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168:, to act as the English government's banker. He proposed a loan of £1.2m to the government; in return the subscribers would be incorporated as The Governor and Company of the Bank of England with banking privileges including the issue of notes. The Royal Charter was granted on 27 July 1694. On the foundation of the bank in 1694 he became a director. In 1695, owing to a disagreement with his colleagues, he withdrew from the board and devoted himself to the colony of Darien, unsuccessfully planted in 1698.
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to undertake the Darién scheme, a failed attempt to found an independent
Scottish Empire in what is today Panama. Paterson personally accompanied the disastrous Scottish expedition to Panama in 1698, where his wife, Hannah Kemp, and their child died, while he himself became seriously ill. On his
106:. While in the West Indies, it is said that he acted as a merchant, developing a reputation for business acumen and dealings with local buccaneers. Walter Herries claimed that the English privateer
271:(1706), a series of imaginary dialogues in which Paterson expressed his beliefs that Scotland had to be guaranteed equal taxation, freedom of trade and proportionate representation in
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157:. He also helped to found a company for supplying water to North London from the Hampstead Hills, known as the Hampstead Water Company which existed until the late 19th century.
223:, and died in January 1719. A mystery still surrounds the burial site of Paterson. Many (including officials at the Bank of England), believe he is buried in
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A Proposal to plant a Colony in Darién to protect the
Indians against Spain, and to open the Trade of South America to all Nations
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198:, Edinburgh: 1699. The Scottish settlement of New Edinburgh can be seen on the coast above right, west of the Gulf of Darien.
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in
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to undertake the Darién scheme. When they refused, he tried again to persuade the governments of the
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Paterson then went to London in 1687 and made his fortune with foreign trade (primarily through the
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164:. It was said that the project originated with him in 1691, as described in his pamphlet
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To Get Rich for Our
Homeland: The Company of Scotland and the Colonization of the Darien
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return to
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247:(1701), a plan to create a Scottish council of Trade which would stimulate the
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261:(1701), a broader version of the Darién scheme intended to bring
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Scottish
Colonial Literature: Writing the Atlantic, 1603 - 1707
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The Price of
Scotland: Darien, Union and the Wealth of Nations
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Proposals and
Reasons for Constitulating a Council of Trade
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of
Scotland and England, culminating in his support of the
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to establish a colony in Panama, but failed in each case.
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by the middle of the 1680s, and attempted to convince the
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William
Paterson was born in his parents' farmhouse at
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and was one of the main proponents of the catastrophic
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A letter giving a description of the Isthmus of Darian
65:. Later he became an advocate of union with England.
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Scotland, Darien and the Atlantic World, 1698 - 1700
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98:, his plan to create a colony on the isthmus of
166:A Brief Account of the Intended Bank of England
110:shared his knowledge of Darién with Paterson.
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269:Wednesday Club Dialogues upon the Union
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275:if union with England was to succeed.
46:(April 1658 - 22 January 1719) was a
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575:17th-century Scottish businesspeople
265:to all of Central and South America.
206:, where he was able to convince the
382:. London: Pimlico. pp. 10–15.
94:he first conceived the idea of the
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545:People from Dumfries and Galloway
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437:, 10:3 (Summer/Verano 2001): 156.
336:, founder of the Bank of Scotland
21:William Paterson (disambiguation)
251:and trade, partly by abolishing
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515:Famous Scots - William Paterson
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292:(1852). He also features in
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160:In 1694, he co-founded the
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472:Edinburgh University Press
466:Sandrock, Kirsten (2022),
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16:Scottish trader and banker
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497:"Paterson, William"
155:Merchant Taylors' Company
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32:William Paterson, from a
507:Encyclopædia Britannica
494:Watt, Francis (1911).
405:Watt, Douglas (2014),
378:Prebble, John (1968).
202:Paterson relocated to
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330:, writer and novelist
233:Dumfries and Galloway
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118:Paterson returned to
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280:In fiction and drama
555:Scottish economists
446:Orr, Julie (2018),
429:Hidalgo, Dennis R.
380:The Darien Disaster
208:Scottish government
318:Acts of Union 1707
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186:’A New Map of the
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351:References
296:'s novel,
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263:free trade
140:Bradenburg
74:Early life
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306:Caledonia
304:'s play,
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204:Edinburgh
153:) in the
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312:See also
308:(2010).
128:James II
104:Far East
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504:(ed.).
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88:Bahamas
84:Bristol
80:Tinwald
36:in the
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194:’, in
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100:Panama
55:banker
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500:. In
213:Union
476:ISBN
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