WI: Scottish colony in Panama

William Paterson proposed that Scotland colonize Panama in late 1600's. Scotland poured in 400,000 pounds (a fifth of Scottish currency in circulation) into the endeavor. Paterson's colony failed so spectacularly and covertly that Scotland sent another 1200 people to keep his colony going to find it was gone and the Spanish moved in, Scotland went bankrupt and fused with Britain to pay their debts. What if Paterson's colony worked and managed to turn a hefty profit.
 
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