William Paterson

William Paterson 1658-1719, British financier. By the time of the Glorious Revolution (1688-89, which he supported), he had acquired considerable wealth and influence through foreign trade. In 1691, he was the chief projector of the plan to establish the Bank of England , which finally came into being in 1694. Paterson served as a director from 1694 to 1695. In 1695, he proposed to the Scottish Parliament the famous but ill-fated Darién Scheme . Subsequently he devoted several years to carrying out that plan and accompanied the expedition of 1698 to Darién. Paterson advised William III on economic, financial, and state affairs, and he strongly advocated the union of Scotland and England. Paterson strenuously argued for free trade and was a recognized authority in later years. His writings were edited by Saxe Bannister (3 vol., 1859).

Bibliography: See biography by S. Bannister (1858); J. S. Barbour, William Paterson and the Darien Company (1927).

Paterson, William (1658–1719). Founder of the Bank of England. Paterson was born in Dumfries but brought up in England. He made a rapid fortune in trade in America and the Low Countries. A supporter of the Glorious Revolution, he was engaged during the Nine Years War in government finance and pressed upon the government the establishment of a national bank to help finance the war. In 1694 when the bank was founded, Paterson became a director. He withdrew the following year and became involved in schemes to improve London's water supply. He was one of the leading protagonists of the Darien venture and worked for the Company of Scotland raising investment. He was lucky to survive the first expedition in 1698, in which his wife and only son perished, but continued to be consulted by the government, urging a union with Scotland. When negotiations began, Paterson advised on the financial and economic aspects of the treaty. A prominent example of the commercial revolution of the period, Paterson was one of the first to advocate the systematic study of economics.

J. A. Cannon

Paterson, William (1658–1719). Founder of the Bank of England. Paterson was born in Dumfries but brought up in England. He made a rapid fortune in trade in America and the Low Countries. A supporter of the Glorious Revolution, he was engaged during the Nine Years War in government finance and pressed upon the government the establishment of a national bank to help finance the war. In 1694 when the bank was founded, Paterson became a director. He was one of the leading protagonists of the Darien venture and worked for the Company of Scotland raising investment. He was lucky to survive the first expedition in 1698, in which his wife and only son perished, but continued to be consulted by the government, urging a union with Scotland.