Instead, goods would be transported to the colony at Darien, on the Atlantic side of the Isthmus of Panama, and carried across to a port on the Pacific side, where ships with exchange cargoes from the East Indies and Asia would be waiting.In 1695 the Bank Of Scotland was established and the Company Of Scotland was born, with its capital intended to be £600,000 raised by public subscription, of which half was to come from within Scotland and the rest from elsewhere. The first ships set off as part of the Darien scheme to establish a trading colony in Panama.

Of the 1,200 settlers in the first expedition, only he and William Paterson knew of their destination, which was outlined in sealed packages to be opened only once the ships were on the open sea.They made landfall at Darien on 2nd November, having lost only 70 people during the voyage. By the onset of summer the following year, the climate, disease and hunger had led to a large number of deaths in the colony. This work has pretty much blown apart most of the traditional negative assumptions about the nature of Scotland’s pre-1707 trade and economy more generally. He made it back to Scotland, where he was awarded the 'Toubacanti Medal' for his part in the débacle, but he never stopped blaming the Company for failing to support its colonists.Those colonists who returned found themselves cast as pariahs in their own land.It was an economic disaster too. Morale was low and there was infighting among the leaders.Again, the Spanish attacked. Full of optimism, they named the peninsula New Caledonia, and set to work building a settlement. Thousands of Scots put their own money into the enterprise alongside money from the nobles, and the Company raised just under £400,000 in a few weeks, with investments from every level of society and totalling roughly a fifth of the wealth of Scotland.

Investors in England, Amsterdam and Hamburg quickly raised their share, but the East India Company – fearing that their monopoly would be broken – used their influence on the king and English Parliament to persuade them to act against the venture.The English government of King William III – anxious to be on good terms with Spain – didn’t need much persuading, as the proposed Scottish colony would be located on land the Spain had its own designs on. Paterson himself was now too starved and ill to persuade them otherwise. It's sad that we still have the descendants of the Parcel o' Rogues around today – those who are only interested in the benefits to themselves and not their country. The Darien scheme was an unsuccessful attempt, backed largely by investors of the Kingdom of Scotland, to gain wealth and influence by establishing New Caledonia, a colony on the Isthmus of Panama, in the late 1690s. The East India Company threatened legal action on the grounds that the Scots had no authority from the king to raise funds outside the English realm, and obliged the promoters to refund subscriptions to the Hamburg investors, with English investors also quickly withdrawing their money.This left no source of finance but Scotland itself, yet so fierce was the resentment at the duplicity of the king and English Parliament that Scots resolved to raise all the capital alone.
The Revd Archibald Stobo, one of three Presbyterian ministers who accompanied the second expedition, was scandalised by the barbarity of the colonists. Trade with the incredibly lucrative Pacific markets was a hugely expensive business, since all merchant ships had to make the hazardous trip round Cape Horn on the southern tip of South America.

Scotland’s naval priorities were the protection of national trade, and the pursuit of profitable raiding cruises against enemy cargos.
Darien is not a monument to failure, but a testament to the ambition and drive that the Scots people can muster against overwhelming odds and adversity.

He had made a fortune trading in the West Indies and the Americas.

Whilst in London, he had met a sailor called Lionel Wafer, who had told him about a wonderful paradise on the Isthmus of Panama, with a sheltered bay, friendly Indians and rich, fertile land - a place called Darien.Paterson had immediately seen the potential of Darien as the location of a trading colony. The men were convicted and sentenced to death.Queen Anne – who had succeeded William in 1702 – advised her 30 Privy Councillors in Edinburgh that the men should be pardoned, but the public demanded that the sentence be carried out. However, what I particularly like with this piece, is  that the author uses his quite considerable grasp of the facts, to explain just why the failure of Darien is a nonsense argument to use against independence.A very interesting article.

Things I usually had no idea happened.


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