But that Act was on the south of the Tweed a nullity.

Nevertheless the directors had, in the heart of the City of London, taken and administered this oath, and had thus, by implication, asserted that the powers conferred on them by the legislature of Scotland accompanied them to England.

It was resolved that they had been guilty of a high crime and misdemeanour, and that they should be impeached.

A committee was appointed to frame articles of impeachment; but the task proved a difficult one; and the prosecution was suffered to drop, not however till the few English capitalists who had at first been friendly to Paterson's project had been terrified into renouncing all connection with him.
Now, surely, if not before, Paterson ought to have seen that his project could end in nothing but shame to himself and ruin to his worshippers.
From the first it had been clear that England alone could protect his Company against the enmity of Spain; and it was now clear that Spain would be a less formidable enemy than England.

It was impossible that his plan could excite greater indignation in the Council of the Indies at Madrid, or in the House of Trade at Seville, than it had excited in London.