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Paterson (WILLIAM an English financier)

WILLIAM, an English financier; born in Dumfriesshire, Scotland, in 1658. He went through England as a peddler, settled for a time at Bristol, subsequently resided in the Bahama Islands. Returning to London he engaged in trade with success, and in 1694 proposed and founded the Bank of England, being one of its first directors.

When the Treaty of Union between England and Scotland was concluded in 1707, Paterson, one of its warmest advocates, received an indemnity (of $90,000) for the losses he had sustained. Paterson was a great financial genius, but most of his views (such as his advocacy of free trade) were far in advance of his time. He died in London in 1719.