he realm, large powers for the regulation of
trade; but the ablest judge would have found it difficult to say what
was the precise extent of those powers. It was universally acknowledged
that it belonged to the King to prescribe weights and measures, and to
coin money; that no fair or market could be held without authority from
him; that no ship could unload in any bay or estuary which he had not
declared to be a port. In addition to his undoubted right to grant
special commercial privileges to particular places, he long claimed a
right to grant special commercial privileges to particular societies and
to particular individuals; and our ancestors, as usual, did not think
it worth their while to dispute this claim, till it produced serious
inconvenience. At length, in the reign of Elizabeth, the power of
creating monopolies began to be grossly abused; and, as soon as it
began to be grossly abused, it began to be questioned. The Queen wisely
declined a conflict with a House of Commons backed by the whole nation.
She frankly acknowledged that there was reason for complaint; she
cancelled the patents which had excited the public clamours; and her
people, delighted by this concession, and by the gracious manner in
which it had been made, did not require from her an express renunciation
of the disputed prerogative.

The discontents which her wisdom had appeased were revived by the
dishonest and pusillanimous policy which her successor called Kingcraft.
He readily granted oppressive patents of monopoly. When he needed the
help of his Parliament, he as readily annulled them. As soon as the
Parliament had ceased to sit, his Great Seal was put to instruments
more odious than those which he had recently cancelled. At length that
excellent House of Commons which met in 1623 determined to apply a
strong remedy to the evil. The King was forced to give his assent to a
law which declared monopolies established by royal authority to be null
and void. Some exceptions, however, were made, and, unfortunately, were
not very clearly defined. It was especially provided that every Society
of Merchants which had been instituted for the purpose of carrying on
any trade should retain all its legal privileges. [153] The question
whether a monopoly granted by the Crown to such a company were or were
not a legal privilege was left unsettled, and continued to exercise,
during many years, the ingenuity of lawyers. [154] The nation, however,
relieved a