the vast riches that would be poured into Scotland a toll should
be paid which would add to her capital; and a fabulous prosperity would
be shared by every Scotchman from the peer to the cadie. Along the
desolate shores of the Forth Clyde villas and pleasure grounds would
spring up; and Edinburgh would vie with London and Paris. These glowing
prospects at first were only partially disclosed to the public, and the
name of Darien was unpronounced save only to a few of Paterson's most
confidential friends. A mystery pervaded the enterprise, and only enough
was given out to excite boundless hopes and desires. He succeeded
admirably in working up a sentiment and desire on the part of the people
to become stockholders in the organization. The hour for action had
arrived; so on June 26, 1695, the Scottish parliament granted a statute
from the Crown, for creating a corporate body or stock company, by name
of the Company of Scotland trading to Africa and the Indies, with power
to plant colonies and build forts in places not possessed by other
European nations, the consent of the inhabitants of the places they
settled being obtained. The amount of capital was not fixed by charter,
but it was stipulated that at least one-half the stock must be held by
Scotchmen resident in Scotland, and that no stock originally so held
should ever be transferred to any but Scotchmen resident in Scotland. An
entire monopoly of the trade with Asia, Africa, and America was granted
for a term of thirty-one years, and all goods imported by the company
during twenty-one years, should be admitted duty free, except sugar and
tobacco, unless grown on the company's plantations. Every member and
servant of the company were privileged against arrest and imprisonment,
and if placed in durance, the company was authorized to invoke both the
civil and military power. The Great Seal was affixed to the Act; the
books were opened; the shares were fixed at L100 sterling each; and
every man from the Pentland Firth to the Galway Firth who could command
the amount was impatient to put down his name. The whole kingdom
apparently had gone mad. The number of shareholders were about fourteen
hundred. The books were opened February 26, 1696, and the very first
subscriber was Anne, dutchess of Hamilton. On that day there was
subscribed L50,400. By the end of March the greater part of the amount
had been subscribed. On March 5th, a separate book was opened in Glasgow
and on it w