into prominence
in England a remarkable Scotsman named William Paterson, among whose
notable achievements was having a large share in the founding of the
Bank of England, which subsequently grew to be the greatest monetary
institution in the world.

He was a member of the board of directors at the opening of the bank,
but appears to have sold out not long after, and with his money in hand
to have looked about him for some way of investing it that would be for
the public good.

Now, these were the days of vexatious monopolies and irritating
restrictions in commerce. The trade of Britain with the distant parts
of the globe was divided between two great grasping corporations--the
East India Company and the African Company--which, although they were
at deadly enmity with each other, heartily co-operated in crushing
every free-trader who dared to intrude within the elastic limits of
their "spheres of action."

William Paterson was an ardent free-trader, and he became inspired with
the noble mission of freeing commerce from the hurtful restraints laid
upon it by short-sighted selfishness. With a keenness of instinct that
makes it easy to understand his previous success, he surveyed the then
known world and put his finger upon the spot best suited for the
carrying out of his beneficent design.

The Isthmus of Panama, or Darien, is, beyond a doubt, one of the most
interesting, as it is certain yet to be one of the most important bits
of terra firma on this round globe. The connecting-link between the
continents of North and South America, it is also the barrier dividing
the Atlantic from the Pacific Oceans, and, in fact, one side of the
world from the other.

From the time of its discovery and occupation by the Spaniards, it has
been a matter of general belief that whoever had command of this narrow
neck of land held the key to the commerce of the world. Here would
naturally be concentrated the mutual trade of the Atlantic and Pacific
coasts of America. Moreover, it would necessarily form an important
stage in the shortest route between Europe and the Indies, as well as
the innumerable islands lying far to the south of the equator.

Little wonder, then, that the Spaniards wanted to keep the isthmus to
themselves, and always did their very best to make it particularly
unpleasant for anybody who sought to share its advantages with them;
and in fine contrast to their dog-in-the-manger policy--for they really
made lit