BOOK III. that when that nation should have settled them1095. selves in plantations in America, the English

commerce in tobacco, sugar, cotton, wool, skins, masts, &c. would be utterly lost, because the privileges of that nation granted to them by this act were such, that that kingdom must be the magazine for all commodities-and that by a clause in the said act, whereby his majesty promised to interpose his authority to have reparation made for any damage done to the ships and merchandize of the said company, his majesty did seem to engage to employ the shipping and strength at sea of this nation to support this new company, to the great detriment even of this kingdom." To this address the king made answer, that he had been ill served in Scotland; but he hoped some remedies might be found to prevent the inconveniences which might arise from this act."

As a convincing proof of the king's sincerity Marquis of in this business, the marquis of Tweeddale, dismissed high commissioner, and the two secretaries of

Tweedale

state, were indignantly dismissed from their offices, and the seals of secretary given to lord Murray, son of the marquis of Athol. This Scottish act of parliament was a truly unfortunate business, and boded nothing but disaster. It is certain that the marquis of Tweeddale and the discarded secretaries were men of honor aud

integrity; but, actuated by a very pardonable BOOK IIL partiality to their native country, they had, 1695. without sufficient warrant of authority, and with little foresight of consequences, promoted and patronized a project which could not in the nature of things but give extreme umbrage to the English nation-though it is highly probable that the act itself was in an abstract view wisely planned. The infant blossoms of commercial adventure, which had with such extreme difficulty survived the chilling blasts of the winter of poverty, required and demanded the fostering warmth of legislative indulgence to mature and expand their foliage. Such a competition was far too feeble to excite any rational alarm. As well might the stately oak fear to be overshadowed by the trembling osier. In fact, Scotland could have gained no accession of wealth and prosperity of which England would not have been an immediate and almost equal participant. Not satisfied with the steps already taken, the house of commons appointed a committee to examine by what methods this bill was obtained. The committee having in a short time made their report, and delivered a copy of an oath de fideli taken by the directors of the Scottish India Company, it was resolved," that the directors of the Company of Scotland trading to Africa and the Indies, administering and taking here in

BOOK II. this kingdom an oath de fideli, and, under color 1095. of a Scots act of parliament, styling themselves a

Dangerous

Project of

blishment

of Trade.

company, were guilty of a high crime and misdemeanor and that lord Belhaven, William Paterson, David Nairne, and eighteen other persons named in the resolution, be IMPEACHED of the same."

On the other hand, when the Scottish nation was apprised that the king had disowned the act for the establishment of their company, it is not easy to describe the indignation which was excited; for they had indulged the most extravagant and chimerical expectations from the success of their project. Instead of the bleak and barren hills of their native land, mountains of gold rose in blissful vision before their eyes; and they resolved, in spite of all the opposition that England could give, to persist in the prosecution of a plan which had now the sanction of law, and which the king, however he might disapprove, could neither alter, suspend, or repeal.

An attempt, though unsuccessful, of a nature the Esta- too remarkable to be entirely passed over withof a Board out notice, was made in the course of the present session, in consequence of the mercantile losses lately sustained, to establish a council of trade with extraordinary and independent powers. And the house of commons proceeded so far in the business as to vote, 1st. That a council of

trade should be established by act of parliament, BOOK III. with powers for the more effectual preservation 1096. of the trade of this kingdom. 2dly, That the commissioners constituting the said council be nominated by parliament. 3dly, That none of the said commissioners should be of this house, &c. And a bill was ordered to be brought in upon the basis of these resolutions. This project was greatly disapproved, and warmly opposed by many of the most respectable and intelligent members of the house, who joined the courtiers in affirming, “that the establishment of a council of trade on such principles must be regarded as a radical change of the constitution.-They urged, that the executive part of the government was by law wholly vested in the king; so that the appointment of any permanent executive council by act of parliament began a precedent of encroachment upon the prerogative, which might be carried to the most dangerous lengths. It was indeed alleged that the council would be much limited as to its powers: yet if the parliament named the persons, how low soever their powers might be at first, they would probably be quickly enlarged; and from being merely a council of trade, they would be next authorised to appoint convoys and cruizers. This in time might be extended to the whole business of the admiralty, and the disposal of that part of the revenue which was appro

412

BOOK III.

1095

1

413

BOOK III.

695.

Assassina

tion Plot.

413

F GREAT BRITAIN.

so that the monarch would to the level of a doge of ral surprise, the earl of udly in favor of the bill; himself with the popular, temporary writers of these times cquently style the republican, party; of whom, as the king truly remarked to bishop Burnet, Sunderland, from a retrospect of his past conduct, stood in perpetual fear. William was much displeased with his temporising policy in this instance; but his resentment does not appear to have been very serious or lasting. The arguments urged in opposition to the project in contemplation had probably their weight with the house; as the bill was delayed, and ultimately lost the attention of the house being forcibly diverted to a less doubtful topic, and of more immediate interest and general concern.

On the 11th of February 1696, a captain Fisher waited on the earl of Portland, to inform him, that there was a design in agitation to seize the person of the king, which was to be followed by a general insurrection in England and Scotlaud, and an invasion from France-the ships being actually prepared, and a body of troops ready to embark, with king James at the head of them. On his subsequent examination before sir William Trumbull, secretary of state, he con