As political troubles subsided in Scotland, the spirit of mercantile enterprise rose and gained strength. The native feelings of this kind were of course stimulated by the spectacle of success presented in England by the East India Company, and the active trade carried on with the colonies. These sources of profit were monopolies; but Scotland inquired, since she was an independent state, what was to hinder her to have similar sources of profit established by her own legislature. The dawnings of this spirit are seen in an act passed in the Scottish parliament in 1693, wherein it is declared, ‘That merchants may enter into societies and companies for carrying on trade as to any sort of goods to whatsoever countries not being at war with their majesties, where trade is in use to be, and particularly, besides the kingdoms of Europe, to the _East and West Indies_, to the Straits and Mediterranean, or upon the coast of Africa, or elsewhere,’ and promising to such companies letters-patent for privileges and other encouragements, as well as protection in case of their being attacked or injured. Amongst a few persons favouring this spirit, was one of notable character and history—WILLIAM PATERSON—a native of Scotland, but now practising merchandise [Sidenote: 1695.] in London—a most active genius, well acquainted with distant countries, not visionary, animated, on the contrary, by sound commercial principles, yet living, unfortunately for himself, before the time when there was either intelligence or means for the successful carrying out of great mercantile adventures. Paterson, in the early part of this year, had gained for himself a historical fame by projecting and helping to establish the Bank of England. For his native country he at the same time projected what he hoped would prove a second East India Company. At the date noted, an act passed the Scottish parliament, forming certain persons named into an incorporation, under the name of _The Company of Scotland Trading to Africa and the Indies_, who should be enabled to ‘plant colonies, and build cities and forts, in any countries in Asia, Africa, or America, not possest by any European sovereign,’ ‘by consent of the natives and inhabitants thereof,’ and to take all proper measures for their own protection and the advancement of their special objects, only acknowledging the supremacy of the king by the annual payment of a hogshead of tobacco. It was scrupulously arranged, however, that at least one half of the stock of this Company should be subscribed for by Scotsmen residing either at home or abroad.