Darien Scheme

A scheme promoted by a Scotch man named Paters on, in the reign of William III, to secure the trade with the Far East by utilising a route acro the Isthmus of Darien. A company was formed, and obtained a charter from the Scottish Parliament, granting a monopoly for thirty-one years of the trade with Asia, Africa, and America, and the right to introduce all goods from those regions free of duty, excepting sugar and tobacco. In 1698, 1,200 colonists started for Darien, but were at once opposed by the Spanish colonists, and though a further expedition was dispatched in the following year, the whole enterprise failed ignominiously. The scheme had from the first been opposed in England, and was the cause of much bad blood between the two countries, and of a heavy pecuniary lo to Scotland.