Preamble re

CAP. XI.

An att to raise twelve hundred thousand pounds for publick uses, by circulating a further fum in Exchequer bills; and for enabling her Majesty to raise five hundred thousand pounds on the revenues appointed for uses of her civil 80vernment, to be applied for or towards payment of fuch debts and arrears owing to her fervants, tradefmen, and others, as are therein mentioned.

citing the actsAY it please your most excellent Majefty, Whereas in pursuance M

7 Ann. c. 7. relating to Exchequer

bills.

of an act of parliament made in the feventh year of your Majefty's reign (amongst other things) for enlarging the capital stock of the bank of England, feveral bills commonly called Exchequer bills, were made forth, amounting in principal money to two millions and five hundred thousand pounds, for your Majefty's fupply; and in purfuance of another act of the fame feffion of parliament made (amongst other things) for circulating a further fum in Exchequer bills; and of an act made in the eighth year of your Majesty's reign, intituled, An act for granting an aid to her Majefty to be raised by a landtax in Great Britain, for the service of the year one thousand seven hundred and ten, further Exchequer bills, to the amount of four hundred thousand pounds in principal money, have also been issued for your Majesty's fupply: and whereas provifion was made in the acts before mentioned, That the faid bills fhould bear an interest of two pence per cent. per diem, when they respectively should not be in the publick receipts; and that the governor and company of the bank of England, for circulating the faid bills (by exchanging fuch of them for ready money as fhould, from time to time, have passed through your Majefty's revenue or taxes, and alfo through the Exchequer in the manner therein mentioned) should have an allowance after the rate of three pounds per cent. per ann. for the whole fum of the faid bills, 7 Ann. c. 7. amounting to two millions and nine hundred thousand pounds: and whereas in and by the faid act of the feventh year of your Majesty's reign, certain duties were granted, continued, or made payable to your Majefty, your heirs and fucceffors, for ever (fubject to fuch redemption as is therein expreffed) that is to fay, the duties called the two thirds of a fubfidy of tonnage and poundage therein mentioned, which were to take effect by that act, from the feventh day of March one thousand seven hundred and eleven, certain duties upon coffee, cocoa nuts, chocolate, cocoa pafie, tea, nutmegs, cinnamon, cloves, mace, pilures and muflins, and certain increased duties upon coffee, cocoa nuts, chocolate, cocoa paste, tea, nutmegs, cinnamon, cloves, mace, and pictures, and certain further rates or duties upon all white callicoes, porcelan, commonly called China ware, and drugs; all which are to take effect by the act laft mentioned, from the twenty-third day of June one thousand feven hundred and fourteen; and one half of another fubfidy of tonnage and poundage therein mentioned, which is to take effect from and after the last day of July one thousand feven hundred and fourteen; and all the faid duties fo granted, continued, or

made

made payable, together with the furplus which should, from time to time, arife of or from the other half of the fame fubfidy of tonnage and poundage (over and above eighty thousand pounds per ann. formerly charged thereupon for payment of annuities) and divers arrears and other fums of money or revenues more largely defcribed in the faid act of the feventh year of your Majesty's reign, are thereby, and by. the other acts abovementioned, or fome of them, made a general fund or fecurity for paying the faid intereft which was to be born on the faid bills, and the faid allowance after the rate of three pounds per cent. per ann. and for or towards raising a yearly fum of two bundred thousand pounds for paying off and cancelling the faid bills ; and by the aforesaid acts or fome of them, it was provided, that quarterly at the four ufual feafts of the year, until the faid duties should take effect, and be fufficient for payment of the faid intereft and allowance, there should be a computation made of the fum which on every of the faid feast days fhould be due and owing (over and above fo much as Should have been applied of the faid duties to thofe purposes) for the faid intereft and allowance, and that other Exchequer bills fhould be made out for fo much as should be fo computed to be due, bearing the like intereft, and for circulating whereof the faid governor and company were to have the like allowance of three pounds per cent. per ann. and the quarterly bills fo made forth until and for the quarter ended at Lady-day one thousand feven hundred and thirteen, have amounted to the further fum of four hundred and eighty thousand three hundred and twelve pounds, and ten fillings, or thereabouts, and more quarterly bills of the like nature may further be ifuable on the faid former acts: and by the fame acts, or fome of them, it was declared and enacted, That out of the remainder of the faid duties and revenues, when and as the fame should refpectively take effect (regard being first had to the faid payments for intereft and circulation, which are always to be preferred) the full fum of two hundred thousand pounds, or so much thereof as the faid remainder would from time to time extend unto, should be appropriated for paying off all the principal money which should be contained in the faid bills, and for cancel

