Sir James Foulis, 3rd Baronet facts for kids

James Foulis of Colinton, also known as Lord Redford (born around 1645, died 1711), was an important Scottish judge and politician. He was one of the main people who put money into the Company of Scotland and their big plan called the Darien Expedition.

Early Life and Education

James Foulis was born around 1645 at Colinton Castle in Scotland. He was the oldest son of Sir James Foulis, Lord Colinton. When his father died in 1688, James became the third Baronet of his family. His mother was Barbara Ainslie.

James received a very good education. He studied law at the University of Leyden in the Netherlands. On June 8, 1669, he became a lawyer, known as an advocate. In November 1674, he was made a judge, called a lord of session. He then took the special title of Lord Reidfurd. The name Redford is linked to Redford House, which was built near Colinton around 1670.

The Company of Scotland and Darien

In 1685, James Foulis helped start the "Company of Scotland Trading with Africa and the Indies." This company was usually just called the Company of Scotland. Foulis was one of about 30 people who invested a lot of money in it. Even though there were rules about how much one person could invest, the total amount raised was huge. This money was used to fund a very risky plan called the Darien Scheme.

The Darien Scheme

The Darien Scheme was a plan to build a Scottish colony and trading post in Panama. It was a very ambitious idea, but it did not go well. By 1689, all the people who had invested in the company, including James Foulis, had lost all their money. It was a big financial disaster for Scotland.

Political Career

James Foulis was chosen to represent Edinburghshire in the Scottish Parliament on January 20, 1685. He supported the government's strong actions at the time. He continued to be a Member of Parliament even after a big change in government called The Glorious Revolution. However, he lost his seat on April 25, 1693. This happened because he had not taken a special oath of loyalty to the new king and queen.

After King William III died, James Foulis became a colonel in the Midlothian militia. In 1703, he was also made a member of the Privy Council, which was a group of important advisors to the monarch.

From 1704 until 1707, James Foulis again represented Edinburghshire in the Scottish Parliament. The year 1707 was important because it was when the Union of 1707 happened. This act joined the kingdoms of Scotland and England to create Great Britain.

The Act of Union and Compensation

Even though James Foulis spoke out against the Union in public, he and other investors in the Company of Scotland received money for their losses. This money included extra "interest" on their failed investment. Many historians believe this was a way for the English Parliament to encourage support for the Union. The English Parliament was not responsible for the company's losses.

In 1707, Foulis received about £40,000, which would be like £5 million today. With such a large payment, it would have been very difficult for Foulis to truly oppose the Union. While Foulis did not sign the Act of Union himself, he and Sir Patrick Johnston, another representative from Edinburgh, helped set up the terms for the Act. This included the payments they received.

Later Life and Legacy

Colinton Castle, the family home, stayed with the Foulis family until 1800. Then, William Forbes of Pitsligo bought it as his home in Edinburgh. Later, in the 20th century, the site became Merchiston Castle School.

The name Redford is still used today. It is preserved in the names Redford Road and Redford Barracks, which are in the area where Redford House once stood.

Family Life

James Foulis married a woman named Margaret. She was the daughter of John Boyd, who was a Dean of Guild in Edinburgh. James and Margaret had several children together.

When James Foulis died in 1711, his oldest son, also named James, became the next Baronet. Sometimes, people confuse the father and the son because they had the same name.