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See also:PATERSON, See also:- WILLIAM
- WILLIAM (1143-1214)
- WILLIAM (1227-1256)
- WILLIAM (1J33-1584)
- WILLIAM (A.S. Wilhelm, O. Norse Vilhidlmr; O. H. Ger. Willahelm, Willahalm, M. H. Ger. Willehelm, Willehalm, Mod.Ger. Wilhelm; Du. Willem; O. Fr. Villalme, Mod. Fr. Guillaume; from " will," Goth. vilja, and " helm," Goth. hilms, Old Norse hidlmr, meaning
- WILLIAM (c. 1130-C. 1190)
- WILLIAM, 13TH
WILLIAM (1658-1719) , See also:British writer on See also:finance, founder of the See also:Bank of See also:England and projector of the See also:Darien See also:- SCHEME (Lat. schema, Gr. oxfjya, figure, form, from the root axe, seen in exeiv, to have, hold, to be of such shape, form, &c.)
scheme, was See also:born in See also:April 1658 at the farmhouse of Skipmyre, See also:parish of Tinwald, See also:Dumfriesshire. His parents occupied the See also:farm there, and with them he resided till he was about seventeen. A See also:desire to See also:- ESCAPE (in mid. Eng. eschape or escape, from the O. Fr. eschapper, modern echapper, and escaper, low Lat. escapium, from ex, out of, and cappa, cape, cloak; cf. for the sense development the Gr. iichueoOat, literally to put off one's clothes, hence to sli
escape the religious persecution then raging in See also:Scot-See also:land, and the immemorial ambition of his See also:race, led him See also:south-See also:- WARD
- WARD, ADOLPHUS WILLIAM (1837- )
- WARD, ARTEMUS
- WARD, EDWARD MATTHEW (1816-1879)
- WARD, ELIZABETH STUART PHELPS (1844-1911)
- WARD, JAMES (1769--1859)
- WARD, JAMES (1843– )
- WARD, JOHN QUINCY ADAMS (1830-1910)
- WARD, LESTER FRANK (1841– )
- WARD, MARY AUGUSTA [MRS HUMPHRY WARD]
- WARD, WILLIAM (1766-1826)
- WARD, WILLIAM GEORGE (1812-1882)
ward. He went through England with a pedlar's See also:pack (" whereof the See also:print may be seen, if he be alive," says a pamphleteer in 1700), settled for some See also:- TIME (0. Eng. Lima, cf. Icel. timi, Swed. timme, hour, Dan. time; from the root also seen in " tide," properly the time of between the flow and ebb of the sea, cf. O. Eng. getidan, to happen, " even-tide," &c.; it is not directly related to Lat. tempus)
- TIME, MEASUREMENT OF
- TIME, STANDARD
time in See also:Bristol, and then proceeded to See also:America. There he lived chiefly in the See also:Bahamas, and is said by some to have been a predicant or preacher, and by others a buccaneer. In truth his intellectual and moral superiority to his See also:fellow-settlers caused his selection as their spiritual See also:guide, whilst his thirst for knowledge led to intercourse with the See also:buccaneers. It was here he formed that vast See also:design which is known in See also:history as the Darien scheme. On his return to England he was unable to induce the See also:government of See also:- JAMES
- JAMES (Gr. 'IlrKw,l3or, the Heb. Ya`akob or Jacob)
- JAMES (JAMES FRANCIS EDWARD STUART) (1688-1766)
- JAMES, 2ND EARL OF DOUGLAS AND MAR(c. 1358–1388)
- JAMES, DAVID (1839-1893)
- JAMES, EPISTLE OF
- JAMES, GEORGE PAYNE RAINSFOP
- JAMES, HENRY (1843— )
- JAMES, JOHN ANGELL (1785-1859)
- JAMES, THOMAS (c. 1573–1629)
- JAMES, WILLIAM (1842–1910)
- JAMES, WILLIAM (d. 1827)
James II. to engage in his See also:plan. He went to the See also:continent and pressed it to no purpose in See also:Hamburg, See also:Amsterdam and See also:Berlin, and on his return to See also:London he engaged in See also:trade and rapidly amassed a considerable See also:fortune. About 16go he was occupied in the formation in the See also:Hampstead See also:Water See also:Company, and in 1694 he founded the Bank of England. The government required See also:money, and the See also:country, rapidly increasing in See also:wealth, required a bank. The subscribers See also:- LENT (0. Eng. lenclen, " spring," M. Eng. lenten, lente, lent; cf. Dut. lente, Ger. Lenz, " spring," 0. H. Ger. lenzin, lengizin, lenzo, probably from the same root as " long " and referring to " the lengthening days ")
