Excerpt: ...possible; but it has never been maintained as a general principle, that it ought never to interfere. end of page #148 If it is at any time, or in any case, right to interfere legally, the question of when it is to be done becomes merely one of expediency, one of circumstance, but not one that admits of a general decision. A writer of great (and deservedly great) reputation has said so much on this subject, and treated it in a way that both reason and experience prove to be wrong, that it is become indispensably ...
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Excerpt: ...possible; but it has never been maintained as a general principle, that it ought never to interfere. end of page #148 If it is at any time, or in any case, right to interfere legally, the question of when it is to be done becomes merely one of expediency, one of circumstance, but not one that admits of a general decision. A writer of great (and deservedly great) reputation has said so much on this subject, and treated it in a way that both reason and experience prove to be wrong, that it is become indispensably necessary to argue the point. 123 Monopoly, regrating, and forestalling, which two last are only particular modes of monopolizing, have been considered as chimeras, as imaginary practices that have never existed, and that cannot possibly exist. They have been likewise assimilated to witchcraft, an ideal belief, arising in the times of ignorance. It is now become the creed of legislators and ministers, that trade should be left to regulate itself, that monopoly cannot exist. With all the respect justly due to the learned writer who advanced so bold an opinion, it may be asked, since many instances occur, both in sacred and profane history, in ancient times, and in our own days, of provisions, on particular occasions, selling at one hundred times their natural price, (and, every price above the natural one, is called a monopoly price, ) how can it be asserted that they may not become an object of monopoly in a more general way, though not at so exorbitant a price? How, it may be asked, can this thing, that has so often occurred in an extreme degree, a thing that is allowed to be possible, be compared with the miraculous effect of witchcraft, of the existence of which there does not appear to be one authentic record? The one, at all events, a natural, and the other, a supernatural effect. How are those to be admitted in fair comparison? If we know that, at the siege of Mantua, the provisions rose to one hundred times their usual price, we may..
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