other nations, aimed at that fair and magnanimous ascendancy, to which alone their superior naval skill and adventurous spirit entitled them, and imposed no restrictions whatever that could operate as a barrier to unbounded enterprise against any order of men amongst themselves-it is truly pitiable to observe, in the histories of some other of these ancient nations, the dawn of that narrow, selfish, monopolising spirit, and of those exclusive privileges which operate so injuriously in the present day, against the interests of commerce, and against the common weal of this country. A few examples may seem to throw light on the present subject of discussion.

The Genoese carried their rapacity and insolence in this respect, so far as to dream that they had acquired the dominion of the sea, and an exclusive right to the trade of the Euxine; prohibiting the Greeks to sail beyond the banks of the Danube, and in the height of their arrogance actually formed a scheme of imposing a toll upon every vessel passing through the Bosphorus.

Monopoly of every kind is not only unjust to all who are shut out from its pale, but has very frequently proved injurious, if not destructive, to the interests even of the privileged party. Perhaps the republic of Venice, abetted by the Soldans of Egypt, whilst the latter was held under the influence of Mohammedan policy, presents one of the most perfect specimens of pure and unalloyed monopoly, that ever impeded the progress of European improvement. And what was the consequence of this selfish, niggardly, monopolising policy? The Countries of Europe, rising to an eminence which no foreign influence could prevent, debarred from participating in the benefits, and from tasting of the luxuries and elegancies of the East, by the usurious and prohibitory embargoes that were placed on Indian commodoties, were driven to seek from some unexplored source, or by some new channel, those supplies which were thus most unjustly and most impolitically denied them. Columbus must needs sail westward, and Gama southward,-the one to discover a new world, the other a safe and expeditious passage to India.

In what a ludicrous position were the monopolising Venetians, and their Mohammedan abettors now placed, by the latter of these discoverers! That flourishing republic, which for ages had held fast the keys of access to India, and which, in the genuine spirit of monopoly, had contrived to debar all others from any participation in its benefits, was almost instantaneously merged in obscurity, and soon after dwindled into its native insignificance. Before taking leave of the Venetians, we cannot help pencilling one trait in their deportment on this trying occasion, which finely illustrates the spirit by which ancient monopolists, and perhaps those of a more recent date, are actuated. In conjunction with the Soldan of the Mamelukes, they forewarned the king of Portugal, and his Holiness

the Pope, (whose sanction was necessary in those enlightened times, to the undertaking of all enterprizes of conquest or discovery), that "if the Portuguese did not relinquish that new course of navigation, by which they had penetrated into the Indian ocean, and cease from encroaching on that commerce which, from time immemorial, they had carried on with India, they would immediately put to death all the Christians in Egypt, Syria, and Palestine, burn their Churches, and demolish the Holy Sepulchre itself.'

This threat, it is easy to imagine, produced no other impression on the minds of those against whom it was emitted, than a feeling of the most profound and indignant contempt, and served but to nerve the resolution and to stimulate the efforts of the spirited adventurers to make fresh discovery, and to secure more extensive dominion. Animated by the gainful prospect which their new and unfrequented path to India had so fortunately opened up to them, the Portuguese entered on the career of enterprise, with an ardour and success, that finds no parallel in the annals of commerce. Their powerful fleets ruled the Indian Ocean without a rival, and fortresses and settlements were planted from the one extremity of India to the other, with a view to exclude interlopers, and with a vain hope thus to secure an universal and perpetual monopoly. For a great portion of a century, the Portuguese succeeded to the utmost extent of their sanguine, and yet absurd, expectations. Here too, the oft repeated, and as oft unsuccessful, experiment of a national monopoly failed. The very success of the Portuguese, as was the case with their predecessors, proved their ruin. For, elevated with wealth so suddenly and so easily acquired, flushed with success, secure in the temporary ascendancy she had attained, without an enemy, and almost without a rival, the overbearing aspect of that little kingdom, which now began to dictate terms to her superiors, and bask in the sunshine of purse-proud supineness and self-security, provoked the jealousy and brought into overwhelming competition, other more powerful European nations.

