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This chapter examines Article XV, on the Equivalent, in detail. Ostensibly a payment to Scotland in compensation for the losses incurred by the Union, the primary documents examined show that this was not the case. An examination of the calculation of the Equivalent demonstrates the influence of political arithmetic and the positive balance concept. Rather than compensation, it is argued that the Equivalent is a refund from Scotland to Scotland for increased taxes that financed England’s pre-Union debts. Debate over the Equivalent in the Scottish Parliament and contemporary opinion is also discussed. Although seeming to be an advantage given to Scotland, the Equivalent is shown to be another instance of mercantilism where the English ministers built a structural advantage for their taxpayers into the reimbursement.