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Sir William Paterson (born April, 1658 in Tinwald, Dumfries And Galloway , Scotland - died in Westminster , London , on January 22 , 1719 ) was a Scottish Trader and Banker . EARLY LIFE William Paterson was born in his parent's farmhouse of Skipmyre in Tinwald, Scotland , and lived with them until he was seventeen, when he emigrated first (briefly) to Bristol and then to the Bahamas . It was here that he first conceived the Darién Scheme , his plan to create a colony on the isthmus of Panama , faciliating trade with the Far East . CAREER Paterson returned to Europe , and attempted to convince the English government under James II to undertake the Darién scheme. When they refused, he tried again to persuade the governments of the Holy Roman Empire and the Dutch Republic to establish a colony in Panama, but failed in both cases. Paterson returned to London and made his fortune with foreign trade (primarily with the West Indies ) in the Merchant Taylors' Company . In 1694, he founded the Bank Of England , described in his pamphlet ''A Brief Account of the Intended Bank of England'', to act as the English government's banker. He proposed a loan of £1.2m to the government; in return the subscribers would be incorporated as The Governor and Company of the Bank of England with banking privileges including the issue of notes. The Royal Charter was granted on July 27, 1694. Paterson relocated to , he became instrumental in the movement for the Union of Scotland and England, culminating in his support of the Act Of Union 1707 . He spent the last years of his life in Westminster , and died in January 1719. A mystery still surrounds the burial site of Paterson. Many (including officials at the Bank of England), believe he is buried in Sweethearts Abbey in Dunfries-shire. CHIEF WORKS Roughly 22 anonymous works are attributed to Paterson, notably:
QUOTES "The bank hath benefit of interest on all moneys which it creates out of nothing." SEE ALSO
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