The Perilous First Expedition To Panama
In 1698, the first ships carrying Scottish colonists set off for Panama — unaware of the danger that lay ahead.
Paterson’s company needed to be funded by public investment — and the Scottish public was more than happy to help. Eager to revive their flailing nation, ordinary Scots rushed to invest their meager funds in the effort. Even the poorest people contributed what little they could spare. In a matter of months, roughly £400,000 had been raised.
This money represented about a fifth of the total wealth in impoverished Scotland. It was used to outfit and equip five ships, Saint Andrew, Caledonia, Unicorn, Dolphin, and Endeavour. These ships carried about 1,200 settlers, including William Paterson and his family. If the Darién colony succeeded, then the company hoped to establish more colonies all over the world.
In July 1698, the Darién fleet sailed out of Scotland and across the Atlantic. Unfortunately for Paterson, he found out that one of his “friends” had absconded with more than £8,000 of the company’s money.
Forced out of his leading role in the plan, Paterson was only allowed to travel as a private individual along with his family. He no longer had the power to direct the scheme that he had promoted for years.
The settlers reached the Gulf of Darién in November. Despite none of them having any knowledge of the area, they established the colony of “New Caledonia” and began building a settlement called “New Edinburgh.”
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