lent their money to the nation, and this See also:debt became the bank stock. The See also:credit of having formulated the scheme and persuaded its See also:adoption is due to Paterson. He was one of the See also:original See also:directors, but in less than a See also:year he See also:fell out with his colleagues, and withdrew from the management. He had already propounded a new plan for an See also:orphan bank (so called because the debt due to the See also:city orphans by the See also:corporation of London was to See also:form the stock). They feared a dangerous See also:rival to their own undertaking, and they See also:felt some distrust for this eager Scotsman whose See also:brain teemed with new plans in endless See also:succession.
At that time the See also:people of the See also:northern See also:kingdom were considering how best to See also:share in that trade which was so rapidly enriching their See also:southern neighbours. Paterson saw his opportunity. He removed to See also:Edinburgh, unfolded his Darien (q.v.) scheme, and soon had the whole nation with him. He is the supposed author of the See also:act of 1695 which formed the " Company of See also:Scotland trading to See also:Africa and the Indies." This company, he arranged, should establish a See also:settlement on the See also:Isthmus of Darien, and " thus hold the See also:key of the See also:commerce of the See also:world." There was to be See also:free trade, the See also:ships of all nations were to find shelter in this See also:harbour not yet erected, See also:differences of race or See also:religion were neglected; but a small See also:tribute was to be paid to the company, and this and other advantages would so act that, at one supreme stroke, Scotland was to be changed from the poorest to the richest of nations.
On the 26th of See also:July 1698 the first ships of the expedition set See also:sail " amidst the tears and prayers and praises of relatives and See also:friends and countrymen." Some See also:financial transactions in which Paterson was concerned, and in which, though he had acted with perfect honesty, the company had lost, prevented his nomination to a See also:post of importance. He accompanied the expedition as a private individual, and was obliged to look idly on whilst what his enemies called his " See also:golden See also:dream " faded away indeed like the " baseless fabric of a See also:vision " before his eyes. His wife and See also:child died, and he was seized with a dangerous illness, " of which, as I afterwards found," he says, " trouble of mind was not the least cause." It was noted that " he hath been so mightily concerned in this sad disaster, so that he looks now more
912
like a See also:skeleton than a See also:man." Still weak and helpless, and yet protesting to the last against the See also:- ABANDONMENT (Fr. abandonnement, from abandonner, to abandon, relinquish; abandonner was originally equivalent to mettred banddn, to leave to the jurisdiction, i.e. of another, bandon being from Low Latin bandum, bannum, order, decree, " ban ")
abandonment of Darien, he was carried on See also:board See also:ship, and, after a stormy and terrible voyage, he and the remnant of the See also:ill-fated See also:band reached See also:home in See also:December 1699.
