good in finance the record his forebears had made at sea. A kinswoman in Bristol early left him a small legacy with which he obtained a foothold in the financial world. After several years in the West Indies, at 33 he returned to England, wealthy and influential. With others he pro

posed to the government the founding of a national bank, pointing out at the same time the particular mission of such a bank in that crisis. in England's history. At 35, he was the accredited "chief projector," and a member of the first directory, of the Bank of England. The bank not having realized his desires altogether, after a year's service, he sold out his stock.

After promoting several enterprises at home, Paterson developed a scheme for a colony in Darien. Returning to Scotland, in 1695, he organized the Scottish African and India Company. He raised £400,000 in Scotland and £300,000 in England, and other subscriptions abroad. England, on second thought withdrew, and brought suit against him and his associates for technical infringement of the act of Parliament. The suit was in time withdrawn. After many serious losses and drawbacks, in 1698 the Darien expedition departed, with Paterson at its head. At Darien he became seriously ill. The colony was abandoned, and he sailed for New

York. "Trouble of mind" affected his reason for a time. Late in 1699 he returned to Edinburgh and made report. Failing to reinspire confidence he went to London. He soon won

His views on

the confidence of William III. questions of finance and public policy received much consideration, even after the death of the King, and not a few of them were embodied in legislation. Among his general plans for the public betterment was a public library of commerce and finance; "for," he writes, "to this necessary and it's hoped now-rising study of trade there is requisite not only as complete a collection as possible of all books, pamphlets, and schemes relating to trade ancient or modern, but likewise the best histories, voyages, and accounts of the states, laws, and customs of countries, that from them it may be more clearly : understood how

quests,

wars, con

plenty, want, good or bad management, or influence of government

have more immediately affected the rise and decline of the industry of a people."

Here we have an admirable outline of the Twentieth Century Legislative and Municipal Reference Library-published more than two centuries ago!

In 1705, we find Paterson engaged in a con

troversy with John Law, his all too apt pupil in the fine art of promoting, by which he stemmed the tide setting in for an inconvertible paper currency in Scotland. He is also credited with a "great share" in the treaty of England and Scotland relating to trade and finance. One of the last acts of the Scottish Parliament was to recommend Paterson to Queen Anne, "for his good service."

Dumfries, forgiving him for his Darien scheme, which had cost Scotland dearly, sent Paterson to the first United Parliament; but the house unseated him. In 1715, after repeated refusals, parliament appropriated £18,000, making good his personal claims, which were omitted years before, in the settlement of the accounts of his Scottish African Company. This remarkable act of governmental generosity set him on his feet again. He died early in 1719.

Paterson's published works-many of them published anonymously-make a long list. The more important ones were gathered together by Mr. Bannister in 1859, and published under the title, “Life and Writings of Paterson."