ling the fame, until all the faid bills should be difcharged and cancelled: Recital of * and whereas by an act made and passed in the ninth year of your Ma- 9 Ann. c. 7. jesty's reign, for enabling and obliging the bank of England to exchange all Exchequer bills for ready money upon demand, it was enacted, That the full fum of forty-five thousand pounds per ann. Should be paid to and for the use of the faid governor and company, and their fucceffors, by quarterly payments, and by fuch ways and means, and in fuch manner and form, as in that act are prefcribed, until fuch time as all the faid quarterly Exchequer bills made or to be made for intereft or allowance, as aforesaid, together with a million of the faid bills for two millions nine hundred thousand pounds shall be paid off and cancelled, or until fuch time as there fhall not be ftanding out and uncancelled more than one million and nine hundred thousand pounds in the whole of the faid bills for two millions and nine hundred thousand pounds, and quarterly bills taken together (which of the limitations aforefaid fhall first happen) as by the faid feveral acts, relation being thereunto reSpectively had, may more fully appear: and whereas the said governor

and

t

and company of the bank of England are willing (for the publick fervice) to undertake the circulation of the further fum of twelve hundred thousand pounds in other Exchequer bills to be issued for your Majesty's fupply, and of fuch quarterly bills for intereft and other allowances, as hall and may be made forth in pursuance of this present act, fo as the faid governor and company may have fuch encouragements, and fuch terms and advantages as are hereafter in this act expreffed now we your Majesty's most dutiful and loyal fubjects, the commons of Great Britain in parliament affembled, do humbly befeech your Majesty that it may be enacted, and be it enacted by the Queen's most excellent majefty, by and with the advice and confent of the lords spiritual and temporal, and commons in this prefent Treasury may parliament affembled, and by authority of the fame, That it shall and may be lawful to and for the lord high treasurer of Great Britain, or any three or more of the commiffioners of the treasury for the time being, to caufe bills to be made forth at the receipt of the Exchequer, in fuch manner and form as he or they shall appoint, for any fum or fums of money, not exceeding in principal money the fum of one million two hundred thousand pounds, for her Majefty's fupply (over and above the bills made forth, or to be made forth, by or in purfuance of the faid former acts, or any of them) and to iffue the faid bills for the faid fums, not exceeding one million two hundred thousand pounds, for fuch publick uses and fervices, whereunto the fame are or shall be appropriated, or applicable, in fuch proportions as the faid lord treasurer, or any three or more of the commiffioners of the treasury for the time being, fhall, from time to time, direct and appoint.

ifsue out 1200000l. in Exchequer

bills.

Bills to bear

per cent. per diem to the bearer,

II. And it is hereby enacted by the authority aforefaid, That intereft at 2 d. the bills for the faid fums, not exceeding one million two hundred thousand pounds, and also fuch bills as are to be iffued quarterly in the manner and form herein after mentioned, fhall feverally bear an interest after the rate of two pence per centum per diem, to be payable to the bearers thereof refpectively; which intereft is nevertheless to be abated and faved upon fuch of the said bills as shall at any time or times be in the receipt of Exchequer, or in the hands or power of any receivers or collectors of any taxes, aids, or revenues payable to her Majefty, her heirs or fucceffors, during such time and times refpectively, as fuch bills shall be or remain in the faid receipt, or in fuch hands or power, as aforefaid; and that the said governor and compabank 31. per ny, and their fucceffors, fhall have, receive, and enjoy, to their own use and behoof, an allowance after the rate of three pounds per centum per annum, upon all the faid bills for the said fum not exceeding one million two hundred thousand pounds, and also upon the quarterly bills last mentioned: nevertheless it is hereby declared, That the faid allowances of three pounds per centum per annum, for circulating the faid bills fo to be made forth, fhall commence and take effect only in proportion as the fame fhall be iffued at the Exchequer, and shall proportionally be abated,

and to the

centum per

annum.

cease,

cease, and determine, as the faid bills, or any of them, shall hereafter come to be discharged and cancelled.

III. And for better enabling the governor and company of the bank of England, and their fucceffors, to circulate all the Exchequer bills made forth, and to be made forth upon this and the said former acts, by exchanging the fame, from time to time, for ready money upon demand, be it further enacted by the au- 8000l. (above thority aforefaid, That the full and entire yearly fum of eight the 45000l. of thousand pounds of lawful money of Great Britain (over and 9 Annæ to be above the yearly fum of forty five thousand pounds, mentioned paid to the bank yearly, in the faid recited act of the ninth year of her Majefty's reign) shall be well and truly paid and fatisfied, unto and for the use of the said governor and company, and their fucceffors, without any account, impreft, or other charge to be set upon them for the fame, or any part thereof, and without any abatement for taxes, or other caufe or occafion whatsoever; and that the faid yearly fum of eight thousand pounds, fhall commence and take effect from the thirty first day of July, one thousand seven hundred and thirteen, and be paid and fatisfied to the faid governor 31 July, 1713. and company, and their fucceffors, by quarterly payments, that and paid quaris to fay, on the one and thirtieth day of October, the one and terly. thirtieth day of January, the thirtieth day of April, and the one and thirtieth day of July yearly, by even and equal portions; the first payment thereof to be due on the one and thirtieth day of October, one thousand feven hundred and thirteen.

