A. D. 1772. J25 



In the year 1769 the dukes of Buckcleugli and Qiieenfberry, the earl 

 of Dumfries, Mr. Douglas (the reprefentative of the antient earls of 

 Douglas) and many other gentlemen, chiefly of the weft part of Scot- 

 land, entered into a partnerfliip, and fobfcribed a capital of about 

 /^i6o,ooo for carrying on the bufinefs of banking at Ayr, under the 

 firm of Douglas, Heron, and company, with the intention of fupport- 

 ing and encouraging manufadurcs and agriculrure : and the company ac- 

 cordingly accommodated manufacturers, land-liolders, and farmers, with 

 money with a liberality beyond the cautious prudence of other banks, 

 in confequence of which, together with the prefent deranged ftate of 

 credit, they found thcmfelves unable to procure cafli to anlVer the de- 

 mands upon them (June). Tlie partners now dilcovered how feverely 

 they had fuflfered by their pubiic-fpirited undertaking; for they loft not 

 only their jomt ftock, but alio fums greatly beyond the whole amount 

 of it, which, as the bank was not conftituted by public authority, ther 

 were obliged to pay out of their private eftates *. They therefor broke 

 up their bufjnei's ; and in a fhort time thereafter they paid off the 

 whole of their debts with intereft, which they eflfeded in part by mo- 

 ney borrowed, but chiefly by the fum of ^450,000 arifmg from the 

 fale of annuities for one or two Uves, with a conditio;! of redeeming 

 them on paying half a year's annuity over the purchafe money and the 

 annuity due at the time of redemption f . 



It was not only in America that fchemes for new colonies in the Ind- 

 ian part of that continent were in agitation :[:. A petition by feveral 

 gentlemen of rank arid fortune in England for a grant of the country 

 on the Ohio, to be fettled by a new colony, was prefented to the privy 

 council, who, it is faid, were not averfe to the fchcme. But before an 

 entcrprife of fuch magnitude could be carried into execution, the pro- 

 jedors of it were induced, apparently on account of the ftate of affairs 

 in America, to relinquifli the undertaking. 



June 1 9-' — No fuel) caufes operated to prevent the attention of indi- 

 viduals, or of the public, from being direded to the northern provinces 

 of America. Henry Boftwick and others having dilcovered mines of 

 copper and other metals in the Indian country adjacent to Lake Supe- 

 rior, they were incorporated by a charter from the king under the 

 name ot "Ibe governor and company of adventurers for zvorhing mines in, 

 about, and under. Lake Superior in America, on condition of paying to 

 the king one tenth part of all the gold, filver, copper, tin, lead, pre- 

 tious ftones, &c. And in order to giuird againft the evds of ftock-job- 



' II was well ohfcrvtd by Mr. Creech, that ' jrcncrah' [I.etUrt to Sir jf. Sindn'tr in ihe Sla- 



• Although this lofs was huitful to many indivi- lijlical account of Scotland, /'• vi,^. 597.J 



• duals, the country was highly benefited ; for the \ I'lic annuities wcic redeemed ia the year 



• money liaving bteii belloned principally on the 1774. as will be related under that year. 



• improvcintni of the foil, the jjiiiii was lallirg, and \ Sec above, V. iii, /•. 468. 



