Indeed, that question was never, as far as can now be ascertained, even mentioned in the Convention.

The King had undoubtedly, by the ancient laws of the realm, large powers for the regulation of trade; but the ablest judge would have found it difficult to say what was the precise extent of those powers.

It was universally acknowledged that it belonged to the King to prescribe weights and measures, and to coin money; that no fair or market could be held without authority from him; that no ship could unload in any bay or estuary which he had not declared to be a port.

In addition to his undoubted right to grant special commercial privileges to particular places, he long claimed a right to grant special commercial privileges to particular societies and to particular individuals; and our ancestors, as usual, did not think it worth their while to dispute this claim, till it produced serious inconvenience.

At length, in the reign of Elizabeth, the power of creating monopolies began to be grossly abused; and, as soon as it began to be grossly abused, it began to be questioned.