But as Henry V., and all the succeeding sovereigns, had the revenue conferred on them for life, the prince, so long in possession of these duties, began gradually to consider them as his own proper right and inheritance, and regarded the vote of parliament as a mere formality, which rather expressed the acquiescence of the people in his prerogative, than bestowed any new gift or revenue upon him.
The parliament, when it first granted poundage to the crown, had fixed no particular rates: the imposition was given as a shilling in a pound, or five percent, on all commodities: it was left to the king himself and the privy council, aided by the advice of such merchants as they should think proper to consult, to fix the value of goods, and thereby the rates of the customs: and as that value had been settled before the discovery of the West Indies, it was become much inferior to the prices which almost all commodities bore in every market in Europe; and consequently the customs on many goods, though supposed to be five per cent., was in reality much inferior.

The king, therefore, was naturally led to think, that rates which were now plainly false, ought to be corrected;[*] that a valuation of commodities, fixed by one act of the privy council, might be amended by another; that if his right to poundage were inherent in the crown, he should also possess, of himself, the right of correcting its inequalities; if this duty were granted by the people, he should at least support the spirit of the law, by fixing a new and a juster valuation of all commodities.

But, besides this reasoning, which seems plausible, if not solid, the king was supported in that act of power by direct precedents, some in the reign of Mary, some in the beginning of Elizabeth.[**] Both these princesses had, without consent of parliament, altered the rates of commodities; and as their impositions had all along been submitted to without a murmur, and still continued to be levied, the king had no reason to apprehend that a further exertion of the same authority would give any occasion of complaint.

That less umbrage might be taken, he was moderate in the new rates which he established: the customs, during his whole reign, rose only from one hundred and twenty-seven thousand pounds a year to one hundred and ninety thousand; though, besides the increase of the rates, there was a sensible increase of commerce and industry during that period: every commodity, besides, which might serve to the subsistence of the people, or might be considered as a material of manufactures, was exempted from the new impositions of James;[***] but all this caution could not prevent the complaints of the commons.
* Winwood, vol.ii.p.

438.
** Journ.