The Collaborative International Dictionary of English v.0.48:

Dispense \Dis*pense"\, v. i.
   1. To compensate; to make up; to make amends. [Obs.]
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            One loving hour
            For many years of sorrow can dispense. --Spenser.
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   2. To give dispensation.
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            He [the pope] can also dispense in all matters of
            ecclesiastical law.                   --Addis &
                                                  Arnold (Cath.
                                                  Dict. )
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   To dispense with.
      (a) To permit the neglect or omission of, as a form, a
          ceremony, an oath; to suspend the operation of, as a
          law; to give up, release, or do without, as services,
          attention, etc.; to forego; to part with.
      (b) To allow by dispensation; to excuse; to exempt; to
          grant dispensation to or for. [Obs.] "Conniving and
          dispensing with open and common adultery." --Milton.
      (c) To break or go back from, as one's word. [Obs.]
          --Richardson.
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