The failure of the Darien colonization project…
December 1704 CE
The failure of the Darien colonization project has been cited as one of the motivations for the 1707 Acts of Union.
According to this argument, the Scottish establishment had realized that it could never be a major power on its own and that if it wanted to share the benefits of England's international trade and the growth of the English Empire, its future would have to lie in unity with England.
Moreover, Scotland's nobles have been almost bankrupted by the "Darien Fiasco".
Some Scots nobility have petitioned Westminster to wipe out the Scottish national debt and stabilize the currency.
The first request is not me,t though the second is and the Scottish Pound is given the fixed value of a shilling.
Personal Scottish financial interests are also involved.
Scottish Commissioners had invested heavily in the Darien project and they believe that they will receive compensation for their losses.
Article 14 of the 1707 Acts of Union grants £398,085 10s sterling to Scotland to offset future liability towards the English national debt.