can
never exist long, because of the premium which the advanced price puts
upon the entrance to the field of new competitors; but the weapons which
this trust used to ruin an old and strong competitor are even more
effectual against a new-comer; and the knowledge that they are to meet
such a warfare is apt to deter new competitors from entering the field.

The boycott was once deemed rather a degrading weapon of warfare; but
now the term has grown to be a familiar one in trade circles. Even the
great railway companies do not scruple to use the boycott in fighting
their battles. One might imagine that both the thing and the name filled
a long felt want.

VII.

MONOPOLIES DEPENDING ON THE GOVERNMENT.

The fact has been already referred to that the principal monopolies
which existed previous to the present century were those created by
government. In the days when governments were less strong than now, and
less able to raise money by such taxes as they chose to assess, it was a
very convenient way to replenish the king's exchequer to sell the
monopoly of a certain trade to some rich merchant. Nor was the
establishment of these monopolies entirely without just reason. In those
days of scarce and timid capital, inducements had to be held out to
encourage the establishment of new enterprises. An instance of this,
familiar to every one, was the grant to the owners of the first
steamboat of the sole right to navigate the Hudson River by steam for a
term of years. In the early history of the nation and in colonial days,
government grants to establish local monopolies were very common. In
this, however, we only followed the example of the mother country, which
had long granted limited monopolies in trade and transportation as a
means of encouraging new enterprises and the investment of capital.

The monopolies of the present day which are properly considered as
government monopolies are of two classes. The essential principle on
which all are based is that their establishment is for the common
benefit, real or supposed; but the first class--to which belong the
patents and copyrights--are also justified on the ground that the brain
worker should be protected in his right to reap the just profits from
his labor.

The effect of a copyright is simply to make it possible for an author to
receive some recompense from his work. He can only do this by selling it
in printed form to those who may wish to buy; but if there we