Aristotle, Politics 2.7 (1273a-1273b)
“If election based on wealth is oligarchic while election according to excellence is aristocratic, there can be a third system according to which a state is organized as the Carthaginian polity is constructed. For they choose their leaders looking at two issues, especially the most significant offices, that of kings and generals.
But it is right to think that this departure from aristocracy is an error by the lawmaker. For among the most critical issues to consider from the beginning is how the best citizens might be able to have the free time and to refrain from anything inappropriate, both in office and in their private life. If it is right to consider furnishing the means for free time [to rule], it is bad for the most significant positions to be for sale (the kingship and the generalship).
For this law makes wealth more important than virtue and makes the whole state structured around money. Whatever the power structure considers valuable, the opinion of the rest of the citizens will follow. Wherever virtue is not honored above all else, the constitution cannot be aristocratic. It is also likely that those who purchase their offices will make a profit from them when they rule after spending their own money. For, it would be strange if a respectable man who is poor will want to profit but a corrupt man who has spent his own money would be disinclined to do the same.”
εἴπερ οὖν τὸ μὲν αἱρεῖσθαι πλουτίνδην ὀλιγαρχικὸν τὸ δὲ κατ᾿ ἀρετὴν ἀριστοκρατικόν, αὕτη τις ἂν εἴη τάξις τρίτη καθ᾿ ἥνπερ συντέτακται καὶ τοῖς Καρχηδονίοις τὰ περὶ τὴν πολιτείαν· αἱροῦνται γὰρ εἰς δύο ταῦτα βλέποντες, καὶ μάλιστα τὰς μεγίστας, τούς τε βασιλεῖς καὶ τοὺς στρατηγούς. δεῖ δὲ νομίζειν ἁμάρτημα νομοθέτου6 τὴν παρέκβασιν εἶναι τῆς ἀριστοκρατίας ταύτην· ἐξ ἀρχῆς γὰρ τοῦθ᾿ ὁρᾶν ἐστὶ τῶν ἀναγκαιοτάτων, ὅπως οἱ βέλτιστοι δύνωνται σχολάζειν καὶ μηδὲν ἀσχημονεῖν, μὴ μόνον ἄρχοντες ἀλλὰ μηδ᾿ ἰδιωτεύοντες. εἰ δὲ δεῖ βλέπειν καὶ πρὸς εὐπορίαν χάριν σχολῆς, φαῦλον τὸ τὰς μεγίστας ὠνητὰς εἶναι τῶν ἀρχῶν, τήν τε βασιλείαν καὶ τὴν στρατηγίαν. ἔντιμον γὰρ ὁ νόμος οὗτος ποιεῖ τὸν πλοῦτον μᾶλλον τῆς ἀρετῆς καὶ τὴν πόλιν ὅλην φιλοχρήματον· ὅ τι δ᾿ ἂν ὑπολάβῃ τίμιον εἶναι τὸ κύριον, ἀνάγκη καὶ τὴν τῶν ἄλλων πολιτῶν δόξαν ἀκολουθεῖν τούτοις· ὅπου δὲ μὴ μάλιστα ἀρετὴ τιμᾶται, ταύτην οὐχ οἷόν τ᾿ εἶναι βεβαίως ἀριστοκρατικὴν πολιτείαν. ἐθίζεσθαι δ᾿ εὔλογον κερδαίνειν τοὺς ὠνουμένους, ὅταν δαπανήσαντες ἄρχωσιν· ἄτοπον γὰρ εἰ πένης μὲν ὢν ἐπιεικὴς δὲ βουλήσεται κερδαίνειν, φαυλότερος δ᾿ ὢν οὐ βουλήσεται δαπανήσας.