In his native See also:air Paterson soon recovered his strength, and immediately his fertile and eager mind was at See also:work on new schemes. He prepared an elaborate plan for developing Scottish resources by means of a See also:council of trade, and then tried to induce See also:- KING
- KING (O. Eng. cyning, abbreviated into cyng, cing; cf. O. H. G. chun- kuning, chun- kunig, M.H.G. kiinic, kiinec, kiinc, Mod. Ger. Konig, O. Norse konungr, kongr, Swed. konung, kung)
- KING [OF OCKHAM], PETER KING, 1ST BARON (1669-1734)
- KING, CHARLES WILLIAM (1818-1888)
- KING, CLARENCE (1842–1901)
- KING, EDWARD (1612–1637)
- KING, EDWARD (1829–1910)
- KING, HENRY (1591-1669)
- KING, RUFUS (1755–1827)
- KING, THOMAS (1730–1805)
- KING, WILLIAM (1650-1729)
- KING, WILLIAM (1663–1712)
King William, with whom he had frequent interviews, to enter on a new Darien expedition. In 1701 he removed to London, and here by conferences with statesmen, by See also:writing, and by See also:personal persuasion helped on the See also:union. He was much employed in settling the financial relations of the two countries. One of the last acts of the Scots See also:parliament was to recommend him to the See also:consideration of See also:Queen See also:Anne for all he had done and suffered. The See also:United Parliament, to which he was returned as a member for the See also:Dumfries burghs, though he never took his seat, decided that his claim should be settled, but it was not till 1715 that an See also:indemnity of b8,241 was ordered to be paid him. Even then he found considerable difficulty in obtaining his due. His last years were spent in Queen Square, See also:Westminster, but he removed from there shortly before his See also:death on the 22nd of See also:January 1719.
As many as twenty-two See also:works, all of them See also:anonymous, are attributed to Paterson. These are classified by See also:Bannister under six heads, as dealing with (I) finance, (2) legislative union, (3) colonial enterprise, (4) trade, (5) See also:administration, (6) various social and See also:political questions: Of these the following deserve See also:special See also:notice: (I) Proposals and Reasons for constituting a Council of Trade (Edinburgh, 1701).1 This was a plan to develop the resources of his country. A council, consisting of a See also:president and twelve members, was to be appointed. It was to have a See also:revenue collected from a See also:duty on sales, lawsuits, successions, &c. With these funds the council was to revive the Darien scheme, to build workhouses, to employ, relieve and maintain the poor, and to encourage manufactures and See also:fisheries.
It was to give loans without See also:interest to companies and shippers, to remove monopolies, to construct all sorts of vast public works. Encouragement was to be given to See also:foreign Protestants and See also:Jews to See also:settle in the kingdom, See also:gold and See also:silver were to be coined free of See also:charge, and money kept up to its nominal See also:standard. All export duties were to be abolished and import regulated on a new plan. Paterson believed that thus the See also:late disasters would be more than retrieved. (2) A Proposal to plant a See also:Colony in Darien to protect the See also:Indians against See also:Spain, and to open the Trade of South America to all Nations (1701). This was the Darien scheme on a new and broader basis. It points out in detail the advantages to be gained: free trade would be advanced over all the world, and See also:Great See also:Britain would largely profit. (3) Wednesday See also:Club Dialogues upon the Union (London, 1706). These were imaginary conversations in a club in the city of London about the union with Scotland. Paterson's real opinions were put into the mouth of a See also:speaker called May. Till the Darien business all Scots were for the union, and they were so still if reasonable terms were offered. Such terms ought to include an incorporating union with equal taxes, freedom of trade, and a proportionate See also:representation in parliament. A union with See also:Ireland, " as likewise with other dominions the queen either hath or shall have," is proposed. (4) Along with this another discussion of the same imaginary See also:body, An Inquiry into the See also:State of the Union of Great Britain and the Trade thereof (1717), may be taken. This was a consideration of the union, which, now " that its See also:honeymoon was past," was not giving See also:satisfaction in some quarters, and also a discussion as to the best means of paying off the See also:national debt—a subject which occupied a great See also:deal of Paterson's See also:attention during the later years of his See also:life.
