This poem was written by Edgar Allan Poe about Sir Walter Raleigh's 1616 venture to South America. Upon his return in 1618, James I excecuted him for his failure to find it (which he called "treason".)
Sir Walter Raleigh was a favourite of Elizabeth I, for his Spanish Armada battles with the French Hugenots, but when she died in 1606, James I imprisoned him and his family in the Tower of London until 1616 when he went on the failed venture to find El Dorado.