I refer to these facts, though they belong certainly to no very remote age in the past history of our country, chiefly to shew that in what may be termed the geological formations of the human period, very curious fossils may be already deposited, awaiting the researches of the future. As we now find, in raising blocks of stone from the quarry, water-rippled surfaces lying beneath, fretted by the tracks of ancient birds and reptiles, there is a time coming when, under thick beds of stone, there may be detected fields and orchards, cottages, manor-houses, and churches—the memorials of nations that have perished, and of a condition of things and a stage of society that have for ever passed away.’[[146]]
June 4.
The same advantages of situation which are now thought to |1695.| adapt Peterhead for a harbour of refuge for storm-beset vessels—placed centrally and prominently on the east coast of Scotland—rendered it very serviceable in affording shelter to vessels pursued by those French privateers which, during the present war, were continually scouring the German Ocean. Very lately, four English vessels returning from Virginia and other foreign plantations with rich commodities, would have inevitably been taken if they had not got into Peterhead harbour, and been protected there by the fortifications and the ‘resoluteness’ of the inhabitants. The spirit manifested in keeping up the defences, and maintaining a constant guard and watch at the harbour, had incensed the privateers not a little; and one Dunkirker of thirty-four guns took occasion last summer to fire twenty-two great balls at the town, nor did he depart without vowing (as afterwards reported by a Scottish prisoner on board) to return and do his endeavour to set it in a flame. The people, feeling their danger, and exhausted with expensive furnishings and watchings, now petitioned the Privy Council for a little military protection—which was readily granted.[[147]]
June.
As political troubles subsided in Scotland, the spirit of mercantile enterprise rose and gained strength. The native feelings of this kind were of course stimulated by the spectacle of success presented in England by the East India Company, and the active trade carried on with the colonies. These sources of profit were monopolies; but Scotland inquired, since she was an independent state, what was to hinder her to have similar sources of profit established by her own legislature. The dawnings of this spirit are seen in an act passed in the Scottish parliament in 1693, wherein it is declared, ‘That merchants may enter into societies and companies for carrying on trade as to any sort of goods to whatsoever countries not being at war with their majesties, where trade is in use to be, and particularly, besides the kingdoms of Europe, to the East and West Indies, to the Straits and Mediterranean, or upon the coast of Africa, or elsewhere,’ and promising to such companies letters-patent for privileges and other encouragements, as well as protection in case of their being attacked or injured. Amongst a few persons favouring this spirit, was one of notable character and history—William Paterson—a native of Scotland, but now practising merchandise |1695.| in London—a most active genius, well acquainted with distant countries, not visionary, animated, on the contrary, by sound commercial principles, yet living, unfortunately for himself, before the time when there was either intelligence or means for the successful carrying out of great mercantile adventures. Paterson, in the early part of this year, had gained for himself a historical fame by projecting and helping to establish the Bank of England. For his native country he at the same time projected what he hoped would prove a second East India Company.
At the date noted, an act passed the Scottish parliament, forming certain persons named into an incorporation, under the name of The Company of Scotland Trading to Africa and the Indies, who should be enabled to ‘plant colonies, and build cities and forts, in any countries in Asia, Africa, or America, not possest by any European sovereign,’ ‘by consent of the natives and inhabitants thereof,’ and to take all proper measures for their own protection and the advancement of their special objects, only acknowledging the supremacy of the king by the annual payment of a hogshead of tobacco. It was scrupulously arranged, however, that at least one half of the stock of this Company should be subscribed for by Scotsmen residing either at home or abroad.
Although the war pressed sorely on the resources of England, Paterson calculated securely that there was enough of spare capital and enterprise in London to cause the new Scottish trading scheme to be taken up readily there. When the books for subscription were opened in October, the whole £300,000 offered to the English merchants was at once appropriated. By this time, the fears of the East India Company and of the English mercantile class generally had been roused; it was believed that the Scottish adventurers would compete with them destructively in every place where they now enjoyed a lucrative trade. The parliament took up the cry, and voted that the noblemen and gentlemen named in the Scottish act were guilty of a high crime and misdemeanour. Irritated rather than terrified by this denunciation, these gentlemen calmly proceeded with their business in Scotland. The subscription books being opened on the 26th of February 1696, the taking up of the stock became something like a national movement. It scarcely appeared that the country was a poor one. Noblemen, country gentlemen, merchants, professional men, corporations of every kind, flocked to put down their names for various sums according to their ability, till not merely the £300,000 devoted to |1695.| Scotsmen was engaged for, but some additional capital besides.[[148]] In a list before me, with the sums added up, I find the total is £336,390 sterling; but, of course, the advance of this large sum was contemplated as to be spread over a considerable space of time, the first instalment of 25 per cent. being alone payable within 1696.
Meanwhile the furious denunciations of the English parliament proved a thorough discouragement to the project in London, and nearly the whole of the stockholders there silently withdrew from it; under the same influence, the merchants of Hamburg were induced to withdraw their support and co-operation, leaving Scotland to work out her own plans by herself.
African Company’s House at Bristo Port, Edinburgh.