Book · An Inquiry into the Wealth of Nations
Page 330 of 2651
Author: Adam Smith
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Upon paying a fine to the king, the charter seems generally to
have been readily granted; and when any particular class of
artificers or traders thought proper to act as a corporation,
without a charter, such adulterine guilds, as they were called,
were not always disfranchised upon that account, but obliged to
fine annually to the king, for permission to exercise their
usurped privileges {See Madox Firma Burgi p. 26 etc.}. The
immediate inspection of all corporations, and of the bye-laws
which they might think proper to enact for their own government,
belonged to the town-corporate in which they were established;
and whatever discipline was exercised over them, proceeded
commonly, not from the king, but from that greater incorporation
of which those subordinate ones were only parts or members.
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