Under terms of the Union of the Parliaments the English Parliament sent what is know as "The Equivalent" up to Edinburgh, the lump sum was £398,085 10s to be paid in instalments, this too turned out to be a falsehood. It arrived in Edinburgh on August 5th 1707.
Counting their families and dependants, the Equivalent was being dangled under the noses of perhaps 15 per cent of Scotland’s population of one million, the ones with the titles and land. Scotland was not going bankrupt, as the history books would have you believe, 15% of the country may have been, and the middle classes were reaping the benefits of this, the landed gentry saw them buying up properties and land as they themselves needed money, the English coming along offering to solve their problems was a godsend for them.
As the anti-Union politician George Lockhart of Carnwath remarked, the Equivalent was...
‘the cleanliest Way of bribing a Nation, to undo themselves; and alas! It had the design’d Effect.’
Daniel Defoe, working in Edinburgh as an English spy, noticed how easily the Equivalent anaesthetised patriot consciences:
‘Nor among the most Malecontent persons could I ever find any, that when the Money upon the . . . Stock came to be paid, would think the Species Unhallowed enough to refuse their share of it.’
following excerpt from the history books reveals.......
The year 1706, before the assembling of the last Parliament, in the old hall, was peculiarly favourable to any attempt for the then exiled House of Stuart to regain the throne; for the proposed union with England had inflamed to a perilous degree the passions and the patriotism of the nation. [On 5th] August the equivalent money sent to Scotland as a blind to the people for their full participation in the taxes and old national debt of England, was pompously brought to Edinburgh in twelve great waggons, and conveyed to the Castle, escorted by a regiment of Scottish cavalry, as Defoe tells us, amid the railing, the reproaches, and the deep curses of the people, who then thought of nothing but war, and viewed the so-called equivalent as the price of their Scottish fame, liberty, and honour.
In their anathemas, we are told that they spared not the very horses which drew the waggons, and on the return of the latter from the fortress their fury could no longer be restrained, and, unopposed by the sympathising troops, they dashed the vehicles to pieces, and assailed the drivers with volleys of stones, by which many of them were severely injured.
“It was soon discovered, after all,” says Dr. Chambers, “that only £100,000 of the money was specie, the rest being in Exchequer bills, which the Bank of England had ignorantly supposed to be welcome in all parts of Her Majesty’s dominions. This gave rise to new clamours. It was said the English had tricked them by sending paper instead of money. Bills, payable 400 miles off, and which if lost or burned would be irrecoverable, were a pretty price for the obligation Scotland had come under to pay English taxes.”
So instead of the promised gold the Scots were basically sent I.O.U's.
By 1713, the Union was so unpopular in Scotland that a motion was put forward in Westminster to bring it to an end. The question was debated in Parliament and was defeated by only four votes.
Here's my own recital of the burns verse I recorded in 2013.