The chambers of Amsterdam, of Zeeland, of the Meuse, and of North Holland were to have respectively thirty, eighteen, fifteen, and fifteen directors.  Of these seventy-eight, one-third were to be replaced every sixth year by others, while from the whole number seventeen persons were to be elected as a permanent board of managers.  Dividends were to be made as soon as the earnings amounted to ten per cent. on the capital.  Maritime judges were to decide upon prizes, the proceeds of which were not to be divided for six years, in order that war might be self-sustaining.  Afterwards, the treasury of the United Provinces should receive one-tenth, Prince Maurice one-thirtieth, and the merchant stockholders the remainder.  Governors and generals were to take the oath of fidelity to the States-General.  The merchandize of the company was to be perpetually free of taxation, so far as regarded old duties, and exempt from war-taxes for the first twenty years.

Very violent and conflicting were the opinions expressed throughout the republic in regard to this project.  It was urged by those most in favour of it that the chief sources of the greatness of Spain would be thus transferred to the States-General; for there could be no doubt that the Hollanders, unconquerable at sea, familiar with every ocean-path, and whose hardy constitutions defied danger and privation and the extremes of heat and cold, would easily supplant the more delicately organized adventurers from Southern Europe, already enervated by the exhausting climate of America.  Moreover, it was idle for Spain to attempt the defence of so vast a portion of the world.  Every tribe over which she had exercised sway would furnish as many allies for the Dutch company as it numbered men; for to obey and to hate the tyrannical Spaniard were one.  The republic would acquire, in reality, the grandeur which with Spain was but an empty boast, would have the glory of transferring the great war beyond the limits of home into those far distant possessions, where the enemy deemed himself most secure, and would teach the true religion to savages sunk in their own superstitions, and still further depraved by the imported idolatries of Rome.  Commerce was now world-wide, and the time had come for the Netherlanders, to whom the ocean belonged, to tear out from the pompous list of the Catholic king’s titles his appellation of Lord of the Seas.

There were others, however, whose language was not so sanguine.  They spoke with a shiver of the inhabitants of America, who hated all men, simply because they were men, or who had never manifested any love for their species except as an article of food.  To convert such cannibals to Christianity and Calvinism would be a hopeless endeavour, and meanwhile the Spaniards were masters of the country.  The attempt to blockade half the globe with forty galleots was insane; for, although the enemy had not occupied the whole territory, he commanded every harbour and position of vantage.  Men, scarcely able to defend inch by inch the meagre little sandbanks of their fatherland, who should now go forth in hopes to conquer the world, were but walking in their sleep.  They would awake to the consciousness of ruin.