be paid which would add to her capital; and a fabulous prosperity would be shared by every Scotchman from the peer to the cadie. Along the desolate shores of the Forth Clyde villas and pleasure grounds would spring up; and Edinburgh would vie with London and Paris. These glowing prospects at first were only partially disclosed to the public, and the name of Darien was unpronounced save only to a few of Paterson's most confidential friends. A mystery pervaded the enterprise, and only enough was given out to excite boundless hopes and desires. He succeeded admirably in working up a sentiment and desire on the part of the people to become stockholders in the organization. The hour for action had arrived; so on June 26, 1695, the Scottish parliament granted a statute from the Crown, for creating a corporate body or stock company, by name of the Company of Scotland trading to Africa and the Indies, with power to plant colonies and build forts in places not possessed by other European nations, the consent of the inhabitants of the places they settled being obtained. The amount of capital was not fixed by charter, but it was stipulated that at least one-half the stock must be held by Scotchmen resident in Scotland, and that no stock originally so held should ever be transferred to any but Scotchmen resident in Scotland. An entire monopoly of the trade with Asia, Africa, and America was granted for a term of thirty-one years, and all goods imported by the company during twenty-one years, should be admitted duty free, except sugar and tobacco, unless grown on the company's plantations. Every member and servant of the company were privileged against arrest and imprisonment, and if placed in durance, the company was authorized to invoke both the civil and military power. The Great Seal was affixed to the Act; the books were opened; the shares were fixed at L100 sterling each; and every man from the Pentland Firth to the Galway Firth who could command the amount was impatient to put down his name. The whole kingdom apparently had gone mad. The number of shareholders were about fourteen hundred. The books were opened February 26, 1696, and the very first subscriber was Anne, dutchess of Hamilton. On that day there was subscribed L50,400. By the end of March the greater part of the amount had been subscribed. On March 5th, a separate book was opened in Glasgow and on it was entered L56,325. The books were closed August 3rd of the same year, and on the last day of subscriptions there was entered L14,125, reaching the total of L400,000, the amount apportioned to Scotland. The cities of Edinburgh and Glasgow, in their corporate capacity, each took L3,000 and Perth L2,000. Of the subscriptions there were eight of L3,000 each; eight of L2,000 each; two of L1,500, and one each of L1,200 and L1,125; ninety-seven of L1,000 each; but the great majority consisted of L100 or L200 each. The whole amount actually paid up was L220,000.