\ RYHU WKH VSUDZOLQJ DQLPDO KH LQKDOHG IURP KLV SDOP GHHSO\ DQG ORQJ DW WKH VDPH WLPH LQYRNLQJ WKH IDYRXU RI WKH JRGV 7KHQ KH OHDQHG KLV FKLQ XSRQ KLV KDQG DQG ZLWK ODUJH ZLVWIXO H\HVUHJDUGHGKLVXJO\FDSWLYHDVLWVSUDZOHGDERXWEOLQNLQJLWVPHDOEHGLPPHGH\HV DQG FODZLQJ WKH VPRRWK IORRU LQ PHPRU\ RI LWV QDWLYH HOHPHQW $W WKLV MXQFWXUH , YHQWXUHGDTXHVWLRQ

:K\GR\RXQRWOHWKLPJRRUJLYHKLPVRPHZDWHU"  6ORZO\WKHPDQWXUQHGKLVH\HVWRZDUGPHDQRGGPL[WXUHRISDLQLQGLJQDWLRQDQG SLW\RQKLVIDFHZKLOHWKHZRUVKLSIXOIDPLO\VWDUHGDWPHZLWKKRO\KRUURU

3RRU\RXQJHUEURWKHU KHVDLGDWODVW NQRZ\RXQRWKRZSUHFLRXVLWLV",WGLH",WZLOO QRWGLH,WHOO\RXLWFDQQRWGLH 

%XWLWZLOOGLHLI\RXGRQ WIHHGLWDQGJLYHLWZDWHU 

, WHOO \RX LW FDQQRW GLH LW ZLOO RQO\ FKDQJH KRXVHV WRPRUURZ DQG JR EDFN WR WKH KRPH RI LWV EURWKHUV $K ZHOO +RZ VKRXOG \RX NQRZ"  KH PXVHG 7XUQLQJ WR WKH

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yKDNZD ZKLWHVKHOOEHDGV DQGWXUTXRLVHEHDGVDVRIIHULQJVWR&RXQFLORIWKH*RGV 7KLVDFFRXQWDWDOOHYHQWVFRQILUPVWKHLQIHUHQFHWKDWWKHWRUWRLVHVDUHVXSSRVHGWREH UHLQFDUQDWLRQV RI WKH KXPDQ GHDG IRU WKH\ DUH FDOOHG WKH RWKHUVHOYHV RI WKH =XQL

LQGHHGZKDWHOVHVKRXOGWKH\EHWKDQWKHVRXOVRIWKHGHDGLQWKHERGLHVRIWRUWRLVHV VHHLQJ WKDW WKH\ FRPH IURP WKH KDXQWHG ODNH" $V WKH SULQFLSDO REMHFWRIWKHSUD\HUV XWWHUHGDQGRIWKHGDQFHVSHUIRUPHGDWWKHVHPLGVXPPHUFHUHPRQLHVDSSHDUVWREHWR SURFXUHUDLQIRUWKHFURSVLWPD\EHWKDWWKHLQWHQWLRQRIEULQJLQJWKHWRUWRLVHVWR=XQL DQG GDQFLQJ EHIRUH WKHP LV WR LQWHUFHGH ZLWK WKH DQFHVWUDO VSLULW LQFDUQDWH LQ WKH DQLPDOVWKDWWKH\PD\EHSOHDVHGWRH[HUWWKHLUSRZHURYHUWKHZDWHUVRIKHDYHQIRU WKHEHQHILWRIWKHLUOLYLQJGHVFHQGDQWV

.LOOLQJWKH6DFUHG%HDU

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

7KH7UDQVIHUHQFHWR0HQ

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

7KH7UDQVIHUHQFHRI(YLOLQ(XURSH

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