The Dutch and English were the first who dared to encounter the Portuguese on their favourite element, and successfully to dispute with them the usurped dominion of the Eastern Seas.

The East India Company date their first Charter nearly as far back as the earliest settlement of the British in India. The incorporation of such a Trading Company, was an act of Government quite in accordance with the spirit of the times, and in admirable consistency with the views of policy and the principles of commerce which then obtained so generally amongst that class of statesmen and financiers who then helmed and trimmed the course of private, as well as public affairs, in that way which seemed to them best adapted to suit present exigencies, and to fill up the beau ideal of their golden dreams and splendid imaginations. It has ever been a foible of statesmen-even of such as deserve the credit of upright motive and good intention, to regard their interference and

control in superintending the ordinary affairs of business, in opening and shutting at pleasure the sluices of commerce, in giving and withholding certain rights and privileges, and by a thousand unnecessary and injurious, I had almost said impertinent, surveillances and interruptions, encumbering with sophisms and difficulties, the plainest rules of equity, and loading the majority of the community with grievous loss and vexatious oppression, in order to exoner and to aggrandize a privileged few. That feelings of this kind, influenced in some degree the procedure of Government, in conferring upon the Old East India Company their exclusive charter, and anomalous prerogatives and power, cannot be doubted. Indeed, when we consider but superficially the character of the times, the state of this country, and the principles which then predominated very generally over the world, we almost cease to wonder that blunders in practice should have resulted from errors and absurdity in theory.

Britain, now the envy and admiration of the world, was not always a commercial country. Time was when her rocky heights and green vallies, her scattered flocks and stubborn soil, constituted all the wealth of which she could boast, and when the laws which regulated her limited barter, were as few and simple as her rude inhabitants. But Britain was preparing to undergo a change from an agricultural to a commercial state-a change for which her Senators were not prepared, but which they could not prevent. It was in vain that they sought to apply the rule and compass of internal maxims and policy to curb the adventurous spirit, which, in spite of every discouragement at home, and of every opposition abroad, went on increasing and operating in its re-action on every department of the country. It was probably with a view, if not to repress this adventurous spirit, at least to hold it in subserviency to the control of government, that the idea of joint stock companies and monopolies in trade, suggested themselves to statesmen and politicians, as the most likely methods of accomplishing this, to them desirable, object. Certain it is, that no such unjust means of obtaining so unworthy an end, would ever have been planned under the dictates of a liberal and enlightened policy, and, if under this just and equitable, and philosophic system, such measures would never have been projected, there surely can be no good reason why, under such a system, they should be longer continued. But the system complained of has been continued, notwithstanding the remonstrances which an enlightened philosophy, an injured community, and the experience of two revolving centuries, have loudly, repeatedly, but hitherto ineffectually, urged in favour of its abolition.

Instead of going into a minute and lengthened detail of the history and misdeeds of the East India Company, which for centuries have entertained this country with volumes of animadversion, and libraries of vindication, it will be more relevant with the grand object

in view, and more in unison with that spirit of enquiry, whose free and impartial results have done so much, and will yet do more for this country, first to examine a little the general principle of monopoly in commerce, and then apply the reasonings and results thus deduced, to the case under consideration.

