The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-16

Mention Of the Bank OF England. by
tho way. serves to recall to mind the
fact that 81 its founder, William Pater-
son had been equally successful in
his subsequent enterprise namely. the
Inflated Darien expedition Panama
would be to-day "A British colony and
its canal an English Undertaking. in
stead Of the waterway now completed
being an American affair, and Pana ma
itself Il republic. under the protection
OF the United States. In fact, IL was
King William III s bad faith in dealing
with William Paterson in the scheme
for the establishment OF q Scotch
colony on the Isthmus of Darien. that
lost Panama to Great Britain. King
! William was deeply indebted TO Patcr
son, who had virtually financed the
rcvolution that had placed him on the
throne. and in his capacity OF ruler OF
scotland. had authorized. through his
representative at Edinburgh. the dis
patch OF the expedition. But when
France. Spain and Holland. and a mum
Der of English politicians nnd mer-
chants began - protest against the
Undertaking. and 10 denounce II as a
buccanecring enterprise. King William
yielded TO their pressure, AMI in his
capacity rs King or England CON
demned as pirat!cal what he had au-
thorizcd rs ruler OF Scotland. Tho re-
suit was that the entire affair came to
grief
Though Paterson temporarily lost
his reason over The matter, he sub
sequently recovered il sufficiently 10
play 4 leading role in framing the ar
tcles dealing with trade ana finance
in the treaty OF union between England
and Scotland One OF the very last
acts OF the old Scotch Parliament was
to recommend him to Queen Anne for
his good services" But he died be
fore any reward could be bestowed
upon him.
Paterson was wonderful man He
came over TO England from Scotland
with pack on his back. and was first
. missionary, and then buccaneec
in The West Indies Having amasscd
q considerable amount OF money, lie
was much in the coffee houses Of
Amsterdam" AT the time OF the Revo-
luton OF 16SS. which landed William
of Orange on the British throne of his
father-in-law. James II. Indeed.
Paterson. as I have mentioned above,
financed the Revolution.
Subsequently. when King William
and his government were harassed for
want OF money, owing tc the difficulty
of collecting taxes and of borrowing.
because OF the supposed instability OF
King Williams tenure OF the throne,
James. William Paterson. after discus
sion with the parliamentary commit
tee appointed for the purpose. formed
q syndicate, which advanced n sum OF
100000: not to the King. hut TO the
government and nation, as represented
by Parliament. The syndicate re-
ccived per cent on tho sum advanced
as interest: and a charter bearing the
date OF July 81, 6o4, Incorporated tho
Inc 81 nF Ipnr Ii
a society dcnominatcd Tho Governor
and Company OF the EanS OF England"
the first governor being William Pater-
son. That was the origin of tho Bank
OF England, and OF the national debt
of Great Britain.
Paterson. besides thus establishing
the Bank of England, and inaugural
ing the national debt. found time to
reorSaniZc the entire system of ma
tional finance. and has Justly been de
Scribcd an tho architect of the huge
fabric over which Lloyd George now
prcsides as Chancellor OF the EN- |
chcqucr.
lie also brought water to North Lon |
don, and even TO metropolitan districts |
as distant as Southwark. from the |
hampstead and HighSate hills; sat in |
Parliament for Dumfrics. advocated the /
acquisition OF up-to-datc information /
py consulS Of the customs and laws /
OIL inc commerce, finance and indus |
tries OF foreign countries for the |
benefit OF tho British trader and manu-
iactnrer.' He was, In fact, Il myriad |
minded man. far In advance of his |
TIME, whose name has been entirely
forgotten by his countrymcn: or rather |
was so, until the late Sir Henry Camu-
bei- Zimmerman. as Premier. in n pub |
Tic address at Edinburgh referred in
passing, TO the former English ieal- |
ousy OF Scotland. as having proved
most detrimental TO tho intnro,t, 20