Chambers's Edinburgh Journal, No. 440, page 39 by Various Authors
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seller of the commodity. It is as great as the difference between freedom and slavery. No man can ever obtain a monopoly through money, unless it be by underselling all others; and that is a form in which it need not be grudged. However wide may be the field occupied by the forestaller, he cannot prevent others from competing with him, if he sell so dear that they can undersell him. The effect of an enforced monopoly is to drive competitors away, and give the monopolist the whole market on his own terms.
Many governments raise a revenue by granting monopolies. They levy a large sum from the individuals to whom they concede the privilege of selling or making certain articles. It need hardly be said, that it is a very costly revenue, causing much more loss to the people than the amount it brings to the public purse; but it is a tempting resource, as it costs no trouble, and does not at least immediately bring the government to issue with the country. Queen Elizabeth did not overlook the convenience of this source of revenue. In fact, she pushed the system of monopolies very far, and nearly endangered the stability of her power. But she was a very wise ruler, and always stopped short at the point of endurance. Hallam gives the following animated account of a parliamentary contest in 1601. When we reflect on the departed corn-laws, the allusion to bread is certainly curious.
'The grievance of monopolies had gone on continually increasing; scarce any article was exempt from these oppressive patents. When a list of them was read over in the House, a member exclaimed: "Is not bread among the number?" The House seemed amazed. "Nay," said he, "if no remedy is found for them, bread will be there before the next parliament." Every tongue seemed now unloosed, each as if emulously descanting on the injuries of the place he represented. It was vain for courtiers to withstand this torrent. Raleigh, no small gainer himself by some monopolies, after making what excuse he could, offered to give them up. Robert Cecil,