House of Commons, and was awarded the title of Earl of Athlone by the king. A series of Jacobite risings also took place in Scotland, where Viscount Dundee raised Highland forces and won a victory on 27 July 1689 at the Battle of Killiecrankie, but he died in the fight and a month later Scottish Cameronian forces subdued the rising at the Battle of Dunkeld. William offered Scottish clans that had taken part in the rising a pardon provided that they signed allegiance by a deadline, and his government in Scotland punished a delay with the Massacre of Glencoe of 1692, which became infamous in Jacobite propaganda as William had countersigned the orders. Bowing to public opinion, William dismissed those responsible for the massacre, though they still remained in his favour; in the words of the historian John Dalberg-Acton, "one became a colonel, another a knight, a third a peer, and a fourth an earl." William's reputation in Scotland suffered further damage when he refused English assistance to the Darien scheme, a Scottish colony (1698–1700) that failed disastrously. Parliament and faction Although the Whigs were William's strongest supporters, he initially favoured a policy of balance between the Whigs and Tories. The Marquess of Halifax, a man known for his ability to chart a moderate political course, gained William's confidence early in his reign. The Whigs, a majority in Parliament, had expected to dominate the government, and were disappointed that William denied them this chance. This "balanced" approach to governance did not last beyond 1690, as the conflicting factions made it impossible for the government to pursue effective policy, and William called for new elections early that year. After the Parliamentary elections of 1690, William began to favour the Tories, led by Danby and Nottingham. While the Tories favoured preserving the king's prerogatives, William found them unaccommodating when he asked Parliament to support his continuing war with France. As a result, William began to prefer the Whig faction known as the Junto. The Whig government was responsible for the creation of the Bank of England following the example of the Bank of Amsterdam. William's decision to grant the Royal Charter in 1694 to the Bank of England, a private institution owned by bankers, is his most relevant economic legacy. It laid the financial foundation of the English take-over of the central role of the Dutch Republic and Bank of Amsterdam in