William Paterson (banker)


William Paterson (banker)

Sir William Paterson (born April, 1658 in Tinwald, Dumfries and Galloway, Scotland - died in Westminster, London, on January 22, 1719) was a Scottish trader and banker.

Biography

Early life

William Paterson was born in his parent's farmhouse of Skipmyre in Tinwald, Scotland, and lived with them until he was seventeen, when he emigrated first (briefly) to Bristol and then to the Bahamas. It was here that he first conceived the Darién scheme, his plan to create a colony on the isthmus of Panama, facilitating trade with the Far East.

Career

Paterson returned to Europe, and attempted to convince the English government under James II to undertake the Darién scheme. When they refused, he tried again to persuade the governments of the Holy Roman Empire and the Dutch Republic to establish a colony in Panama, but failed in both cases.

Paterson returned to London and made his fortune with foreign trade (primarily with the West Indies) in the Merchant Taylors' Company. In 1694, he founded the Bank of England, described in his pamphlet "A Brief Account of the Intended Bank of England", 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 July 27, 1694.

Paterson relocated to Edinburgh, where he was able to convince the Scottish government to undertake the Darién scheme, and was influential in the establishment of the Bank of Scotland (1695), the central bank of the Kingdom of Scotland. Paterson accompanied the disastrous Scottish expedition to Panama (1698), where his wife and child died and he became seriously ill. [Dennis R. Hidalgo "To Get Rich for Our Homeland: The Company of Scotland and the Colonization of the Darién," Colonial Latin American Historical Review, 10:3 (Summer/Verano 2001): 156] On his return to Scotland in December 1699, he became instrumental in the movement for the Union of Scotland and England, culminating in his support of the Act of Union 1707. He spent the last years of his life in Westminster, 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 Sweetheart Abbey in Dumfriesshire.

Publications

* "Proposals and Reasons for Constitulating a Council of Trade" (1701), a plan to create a Scottish council of Trade which would stimulate the Scottish economy and trade, partly by abolishing export duties.
* "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" (1701), a broader version of the Darién scheme intended to bring free trade to all of Central and South America.
* "Wednesday Club Dialogues upon the Union" (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 Parliament if union with England was to succeed.

See also

* John Holland, founder of the Bank of Scotland
* Saxe Bannister
* Daniel Defoe
* Acts of Union 1707
* Darién scheme
* Lionel Wafer, a buccaneer marrooned for four years on the isthmus of Darién that he hired as an adviser for the Darién Scheme.

References

External links

* [http://www.darien-venture.co.uk/events/darien/ (Link does not work) Photos and Report of Darien Venture site in Panama]
* [http://www.firstfoot.com/Great%20Scot/williampaterson.htm Great Scotsmen - William Paterson]
* [http://www.rampantscotland.com/famous/blfampaterson.htm Famous Scots - William Paterson]
* [http://www.bbc.co.uk/history/british/civil_war_revolution/scotland_darien_01.shtml The Darien Venture, Dr Mike Ibeji (BBC) ]


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • William Paterson — or Bill Paterson may refer to:* William Paterson (banker) (1658 1719), Scottish trader, a founder of the Bank of England, * William Paterson (jurist) (1745 1806), American statesman; signatory to the United States Constitution * William Paterson… …   Wikipedia

  • Paterson (surname) — Family name name =Paterson imagesize= 200 px caption= meaning = Son of Patrick region =Scottish, English origin =Scottish, English related names = Patterson footnotes = Paterson is an Scottish surname meaning son of Patrick . It is rarely used as …   Wikipedia

  • Simon, William Edward — ▪ 2001       American investment banker and government official (b. Nov. 27, 1927, Paterson, N.J. d. June 3, 2000, Santa Barbara, Calif.), served as U.S. treasury secretary during the administrations of presidents Richard Nixon and Gerald Ford.… …   Universalium

  • Allingham, William — (1824 1889)    Poet, the s. of a banker of English descent, was b. at Ballyshannon, entered the customs service, and was ultimately settled in London, where he contributed to Leigh Hunt s Journal. Hunt introduced him to Carlyle and other men of… …   Short biographical dictionary of English literature

  • List of people on stamps of Australia — This is a list of people on the postage stamps of Australia. NOTOC compactTOC 2006 Commonwealth Games Gold Medal winners, Australian Antarctic Territory, Christmas Island, Cocos (Keeling) Islands, See also New South Wales 1850 1912 *Charles… …   Wikipedia

  • Шотландская колонизация Дарьена — Шотландская колонизация бухты Дарьен, известная под названием Проект «Дарьен» или Дарьенский проект, англ. The Darién scheme  неудачная попытка Королевства Шотландия основать собственную колонию в Центральной Америке в заливе Дарьен… …   Википедия

  • Dumfriesshire — Not to be confused with Dumfriesshire (Scottish Parliament constituency) or Dumfriesshire (UK Parliament constituency). Dumfries   County (until circa 1890)   …   Wikipedia

  • Bank of Scotland — Infobox Company company name = Bank of Scotland plc company type = Public limited company company company slogan = Always giving you extra foundation = 1695 location = North Bank Street, Edinburgh, Scotland num employees = 20,000 industry =… …   Wikipedia

  • Christos Cotsakos — Christos M. Cotsakos (born July 29, 1948) is Founder, Chairman of the Board, CEO, and President of EndPlay, Inc. [1] Contents 1 Early Life Education 2 Personal life 3 Career …   Wikipedia

  • Founding Fathers of the United States — The Committee of Five presenting their draft of the Declaration of Independence to the Congress on June 28, 1776. Painting by John Trumbull. Trumbull s painting can also be found on the back of the U.S. $2 bill.[1] …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.