John Trenchard

“ Princes often, either by extraordinary acts of power, by feigned plots and conspiracies, and sometimes by the help of real ones, have cut off these excrescent members and rivals of their authority, or must have run the hazard of being cut off by them. Aristocracies put them upon expensive embassies, or load them with honorary and chargeable employments at home, to drain and exhaust their superfluous and dangerous wealth; and democracies provide against this evil, by the division of the estates of particulars after their death amongst their children or relations in equal degree. ”

“ Now companies bring all these mischiefs upon us; they give great and sudden estates to the managers and directors, upon the ruins of trade in general, and for the most part, if not always, bring ruin upon thousands of families, who are embarked in the society itself. Those who are in the direction and the secret of the management besides all their other advantages, draw out and divide all their principal, and what they can borrow upon their credit ”

“ And as both of these extremes are certainly true of particular men, so they are more dangerous in numbers of men joined together in a political union; who, as they have more wealth than any particular man ever had or can have, so they will have the separate interest of every individual to assist them, arising from the dependence of friendship, relation, acquaintance, or creatures, without that emulation and envy which will always be raised by the sudden and exorbitant riches of private men. ”

“ After all that I have said, I must confess that the East-India Company is liable to less objections than any other trading monopoly, but not for the reasons which they give, but for a reason which is worth an hundred of theirs: for as all beneficial trades are most successfully carried on by free and open commerce, so all losing ones do less mischief when monopolized ”

“ SIR, In my last letter I have considered exclusive companies as they affect the trade and commerce of the kingdom: In this I shall view them in relation to our constitution; and shew, that they alter the balance of our government, too much influence our legislature, and are ever the confederates or tools of ambitious and designing statesmen.
Very great riches in private men are always dangerous to states, because they create greater dependence than can be consistent with the security of any sort of government whatsoever; they place subjects upon too near a level with their sovereigns ”

“ What by proper application in former reigns made to our courts, to ministers and favourites, and to the members of each House of Parliament, they have been able to contend and get the better of the tears and complaints of the whole kingdom besides, and to lay asleep the true and real interest of those who assisted them; and if ever hereafter our three great companies should unite together (as it is to be feared they will always do when their interests do not clash) , what power is there in being to oppose them, that will be able and willing to do it? ”

“ And since we can have no prospect at present of that trade’s being put upon an advantageous foot, the next best thing that we can desire, is to let it go on upon the present establishment; which in all probability will soon destroy it, and perhaps put it upon a good one, if that can be: for it is certain, that if it could be carried on with its full swing, it would ease us of every penny of our money, and destroy every manufacture in the kingdom, as well as every man in it ”

“ The benefits arising by these companies, generally, and almost always fall to the share of the stock-jobbers, brokers, and those who cabal with them; or else are the rewards of clerks, thimble-men, and men of nothing; who neglect their honest industry to embark in those cheats, and so either undo themselves and families, or acquire sudden and great riches ”