side and of Carthagena on the other, was ludicrously absurd. She would have been just as likely to let them take possession of the Escurial. It was, therefore, evident that, before the new Company could even begin its commercial operations, there must be a war with Spain and a complete triumph over Spain. What means had the Company of waging such a war, and what chance of achieving such a triumph? The ordinary revenue of Scotland in time of peace was between sixty and seventy thousand a year. The extraordinary supplies granted to the Crown during the war with France had amounted perhaps to as much more. Spain, it is true, was no longer the Spain of Pavia and Lepanto. But, even in her decay, she possessed in Europe resources which exceeded thirty fold those of Scotland; and in America, where the struggle must take place, the disproportion was still greater. The Spanish fleets and arsenals were doubtless in wretched condition. But there were Spanish fleets; there were Spanish arsenals. The galleons, which sailed every year from Seville to the neighbourhood of Darien and from the neighbourhood of Darien back to Seville, were in tolerable condition, and formed, by themselves, a considerable armament. Scotland had not a single ship of the line, nor a single dockyard where such a ship could be built. A marine sufficient to overpower that of Spain must be, not merely equipped and manned, but created. An armed force sufficient to defend the isthmus against the whole power of the viceroyalties of Mexico and Peru must be sent over five thousand miles of ocean. What was the charge of such an expedition likely to be? Oliver had, in the preceding generation, wrested a West Indian island from Spain; but, in order to do this, Oliver, a man who thoroughly understood the administration of war, who wasted nothing, and who was excellently served, had been forced to spend, in a single year, on his navy alone, twenty times the ordinary revenue of Scotland; and, since his days, war had been constantly becoming more and more costly.
It was plain that Scotland could not alone support the charge of a contest with the enemy whom Paterson was bent on provoking. And what assistance was she likely to have from
