power with which the other was at war. If the Scotch drew King William into a quarrel, England must, from regard to her own dignity which was bound up with his, support him in it. She was to be tricked into a bloody and expensive contest in the event of which she had no interest; nay, into a contest in which victory would be a greater calamity to her than defeat. She was to lavish her wealth and the lives of her seamen, in order that a set of cunning foreigners might enjoy a monopoly by which she would be the chief sufferer. She was to conquer and defend provinces for this Scotch Corporation; and her reward was to be that her merchants were to be undersold, her customers decoyed away, her exchequer beggared. There would be an end to the disputes between the old East India Company and the new East India Company; for both Companies would be ruined alike. The two great springs of revenue would be dried up together. What would be the receipt of the Customs, what of the Excise, when vast magazines of sugar, rum, tobacco, coffee, chocolate, tea, spices, silks, muslins, all duty free, should be formed along the estuaries of the Forth and of the Clyde, and along the border from the mouth of the Esk to the mouth of the Tweed? What army, what fleet, would be sufficient to protect the interests of the government and of the fair trader when the whole kingdom of Scotland should be turned into one great smuggling establishment? Paterson's plan was simply this, that England should first spend millions in defence of the trade of his Company, and should then be plundered of twice as many millions by means of that very trade.