Home1797 Edition

MONOPOLY

Volume 12 · 322 words · 1797 Edition

one or more persons making themselves the sole masters of the whole of a commodity, manufacture, and the like, in order to make private advantage of it, by selling it again at a very advanced price. Or it is a licence or privilege allowed by the king for the sole buying and selling, making, working, or using anything whatsoever.—Monopolies had been carried to an enormous height during the reign of Queen Elizabeth; and were heavily complained of by Sir Edward Coke, in the beginning of the reign of King James I.: but were in great measure remedied by statute 21 Jac. I. c. 3. which declares such monopolies to be contrary to law, and void; (except as to patents, not exceeding the grant of 14 years, to the authors of new inventions; and except also patents concerning printing, saltpetre, gunpowder, great ordnance, and shot;) and monopolists are punished with the forfeiture of treble damages and double costs, to those whom they attempt to disturb; and if they procure any action, brought against them for these damages, to be slayed by any extrajudicial order, other than of the court wherein it is brought, they incur the penalties of praemunire. Combinations also among victuallers or artificers, to raise the price of provisions, or any commodities, or the rate of labour, are in many cases severely punished by particular statute; and, in general, by statute 2 & 3 Edward VI. c. 15, with the forfeiture of L. 10 or 20 days imprisonment, with an allowance of only bread and water for the first offence; L. 20 or the pillory for the second; and L. 40 for the third, or else the pillory, loss of one year, and perpetual infamy. In the same manner, by a constitution of the emperor Zeno, all monopolies and combinations to keep up the price of merchandise, provisions, or workmanship, were prohibited, upon pain of forfeiture of goods and perpetual banishment.