Paterson's plans were vast and magnificent, but he was no
1 This work was attributed to See also:John See also:Law, who borrowed some of his ideas from it. To Law's, " See also:system " Paterson was strongly opposed, and it was chiefly due to his See also:influence that it made no way in Scotland.See also:mere dreamer. Each design was worked out in See also:minute detail,' each was possible and See also:practical. The Bank of England was a stupendous success. The Darien expedition failed from hostile attacks and See also:bad arrangements. But the original design was that the See also:English and Dutch should be partakers in it, and, if this had occurred, and the arrangements, against many of which Paterson in See also:letter after letter in vain protested, had been different, Darien might have been to Britain another See also:India. Paterson was a zealous almost a fanatic free-trader See also:long before See also:Adam See also:- SMITH
- SMITH, ADAM (1723–1790)
- SMITH, ALEXANDER (183o-1867)
- SMITH, ANDREW JACKSON (1815-1897)
- SMITH, CHARLES EMORY (1842–1908)
- SMITH, CHARLES FERGUSON (1807–1862)
- SMITH, CHARLOTTE (1749-1806)
- SMITH, COLVIN (1795—1875)
- SMITH, EDMUND KIRBY (1824-1893)
- SMITH, G
- SMITH, GEORGE (1789-1846)
- SMITH, GEORGE (184o-1876)
- SMITH, GEORGE ADAM (1856- )
- SMITH, GERRIT (1797–1874)
- SMITH, GOLDWIN (1823-191o)
- SMITH, HENRY BOYNTON (1815-1877)
- SMITH, HENRY JOHN STEPHEN (1826-1883)
- SMITH, HENRY PRESERVED (1847– )
- SMITH, JAMES (1775–1839)
- SMITH, JOHN (1579-1631)
- SMITH, JOHN RAPHAEL (1752–1812)
- SMITH, JOSEPH, JR
- SMITH, MORGAN LEWIS (1822–1874)
- SMITH, RICHARD BAIRD (1818-1861)
- SMITH, ROBERT (1689-1768)
- SMITH, SIR HENRY GEORGE WAKELYN
- SMITH, SIR THOMAS (1513-1577)
- SMITH, SIR WILLIAM (1813-1893)
- SMITH, SIR WILLIAM SIDNEY (1764-1840)
- SMITH, SYDNEY (1771-1845)
- SMITH, THOMAS SOUTHWOOD (1788-1861)
- SMITH, WILLIAM (1769-1839)
- SMITH, WILLIAM (c. 1730-1819)
- SMITH, WILLIAM (fl. 1596)
- SMITH, WILLIAM FARRAR (1824—1903)
- SMITH, WILLIAM HENRY (1808—1872)
- SMITH, WILLIAM HENRY (1825—1891)
- SMITH, WILLIAM ROBERTSON (1846-'894)
Smith, and his remarks on finance and his See also:argument against an inconvertible See also:paper-currency, though then novel, now hold a See also:place of economic orthodoxy. Paterson's works are excellent in form and See also:matter; they are quite impersonal, for few men who have written so much have said so little about them-selves. There is no reference to the scurrilous attacks made on him. They are the true products of a See also:noble and disinterested as well as vigorous mind. There is singular fitness in the See also:motto " Sic vos non vobis " inscribed under the only portrait of him we possess.
See Life of W. Paterson, by S. Bannister (Edinburgh, 1858) ; Paterson's Works, by S. Bannister (3 vols., London, 1859) ; The Birthplace and Parentage of W. Paterson, by W. See also:Pagan (Edinburgh, 1865); Eng. Hist. See also:Review, xi. 26o. The brilliant See also:account of the Darien scheme in the fifth See also:volume of See also:Macaulay's History is incorrect and misleading; that in See also:Burton's Hist. of Scotland (vol. viii. ch. 84) is much truer. Consult also the memoir in See also:Paul Coq, La Monnaie de banque (See also:Paris, 1863), and J. S. See also:Barbour, A History of William Paterson and the Darien Company (1907). For a See also:list of fugitive writings on Paterson see See also:Poole's See also:Index of See also:Periodicals. (F.
End of Article: PATERSON, WILLIAM (1658-1719)
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