I suppose it is with national as with private wealth. If a man keeps what he gains, he is duly grateful to fortune; if he loses it by his own imprudence, he loses along with it the sense of gratitude. So in national affairs, those who fail to use their opportunities aright, fail also to acknowledge the good that the gods have given; for every advantage in the past is judged in the light of the final issue. It is therefore our duty, men of Athens, to keep a careful eye on the future, that by restoring our prosperity we may efface the discredit of the past.

But if we leave these men too in the lurch, Athenians, and then Olynthus is crushed by Philip, tell me what is to prevent him from marching henceforward just where he pleases. I wonder if any one of you in this audience watches and notes the steps by which Philip, weak at first, has grown so powerful. First he seized Amphipolis, next Pydna, then Potidaea, after that Methone, lastly he invaded Thessaly.

Then having settled Pherae, Pagasae, Magnesia, and the rest of that country to suit his purposes, off he went to Thrace, and there, after evicting some of the chiefs and installing others, he fell sick. On his recovery, he did not relapse into inactivity, but instantly assailed Olynthus. His campaigns against Illyrians and Paeonians and King Arybbas and any others that might be mentioned, I pass over in silence.

Well, some of you may say, why tell us this now? Because, men of Athens, I want you to know and realize two things: first, what an expensive game it is to squander your interests one by one; and secondly, the restless activity which is ingrained in Philip’s nature, and which makes it impossible for him ever to rest on his laurels. But if Philip adopts the principle that he ought always to be improving his position, and you the principle of never facing your difficulties resolutely, just reflect what is likely to be the end of it all.

Seriously, is anyone here so foolish as not to see that our negligence will transfer the war from Chalcidice to Attica? Yet if that comes to pass, I am afraid, men of Athens, that just as men who borrow money recklessly at high interest enjoy a temporary accommodation only to forfeit their estates in the end, so we may find that we have paid a heavy price for our indolence, and because we consult our own pleasure in everything, may hereafter come to be forced to do many of the dfficult things for which we had no liking, and may finally endanger our possessions here in Attica itself.