The story
Latin nīl ‘nothing’, dēspērandum, gerund of dēspērāre ‘despair’, as used in Nil desperandum Teucro duce et auspice Teucro ‘no need to despair with Teucer as your leader and Teucer to protect you’, in Horace, Odes.
Etymology from Wiktionary, CC BY-SA 4.0.