And in entering on this discussion, a difficulty, if such that can be termed, which, properly considered, is rather an additional argument, meets me at the threshold,-namely, the familiarity, and almost self-evident truth of all the reasonings that have been, or can be adduced on the subject. Without, therefore, pretending to any superior wisdom, or to any new lights on the cardinal points of that enlightened policy, which now, in theory at least, almost universally obtains, it may be neither superfluous nor unprofitable to exhibit these in a condensed form, in connection with the foregoing statements. The general principles of free trade are now almost universally acknowledged in this and in most other countries; they are making rapid progress all over the world, leavening every portion of the community, and levelling in their advance those unjust and impolitic barriers, which the darkness and prejudice of an age now happily gone by, had reared against the march of civilization and improvement. In this progress of improvement, France has taken a leading and an elevated position. It is thirty years since the French Council of Commerce in their spirited report, declared it to be, a most certain maxim, that nothing but competition and liberty in trade, can render commerce beneficial, and that all monopolies or traffic appropriated to Companies, exclusive of others, are inconceivably burdensome and pernicious to it.' But this country is not behind France in the progress of right theory, whatever may be her errors in practice. According to Dr. Smith, whose just and enlightened principles are at once familiar with every school boy, and approved of by every philosopher, the monopoly of the colony trade, like all the other mean and malignant expedients of the mercantile systems, depresses the industry of all other countries, but chiefly that of the colonies, without in the least increasing, but on the contrary diminishing, that of the country, in whose favour it is established.'

If there is the least plea, or shadow of a plea, for granting a monopoly in any circumstances, Dr. Smith is of opinion, that the most that can in reason be asked, or that can in justice be conceded, is a temporary monopoly; and this anomalous boon he would grant, not on the ground of public justice or expediency, but upon the same principle upon which a like temporary monopoly of a new machine is granted to its inventor, or that of a new book to its author; after which reasonable compensation the patent should expire, and the machine, the book and the trade, become public property. That the body of merchants who afterwards came to be incorporated by Charter into the Old East India Company, had no plea analogous to the one here stated, on which to prefer a

claim even to a temporary monopoly, is abundantly obvious; for it was the public money, and not the private, with which they traded.

But the East India Company's monopoly has to be viewed in a more appalling light than that of a limited patent, or other merely temporary grievance. Like the fabled Phoenix, which dies once every thousand years, and resuscitates itself from its ashes in all the freshness of an indestructible and unimpaired immortality, the Phoenix of East India monopoly has more than once changed its form, but seems destined to retain a perpetual duration. By a perpetual monopoly,' to quote the words of the celebrated writer already mentioned, all the other subjects of the state are taxed very absurdly in two different ways; first, by the high price of goods, which, in the case of a free trade, they could buy much cheaper; and secondly, by their total exclusion from a branch of business which it might be both convenient and profitable for many of them to carry on. It is for the most worthless of all purposes too, that they are taxed in this manner.'

It is impossible to add illustration to reasoning so just and so obvious, and comment would be as impertinent as it is unnecessary. They, in fact, embrace the gist and substance of the whole argument, commend themselves to every enlightened understanding; and in as far as reasoning can satisfy a rational being, set the question as to the general principle completely at rest.

All monopolies in commerce have had their origin either in the blunders of statesmen, or in the avarice and rapacity of private individuals. The cause of monopoly, which has so long disgraced and degraded the energies and character of this and other countries, is rapidly losing ground; and the false and flimsy fabrics which have been reared upon long perpetuated and still increasing abuses, are fast tottering and tumbling down, one after another, on the heads of their abettors. It will be strange, indeed, if the monopoly of India shall stand for ever the solitary imperishable monument of privileged cupidity, and of impolitic legislation.

Monopoly is a hateful root; it is as destructive to the health of the commercial, as the noxious henbane is uncongenial to the growth of the vegetable world. There is something blighting in the very look of the Monopolist. In addition to the frailties and prejudices which he possesses in common with humanity, he has some which in degree, if not in kind, are in a great measure peculiar to himself-prejudice and selfishness. These ingredients enter so largely into his composition, that they attract and incorporate thither all that is hateful and ungenerous, and throw all the better principles, and all the kindlier feelings of his nature into the shade; his eyes do not see, his judgment does not determine, his heart does not beat in unison with those of other men-their happiness and prosperity, in which reason, humanity, religion, bid him rejoice, serve but to gather a thicker cloud around his own little horizon, or to raise the tempestuous gust of a malevolent and unnatural passion.