Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-10

i've eorupanies, says Mr.. HUME, still remained !
mother species of monopoly, by which all the lor-
IGN trade except that of France, was brought INTO
he hands Of few rapacious engrossers' ana an
,rosneet of future improvement in commerce was
orsver sacrificed to little temporary advantage o.
he sovereign These companies hal carried uhe'r
,.i,,;eqes 80 far that almost all the foreign com
,arce of England was conferred in London, and the
-bola trade of the city confined to about two hun
5rod subjects, who were enabled, By combining to-
ue;her to fix what price they pleased to the exports
and imports of the nation A committee was APP
rainted to examine into the enormous grievance OF
the greatest we read OF, says HUME
in Fnolsh Story. It was not, howeyer till the 2lsS
wear of JAMES that an act putting an end to the fat
lacious claims Of the crown, could be passed by
it. says HrNE sll monopoies were declared contrary
to law, and to the known liberties OF the people II
was there supposed that every subject OF hhsAahp
had entire power to dispose ofhs own ae1lons pro-
yded he did no injury to any of his fellow men, ana
that no prerogatiye of tho King, no power o. any
magistrate nothing but the authority OF law could
restrain that unlimited freedom. Mr. HUME had at
tanned no knowledge Of that sublime principle OF
American institutions based on the deliberate assent
of an entire people, by which legislative bodies
~.
themselves were restrained from the establishment
of monopoles or other attacks on the freedom OF
the citizen.
The 2Ist section of this celebrated statute de
elares that ali monopolies and all commissions,
GRANT, licenses charters and letters patent, to any
person or persons, bodies polite or corporate
whatever. for the sale, buying or selling working
or nsino anything within the realm, and all lnhiDl
kgollo taaq ms
way tending TO the insttuiilg on siFelspnns li.s
said monopoes contrary to the laws oi uiiS
realm. ard so are and shall be utterly VOID ane IN
no wise to be put in use or execution. lhe s'Atu'e
also declares that monopoes shall be trleu
70 tho course of the common law, and gives an ac
tion for triple damages TO any one who IS disturbed
| BY monopolists
! This statuta was cautiously worded, so as to de-
olara the xising law ana not to make law, because
that bodv had before 1t tbs leading case on the sub
10. of ,nononoes reported in 18th Coke and deter
mined in the 45th year of ELIZABETH, which VIII De
noticed hereafter.
The yell-understood common law OF Engiahu,
however, did NOT pat an end to the usurpafions d
the crown or the rapacity Of individuals s4a eorp
I rstp bodies. who were willing to pay the King for
exclusive privileges, in order to plumber his su' ,
jeets.
CHARLES I wished to make himself absolute ana
dispense with the necessity of parliamentary grants
of taxes and one of the chief modes OF raising
money was by the sale of mOnopolies
Hume says: THE statute of JAMES left an equitable
exceptiou in favor of new inventions, or fourteen
years9 and on pretence of this, and the erecting new
companies and corporations was this grievance Of
| mononolies renewed y and many articles, seven
down to linen rags, were put under restrictions
ANDERSON, in his History of Commerce, vol 2, p
69s saws: The crown in spite of Magma Charter
and the statute of 2lst JAMES constantly pretended
70 the right Of granting exclusive privileges and
charters. though strenuoqsly opposed by upF1sh1
iudees and juries and various companies pres unlee
70 obstruct separate and independent traders whoh
thev stigmatized with the opprobrious appenauoI
of i4terlopers"
HILr.Ax, most profound, accurate, and impair
tial historian, vol 2, 81 says THE greater pron
,,as derived from a most pernicious and indefensl
bile measure: the establishment Of chartered
company, with the exclusive privilege Oh il''An's
soan The recent statute against monopolies seemed
to secure the public against this species oil gre'
snCe Now however, the Attorney General i maj
of venai diiigeHCe and prosttuted learning AM
lately strenuous supporter Of popular rights i
+bo Uouse of Commons devised this prcec, by WING
,o DrobabIv meant to evade the letter OF the law
since every manufacturer permitted to become
member Of the company They agreed to pa!
es for each ton Of soap made, as well as 3lO,Oo
for the charter. For this they were empowered I
orroint searchers and exercise q sort OF lnqu
: sition over the trade Those dealers wit
resisted the interference were severely nnea Dy IL
formation in the Star Chamber. This precedent wa
followed till monopoes in transgressloH OF eVaslo
l. of the statute became as common as they had nee
under ELIZABETH and JAMES" Charters of monopl
were granted for the sole making and vending ma
bands. gut-strings, spectacles combs tobacco, bee
&c. &c-AnderSon Commerce
g CHARLES raised about S1OOO,OOe per annum b
saIe of ,nonopolies, an extraordinary sum for tbs
age. a.. a.. ..o.e.,+,- ,
e removing the public odium when hard pressed b
t the Republican Army, revoked all those monopolf
# nv PROCLAMATION issuedat York in 1889 His attemE
it To raise money by sale of monOpolies, ship-money
IS and other devices, lost him his head
|, His successor. CHARLES II, granted charter
r the East India Company, with exclusive privilege
i | md
o srbservient court. chiefly the ground as HAcd
? saws that it was trade with infdels was afte
n wards confirmed by Parliament twas glgant
II monopoly whose whole history is stained with bloc
e and pillago unequaled in the annals of the Worl
5, It was abolished as trading company in 1882, al
not vestige of monopoly is now left in the foreg
lie trade of Great Britain
D During this long struggle, the power to estao'
monopolies rested on the assumed royal prerogaiue
N suspend lao for the benefit Of Individuals
RS In tho reign of JAMES II, he consulted h
a iudres as to his power to suspend the law again
Sc Catholics. The Judges denied his power. He I
$ moved Them and substituted subservient instrpmeR
1t in their places They declared he had the powe
IN (See HnE's case BACoNs Prerogative) He the
10 by proclamation, suspended the laws. This mo
than all o.hep causes lost him his throne and led
III the revolution of 1855 In the Bill of Rights the
made it was asserted that ali pretended dispensatio
Ill with statutes by royal authority, were ega a.
~ void-SFEPHENs on the British Constitution
re- cons Ab, MacGusy's RagbGnd.
We Thus ended forever the power to create monoT
ey lies by suspension of general law for the suppo
of private rapacity, after the exercise OF that pi
u tended prerogative had severed the head of 0
of monarch from his body, and driven another fro
Int his throne
:, The following vers0s,we are assured by corr
pondent went rounds of the papers twenty yea
ago. but 'fnanciers' have learned no new tricks a
they are equally applicable to the condition Of thin
: | now.
ny The Song of the s'FInancIcr."
IT BY NICHOLAS BIDDLE, THE SECOND.
Givsme a Bank-a paper Bank,