William Paterson's scheme for Darien, 1700.
The Darien scheme was the brain-child of William Paterson (1658-1719). The plan was to establish a trading colony to control overland trade between the Pacific and Atlantic Oceans.
In the late 1690s, Scots raised large amounts of money to fund the expedition. However, the venture collapsed owing to disease, poor-planning and war with the Spanish. It cost Scotland a quarter of its capital and was one of the factors that led to the Union of 1707.
Despite the catastrophic failure of the scheme, Patterson was convinced of its potential. In 1700, after the colony's collapse, he continued to refer to it as 'the key to the universe'. Despite his enthusiasm, the Scots did not attempt to return to Darien.
[Library reference: Adv.MS.83.7.3, ff.44-45.]
