tle use of their splendid opportunities--was the spirit in
which William Paterson conceived his great Darien project, and with
characteristic energy proceeded to carry it into effect. It was in the
year 1695 that he obtained from the Scottish Parliament an Act for the
incorporation of "the Company of Scotland trading to Africa and the
Indies," which thenceforth became popularly known as "the Darien
Company."

This company was granted very extensive powers, and had the imposing
capital of L600,000, one-half of which, it was shrewdly stipulated,
must ever be held by _Scotsmen residing in their own country_, thus
ensuring the permanence of the national character of the undertaking.

As it turned out, however, this provision might have been omitted, for
when, after the Scotch half of the stock had all been subscribed, the
books were opened in London for the other half, there came such a rush
of applicants for shares that it was soon all taken up. This so
aroused the hostility of the two great English companies already
mentioned that they actually called upon the House of Commons to assist
them in crushing their Scottish rival, and the House of Commons
unfortunately was weak enough to yield to the pressure brought to bear
upon it.

The London subscribers to the new company were threatened with
prosecution for concerting to infringe upon the rights enjoyed by the
other companies, which so alarmed them that with one consent they
backed out and forfeited their holdings.

With ordinary people this would have meant the collapse of the whole
enterprise. Not so, however, with the sturdy Scots who were behind it.
The provoking action of their English cousins only served to arouse the
national spirit. Their expected allies had failed them. Well, what if
they had? Scotland was not to be daunted. She would go on alone, and
reap for herself all the glory and the more substantial rewards of the
great undertaking. Accordingly another hundred thousand pounds of
stock was subscribed by this thrifty, determined people, and so, with a
capital only two-thirds as big as had been counted upon, the Darien
Company proceeded to carry out the chief purpose of its formation.

But all these disappointments and difficulties had, of course, meant
delay, and consequently it was not until the year 1698 that the first
expedition was made ready to start.

Among those most warmly interested in William Paterson's project was
Alexander Blane, of