period, under the jurisdiction of a close body of monopolists, representatives of the various guilds and companies, entitled the Fellowship of the London Merchants. An organization which arises spontaneously has in its origin right upon its side. It springs into being as the answer to an acknowledged want which, in some degree, more satisfactory or less, it contrives to meet. It may be believed that so long as the desire to do right among them was stronger than the desire to grow rich, a close corporation conducted the trade of the country with more inherent equity, and with greater honour to the English name, than would have resulted from general competition. But exclusive privileges had ended, as usual, in the abuse of those privileges. In the twelfth year of Henry VII. the Merchant Adventurers, or unattached traders, petitioned for the right which belonged to them as freeborn Englishmen of carrying their goods into foreign countries, and selling them as they pleased, on their own terms. 'The Fellowship of London Merchants,' they said, 'for their own singular lucre, contrary to every Englishman's liberty,' had made an ordinance among themselves that no Englishman should buy or sell in the markets of the Low Countries without paying a fine to the Fellowship; and the fine had been gradually raised, till at last a demand of forty pounds was made upon every young merchant who was entering life before he could be permitted to trade.
The petition of the Adventurers was heard by Parliament. The conduct of the corporation was held
