| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Currency Union | |
| Posted by: | Andrew Craig | |
| Date/Time: | 03/09/14 11:52:00 |
| Would not be the first time , from 1690 they did that to themselves with the Darien scheme then asked England to bail them out http://en.wikipedia.org/wiki/Darien_scheme If nothing else, read the consequences of failure section at the bottom.. infact I will copy it for ease. The failure of the Darien colonization project has been cited as one of the motivations for the 1707 Acts of Union.[17] According to this argument, the Scottish establishment (landed aristocracy and mercantile elites) considered that their best chance of being part of a major power would be to share the benefits of England's international trade and the growth of the English Empire, so its future would have to lie in unity with England. Furthermore, Scotland's nobles were almost bankrupted by the Darien fiasco. Some Scottish nobility petitioned Westminster to wipe out the Scottish national debt and stabilise the currency. Although the first request was not met, 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 15, granted £398,085 10s sterling to Scotland to offset future liability towards the English national debt. |