THE ISTHMUS OF PANAMA. 35 



In another document, quoted by the same au- 

 thority, Mr. Paterson says, "Trade will increase 

 trade, money will beget money, and the trading 

 world shall need no more to want work for their 

 hands, but will rather want hands for their work." 

 Besides the gold which was to be had for the trouble 

 of finding it, Mr. Paterson proposed that a duty of 

 5 per cent, should be levied for the profit of the com- 

 pany on all merchandise passing the Isthmus, and 

 10 per cent, on specie, gems, &c. It is not sur- 

 prising that the avidity with which shares in this, 

 under the circumstances, preposterous scheme were 

 taken up, should have suggested to Law, as he af- 

 terwards declared, the notion of his far more auda- 

 cious Mississippi project ; but it is astonishing to find 

 that the East India Companies, both of England and 

 Holland, exhibited a stupid and envious dislike of 

 the scheme, and prevailed on "William III., notwith- 

 standing his sanction of the Scottish act of parlia- 

 ment creating the company, to discourage and thwart 

 the proposed emigrants in the basest manner. The 

 Hamburg merchants, although they talked rather 

 largely, were induced to withdraw their subscrip- 

 tions, and the English capitalists did the same, so that 

 the entire pecuniary burthen of the project rest- 

 ed upon the Scottish people. They, however, abated 

 not one jot of heart or hope. A number of war ves- 

 sels were purchased in Holland, and the first part of 

 the expedition, consisting of about 1200 men, set 

 sail from Leith amidst the prayers and blessings of 

 many thousands of their assembled countrymen. 



