History Today notes that the Darien Colony was founded by Scottish would-be colonists in what is now Panama on November 3, 1698:
On July 12th, 1698 five ships carrying 1,200 eager colonists left the Port of Leith in Scotland to a rapturous send-off. Most of the ill-fated emigrants did not know where they were going and did not find out until the sealed orders were opened at Madeira, but they were brimming with enthusiasm anyway.
A voyage of three months took them across the Atlantic to a harbour on the mangrove-studded Caribbean coast of Panama. On November 3rd, they took formal possession of their new territory, confidently naming it Caledonia and laying the foundations of the settlement of New Edinburgh. But it all went horribly wrong. Hundreds died of fever and dysentery before the colony was abandoned.
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Scotland blamed the whole fiasco on the English. Paterson himself was bankrupt, but still believed in his scheme and tried vainly to revive it. Meanwhile, the Darien disaster seems to have persuaded hard-headed Scotsmen that their country could not prosper by itself, but needed access to England’s empire, and it helped to pave the way for the Act of Union between the two countries in 1707. Under the Act the investors in the Darien scheme were quietly compensated for their losses at taxpayers’ expense.
