From the time of its discovery and occupation by the Spaniards, it has been a matter of general belief that whoever had command of this narrow neck of land held the key to the commerce of the world. Here would naturally be concentrated the mutual trade of the Atlantic and Pacific coasts of America. Moreover, it would necessarily form an important stage in the shortest route between Europe and the Indies, as well as the innumerable islands lying far to the south of the equator.
Little wonder, then, that the Spaniards wanted to keep the isthmus to themselves, and always did their very best to make it particularly unpleasant for anybody who sought to share its advantages with them; and in fine contrast to their dog-in-the-manger policy—for they really made little use of their splendid opportunities—was the spirit in which William Paterson conceived his great Darien project, and with characteristic energy proceeded to carry it into effect. It was in the year 1695 that he obtained from the Scottish Parliament an Act for the incorporation of "the Company of Scotland trading to Africa and the Indies," which thenceforth became popularly known as "the Darien Company."
This company was granted very extensive powers, and had the imposing capital of £600,000, one-half of which, it was shrewdly stipulated, must ever be held by Scotsmen residing in their own country, thus ensuring the permanence of the national character of the undertaking.
As it turned out, however, this provision might have been omitted, for when, after the Scotch half of the stock had all been subscribed, the books were opened in London for the other half, there came such a rush of applicants for shares that it was soon all taken up. This so aroused the hostility of the two great English companies already mentioned that they actually called upon the House of Commons to assist them in crushing their Scottish rival, and the House of Commons unfortunately was weak enough to yield to the pressure brought to bear upon it.
The London subscribers to the new company were threatened with prosecution for concerting to infringe upon the rights enjoyed by the other companies, which so alarmed them that with one consent they backed out and forfeited their holdings.
With ordinary people this would have meant the collapse of the whole enterprise. Not so, however, with the sturdy Scots who were behind it. The provoking action of their English cousins only served to arouse the national spirit. Their expected allies had failed them. Well, what if they had? Scotland was not to be daunted. She would go on alone, and reap for herself all the glory and the more substantial rewards of the great undertaking. Accordingly another hundred thousand pounds of stock was subscribed by this thrifty, determined people, and so, with a capital only two-thirds as big as had been counted upon, the Darien Company proceeded to carry out the chief purpose of its formation.
But all these disappointments and difficulties had, of course, meant delay, and consequently it was not until the year 1698 that the first expedition was made ready to start.
Among those most warmly interested in William Paterson's project was Alexander Blane, of Leith, a worthy and enterprising shipowner, who had won a snug fortune in the service of that fickle mistress, the sea. After working his way up from cabin-boy to captain, he had settled down on shore, while others commanded his craft for him, and being a shrewd, far-sighted, close-fisted man of business, had prospered from year to year, in spite of occasional inevitable losses.
He had held aloof from the Darien scheme at the start, as was indeed characteristic of him, but when the London folk acted so shabbily his Scottish blood was set a-boiling.
"Hech!" he exclaimed, in high indignation, "the Southrons would have the world to themselves, eh? They're just dogs in the manger, and we Scots shall teach them the lesson they need. I hadna thought of taking ony shares in Mr. Paterson's company, but if it's only to spite the English I'll put me doon for five hundred pounds." And he was not only as good as his word, but he interested himself actively in securing other subscriptions to a considerable amount.