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:
“Without being forgiven, released from the consequences of what we have done, our capacity to act would ... be confined to one single deed from which we could never recover; we would remain the victims of its consequences forever, not unlike the sorcerer’s apprentice who lacked the magic formula to break the spell.”
—Hannah Arendt (1906–1975)
“War is thus divine in itself, since it is a law of the world. War is divine through its consequences of a supernatural nature which are as much general as particular.... War is divine in the mysterious glory that surrounds it and in the no less inexplicable attraction that draws us to it.... War is divine by the manner in which it breaks out.”
—Joseph De Maistre (1753–1821)
“Evil is simply
a grammatical error:
a failure to leap
the precipice
between “he”
and “I.””
—Linda Pastan (b. 1932)