CHAP. VII.

The Darien Scheme-Death of William, and Accession of Queen Anne.

HUMAN character, whether national or individual, presents often to our calm consideration the strangest inconsistencies; but there are few more striking than that which the Scots exhibit in their private conduct, contrasted with their views when united together for any general or national purpose. In his own personal affairs the Scotsman is remarked as cautious, frugal, and prudent, in an extreme degree, not generally aiming at enjoyment or relaxation till he has realized the means of indulgence, and studiously avoiding those temptations of pleasure, to which men of other countries most readily give way. But when a number of

the natives of Scotland associate for any speculative project, it would seem that their natural caution becomes thawed and dissolved by the union of their joint hopes, and that their imaginations are liable in a peculiar degree to be heated and influenced by any splendid prospect held out to them. They appear, in particular, to lose the power of calculating and adapting their means to the end which they desire to accomplish, and are readily induced to aim at objects magnificent in themselves, but which they have not, unhappily, the wealth or strength necessary to attain. Thus the Scots are often found to attempt splendid designs, which, shipwrecked for want of the necessary expenditure, give foreigners occasion to smile at the great error and equally great misfortune of the nation,-I mean their pride and their poverty. There is no greater instance of this tendency to daring speculation, which rests at the bottom of the coldness and caution of the Scottish character, than the disastrous history of the Darien colony.

Paterson, a man of comprehensive views and great sagacity, was the parent and inventor of this memorable scheme. In youth he had been an adventurer in the West Indies, and it was said a buccaneer, that is, one of a species of adventurers nearly allied to pirates, who, consisting of different nations, and divided into various bands, made war on the Spanish commerce and settlements in the South Seas, and among the West Indian islands. In this roving course of life, Paterson had made himself intimately acquainted with the geography of South Ame rica, the produce of the country, the nature of its commerce, and the manner in which the Spaniards governed that extensive region.

On his return to Europe, however, the schemes which he had formed respecting the New World, were laid aside for another project, fraught with the most mighty and important consequences. This was the plan of that great national establishment, the Bank of England, of which he had the ho

nour to suggest the first idea. For a time he was admitted a Director of that institution; but it befell Paterson as often happens to the first projectors of great schemes. Other persons, possessed of wealth and influence, interposed, and, taking advantage of the ideas of the obscure and unprotected stranger, made them their own by alterations or improvements more or less trivial, and finally elbowed the inventor out of all concern in the institution, the foundation of which he had laid.

Thus expelled from the Bank of England, Paterson turned his thoughts to the plan of settling a colony in America, and in a part of that country so favoured in point of situation, that it seemed to him formed to be the site of the most flourishing commercial capital in the universe.

The two great continents of North and South America, are joined together by an isthmus, or narrow tract of land, called Darien. This neck of land is not above a day's journey in breadth, and as it is washed

by the Atlantic Ocean on the eastern side, and the Great Pacific Ocean on the west, the isthmus seemed designed by nature as a common centre for the commerce of the world. Paterson ascertained, or at least alleged that he had ascertained, that the isthmus had never been the property of Spain, but was still possessed by the original natives, a tribe of fierce and warlike Indians, who made war on the Spaniards. According to the law of nations, therefore, any state had a right of forming a settlement in Darien, providing the consent of the Indians was first obtained; nor could their doing so be justly made subject of challenge even by Spain, so extravagantly jealous of all interference with her South American provinces. This plan of a settlement, with so many advantages to recommend it, was proposed by Paterson to the merchants of Hamburgh, to the Dutch, and even to the Elector of Brandenburgh; but it was coldly received by all these states.

The scheme was at length offered to the