London is a corporation by prescription and not by virtue of any particular charter, and to this day its city hall is called by the ancient name, Guild Hall. But with the growth of wealth and population the original fraternity divided into craft organizations (so long ago, indeed, that no record of its existence remains), and each trade organized a guild, with a hall of its own; and thus it came to pass that the twelve livery companies--the Mercers, the Grocers, the Goldsmiths, the Drapers, the Fishmongers, and the rest--became the government of the capital of England. All mediæval institutions tended to aristocracy and monopoly, and, accordingly, after the merchant guilds had split into these corporate trade unions, boroughs waxed exclusive, and membership, instead of being an incident of citizenship, grew to confer citizenship itself; thus the franchise, being confined to freemen, and freedom or membership having come to depend on birth, marriage, election, or purchase, the constituencies which returned a majority of the House of Commons grew so petty and corrupt as to threaten the existence of parliamentary government itself, and the abuse at last culminated in the agitation which produced the Reform Bill. When legal forms had taken shape, the land upon which a town stood was not unusually granted to the mayor and commonalty by metes and bounds, [Footnote: See Charter of Plymouth, granted 1439. _History of Plymouth_, p. 50. The incorporation was by statute.] to them and their successors forever, upon payment of a rent; and the mayor and common council were empowered to make laws and ordinances for the local government, and to fine, imprison, and sometimes whip and otherwise punish offenders, so as their statutes, fines, pains, and penalties were reasonable and not repugnant to law. [Footnote: _History of Tiverton_, App. 5.] The foreign trading company was an offshoot of the guild, and was intended to protect commerce. Obviously some such organization must have been necessary, for, if property was insecure within the realm, it was far more exposed without; and, indeed, in the fourteenth century, English merchants domiciled on the Continent could hardly have been safer than Europeans are now who garrison the so-called factories upon the coast of Africa.