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- By the late 17th century Scotland had begun to breed a new type of dangerous character: the economic guru. William Paterson was one of the first of these: a founder of the Bank of England, an evangelist for foreign trading schemes and the architect of the Darien disaster.
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William Paterson. Upon his return to his native Scotland, Paterson sought to make his second fortune with a scheme of epic proportion. His plan was to create a link between east and west, which could command the trade of the two great oceans of the world, the Pacific and Atlantic.
William Paterson (April 1658 - 22 January 1719) was a Scottish trader and banker. He was the founder of the Bank of England and was one of the main proponents of the catastrophic Darien scheme. Later he became an advocate of union with England.
Feb 17, 2011 · The man who came up with the answer was a financial adventurer called William Paterson, a Scot who had made his name down south as one of the founding directors of the Bank of England.
Jan 5, 2017 · Infuriated, a Scot named William Paterson eventually found a loophole: they were not prevented from establishing their own colonies. Paterson quickly set up the “Company of Scotland Trading to Africa and the Indies,” also called the Scottish Darien Company.
- A 17Th-Century Vision
- A Taxing Issue
- The Fallout
A cynical reading of this venture could certainly see this as the first great Panamanian scam. As Douglas Watt relates in his book The Price of Scotland, William Paterson, on whom the Darien vision depended, was the 17th-century equivalent to a modern-day investment banker and stockbroker. He convinced men and women from the Scottish elite and prof...
Just as today, tax was a motivating factor for those investing in Panama. The Scottish nation had been deeply affected by the high taxes raised by William to pay for his wars on the continent, which most Scots opposed. They were also affected by protectionist trade barriersbrought in across Europe and the North American colonies, which made it hard...
Much like the Panama controversy brought about by the papers, the significance of Darien was not for the most part financial or economic, but rather political. Above all else, the scheme seriously affected Scottish national pride. For some Scottish MPs, its failure suggested that Scotland could not survive on its own and that the nation would be in...
Jul 14, 2018 · Having already made a fortune in trade, William Paterson came up with the idea for a colony in Panama in 1691. He was unable to persuade people to back his idea, so founded the Bank of England instead in 1694.
Sir William Paterson lived from April 1658 to 22 January 1719. He was the founder of the Bank of England and influential in starting the Bank of Scotland; he was also the architect of the disastrous Darien Scheme and one of the negotiators behind the Acts of Union in 1707.
