Set up a privately-owned bank to be called the Bank of England. Receive authority from the king to issue their own bank notes or certificates as the official legal tender of England. Since the Paterson bank notes were what the king would be loaned to build and equip his armies, he readily agreed. This gave legal sanction to a private bank being authorized to print bank notes as the legal tender for the whole nation. Nevertheless, it gave the king what he needed, and it gave the bankers what they wanted.
Governments take precisely the same attitude today.
This drove most of the merchants to store their gold with the Bank of England. By any standard, William Paterson considered this fantastic achievement pure genius. It was Paterson who established the Company of Scotland Trading to Africa and the Indies or the Darien Scheme as it was also known. The Company was set up to establish a trading colony in Darien but was a failure. Compensation was given in cash and debentures and the debenture holders set up the Equivalent Company which eventually applied for banking powers and became The Royal Bank of Scotland.