' A. D. 1695. - 665 



an ad for encouraging foreign trade, by empowering merchants to enter 

 into commercial focieties : more efpccially for trading to Afia, Africa, 

 and America. And that ad paved the way for another in tliis year, 

 and for a royal charter in confequence of it, incorporating a company 

 to trade to thofe parts. It had been framed by Mr. William Paterfon *, 

 the projedor of the bank of England, and of the new orphans fund, who 

 propofed a place in the country called Daricn, very near the ifthmus 

 which joins North and South America, uninhabited by any European 

 people, for a Scottifli colony ; and to have another fettlement oppofite 

 to it, on the South fea near Panama ; whereby a great trade might be 

 carried on both to the Eaft and Weft Indies. The fubftance of the 

 Scottifh ad of parliament and charter was, 



I) That a number of perfons of quality, and of eminent merchants, 

 &c. and their fuccellbrs, fliall conftitute a company for a trade to Afia, 

 Africa, and America ; to be called T^he company of Scotland trading to 

 Ajrica mid the Indies. 



II) Half its capital flock, at leafl, fliall always belong to native Scots, 

 always refiding in Scotland ; the reft to Scots in foreign parts, and to 

 foreigners. 



III) The quaUfications of members. 



IV) The company's power to purchafe lands, &c. 



V) And to levy forces and lit out lliips, for war as well as commerce, 

 and that they may plant colonies and ered forts anywhere not being the 

 property of any European ftate, &c. provided, that all their fhips Ihall 

 return diredly to Scotland with their cargoes. 



VI, VII, VIII) The trade to Afia and Africa to be for ever exclufive 

 of all but the company ; but to Darien only for thirty-one years, to 

 hold their lands of the crown in fovereignty. And if any damage he done 

 to the company, the king promifcs to interpofe at the public charge, for jnflice 

 and rejlitution. 



IX) Ships and merchandize to be free from all reftraints and prohi- 

 bitions ; as alfo from all cufioms and taxes for twenty-one years, as fhali 

 alfo the company's members, fcrvants, &c. 



No fooner was the company ereded, than Mr. Paterfon and his friends 

 iu England had influence to get L300,ooo fl:erling fubfcribed in nine 

 days. Soon after L300,ooo more was fubfcribed in Scotland, the whole 

 capital being at firft defigned to be but L6oo,ooo fterling. But, fear- 

 ing that the Englifli fubicribers would foon be obliged to withdraw 

 their fubfcriptions, Mr. Paterfon and his aflx)ciates went to Amfterdam, 

 where they at firft met with encouragement : but the magiftraies loon 



* Mr. Pateifon had lived fome veais in America, niid jniblic ferviccs, tliat tlic Britidi lioufe of c()m» 



and in other foreign Countries, and had entered mons in tlie year 1713 voted Li8,24i: 10:10 



deeply into fpeculations relating to commerce and to be paid to him on account of his loiTcs in this 



colonies. He was fo much regarded for his merit unfucceliful projeft. j^. 



Vol. II. .4, P 



