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, the secretary, and Bacon, talked loudly
of the prerogative, and endeavoured at least to persuade the House,
that it would be fitter to proceed by petition to the queen than by a
bill; but it was properly answered, that nothing had been gained by
petitioning in the last parliament. After four days of eager debate,
and more heat than had ever been witnessed, this ferment was suddenly
appeased by one of those well-timed concessions by which skilful
princes spare themselves the mortification of being overcome.
Elizabeth sent down a message, that she would revoke all grants that
should be found injurious by fair trial at law; and Cecil rendered the
somewhat ambiguous generality of this expression more satisfactory by
an assurance, that the existin