The discontent in England was backed up by more serious discontent in Scotland. The whole of that nation might be now reckoned among the enemies of the Court. For, during the recess, on the 5th of October, certain news had reached England of the failure of the great Darien scheme, and the complete destruction of those wild hopes of wealth and greatness which had been for the last four years buoying up the Scotch nation. Paterson, the same man whose scheme for the Bank of England had in the hands of Montague proved so successful, was the originator of this disastrous project. He had persuaded himself that the natural wealth of a country has nothing to do with its prosperity. The commercial cities of the ancient world, and Venice and Holland in modern times, had risen to greatness and wealth without any territorial possessions of importance. He believed that he could reproduce this phenomenon in the case of Scotland. The scheme of Columbus had been to introduce the wealth of the East by a short and direct route into Europe, and thus to destroy the traffic of the Venetians. He had found his plan thwarted by the interposition of America; and the discovery of a passage round the Cape of Good Hope had turned all men's attention in that direction, and had been the great source of wealth both to the Dutch and Portuguese. But the plan of Columbus had never been quite forgotten, and Paterson now thought to renew it by establishing a line of communication across the Isthmus of Darien. The Scotch were to colonize and occupy the isthmus, which would become, in the view of the projector, the great emporium of the whole Eastern trade. Although he did not explain the details of his scheme, it was listened to with enthusiasm by his fellow-countrymen; and in 1695, an extraordinary Act passed the Scotch Parliament, and received the assent of the Lord High Commissioner, authorising the formation of a Corporation, half the capital of which was to be held by Scotchmen, with the monopoly of the trade with Asia, Africa, and America for thirty-one years. With the exception of foreign sugar and tobacco, all its imports were to be duty free. Every servant of the Company was free from imprisonment and arrest. The Company was authorized to take possession of unoccupied territories and exercise legal rights, and the King promised to obtain satisfaction at the public charge if foreign powers assaulted it. Subscriptions to the amount of £200,000 and upwards were speedily forthcoming, and a branch of the Company established itself in London. There, however, the absurdities of the plan were at once discovered, and it met with a very cold reception. Any colony, to be useful, must be either in America or in the Spice Islands; now interference in America would not be tolerated by Spain, nor would Holland look on quietly at the occupation of the Spice Islands; a maritime war was in fact inevitable; Scotland, singlehanded, could scarcely hope to carry on such