* * * * * I. _All monopolies are not wrong or injurious, as in some cases, we are the best and cheapest served by a monopoly, this once proved, it follows that the India Company being possessed of a monopoly, does not of itself argue that it should be withdrawn._ The manner in which the public can be the best and cheapest supplied with an article, is in itself the _best_, whether it be by a monopoly or not. This is conceded even by Adam Smith, that great enemy to monopolies; and he adduces in proof _the Post Office_, which is _one of the strictest and most complete monopolies in existence_, yet the business is done remarkably cheap and well, and with a degree of security not otherwise attainable. It is infinitely more correct than the carriage of small parcels, which is by open competition, and all circumstances considered much cheaper. The Bank of England is partly a monopoly, but by no means a complete one, and it is better regulated and does business better than private banks that issue notes, and which are so far its rivals. Most of the concerns which have been brought to maturity in this country have first flourished as _monopolies_ under the name of patents, and indeed there are many reasons for highly praising those temporary monopolies.[C] The insurance companies are not exactly monopolies, neither are they free traders in the true acceptation of the term, jointly or separately taking insurances without legislative interference; and, without such companies, it would be impracticable to carry on insurance so well as it is done. Navigations and water-works companies are monopolies in _principle_, but they are necessary and advantageous. From all these examples it follows, that _monopoly_ is not bad _merely_ as _monopoly_, and that its being _injurious_ depends on particular circumstances, and therefore the India Company being a company of monopolists, would not be a sufficient reason for its abolition, even were it proved to be so, but this has not yet been done. II. _That the Trade with India is far from being carried on, upon the principle of monopoly._