to commence

ftand out un-,

IV. And it is hereby enacted, That the faid yearly fum of To be paid eight thousand pounds, together with the yearly fum of forty till no more five thousand pounds, mentioned in the faid recited act of the than 1900000l. ninth year of her Majefty's reign, fhall continue and be paid and cancelled. payable unto the faid governor and company, and their succesfors, until fuch time as no more than nineteen hundred thoufand pounds, of all the faid bills issued and to be iffued for the faid fums, not exceeding two millions five hundred thousand pounds, four hundred thoufand pounds, and one million two hundred thousand pounds; and of all quarterly bills iffued, or to be issued in pursuance of this or the faid former acts, taken all together, fhall be standing out uncancelled in the whole,

ral fund and

V. And it is hereby further enacted by the authority afore- Subfidies, dufaid, That the feveral fubfidies, duties, furplus monies, remains ties, &c. and arrears, which were granted or appropriated by the faid act 7 Annæ, shall of the feventh year of her Majefty's reign, and comprehended be the genein the general fund or fecurity by that act established, shall be a fecurity. fund and fecurity, as well for fatisfying and paying, from time to time, all the monies which shall be due or payable for intereft, after the rate of two pence per centum per diem, and for the faid allowance of three pounds per centum per annum, for all the bills made out, or to be made out upon this or the faid former acts and all the monies which fhall grow due upon the faid yearly fums of forty five thousand pounds, and eight thousand pounds (fo much of the faid yearly fum of forty five thousand pounds, as fhall grow due on or before the thirty first day of July, one

thoufand

i

The 31. per
cent. to be

paid weekly.

thousand seven hundred and fourteen, for which other provifions have been made, being only and always excepted) as alfo for or towards raising fuch a yearly fum as is herein after mentioned, for paying off and cancelling all the faid bills iffued or to be iffued, as aforefaid, in fuch order, manner and form as are herein after prescribed; and that fuch of the faid fubfidies, duties, furplus monies, remains, and arrears, as are already commenc ed or arisen, and the refidue thereof, as they fhall arife and take effect, shall be and are by this act appropriated, and fhall. be applied thereunto accordingly; any other act or acts of par liament, or other matter or thing whatsoever to the contrary in any wife notwithstanding.

VI. And it is hereby declared and enacted by the authority aforefaid, That the faid allowances after the rate of three pounds per centum per annum, for circulating the faid bills upon this and the faid former acts, fhall, from time to time, be paid and fatiffied at the receipt of her Majesty's Exchequer, to the said governor and company, and their fucceffors, weekly, or as foon as the same can be fatisfied out of the monies arifing by the faid duties and revenues already commenced, or hereafter to commence or take place, as aforefaid, or by any of them, or fo far as the monies coming in from thofe duties or revenues, or any of them, will, from time to time, extend thereunto, fo as by fuch weekly or other payments, the whole of the faid allowances, after the rate of three pounds per centum per annum, due to the faid governor and company, and their fucceffors, at the end of each quarter (reckoning the quarters to terminate at the four most usual feafts of the year respectively) be not exceeded; Treasury to and that the lord treasurer, or any three or more of the comdirect imprest miffioners of the treasury, for the time being, thall, and he, money for dif charging inte- and they are hereby impowered and directed, out of the monies rest on exche- arifing by the said duties and revenues already commenced, or quer bills. hereafter to commence or take place, as aforesaid, or by any of them, to iffue to such person or perfons, as he or they thall think fit to intrust in that behalf, and upon fecurity to be given to his or their good liking, such fum or fums of money, by way of impreft, and upon account, from time to time, and by fuch proportions at a time, as he or they fhall find neceffary for difcharging all the intereft, after the rate of two pence per centum per diem, which fhall be due or demandable upon the said bills made forth, and to be made forth, upon this or the faid former acts, or any of them, or so much of the said intereft as the money coming in, by or for the faid duties and revenues, or any of them, will extend to fatisfy; the faid intereft to be difcharged at fuch time, and in fuch manner and form, as by the faid former acts, or any of them, was prescribed, for difcharging the intereft of the bills thereby authorized to be issued.

VII. And be it further enacted by the authority aforefaid, That After paying the intereft of after paying or reserving fufficient to pay or fatisfy, from time 2 d. per cent. to time, fo much as fhall be grown due or demandable for the per diem, and faid intereft of two pence per centum per diem, and allowance of

three