Consequences of Failure
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 realised 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, then its future would have to lie in unity with England. More so, Scotland's nobles were almost bankrupted by the "Darien Fiasco". Some Scots nobility petitioned Westminster to wipe out the Scottish national debt and stabilise the currency. The first request was not met though the second was and a Scottish Pound was given the fixed value of a shilling. Personal Scottish financial interests were also involved. Scottish Commissioners had invested heavily in the Darien project and they believed that they would receive compensation for their losses. The 1707 Acts of Union, Article 14, granted £398,085 10s sterling to Scotland to offset future liability towards the English national debt.
Read more about this topic: Darien Scheme
Famous quotes containing the words consequences of, consequences and/or failure:
“The consequences of our actions grab us by the scruff of our necks, quite indifferent to our claim that we have “gotten better” in the meantime.”
—Friedrich Nietzsche (1844–1900)
“Every expansion of government in business means that government in order to protect itself from the political consequences of its errors and wrongs is driven irresistibly without peace to greater and greater control of the nation’s press and platform. Free speech does not live many hours after free industry and free commerce die.”
—Herbert Hoover (1874–1964)
“Dear George: Remember no man is a failure who has friends. Thanks for the wings! Love, Clarence”
—Frances Goodrich (1891–1984)