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uses, by circulating a further sum in Exchequer bills; and
others, as are therein mentioned. Preamble re. M^
AY it please your most excellent Majesty, Whereas in pursuance citing the acts MV of an act of parliament made in the seventh year of your Mac 7 Ann. c.7. jesty's reign (amongst other things) for enlarging the capital flock of relating to Exchequer
the bank of England, several bills commonly called Exchequer bills, bills. were made forth, amounting in principal money to two millions and
five hundred thousand pounds, for your Majesty's supply, and in purJuance of another act of the fame lillion of parliament made (among other things) for circulating a further sum in Exchequer bills; and of an all made in the eight year of your Majesty's reign, intituled, An act for granting an aid to her Majesty to be raised by a landtax in Great Britain, for the service of the year one thousand le.ven hundred and ten, further Exchequer bills, to the amount of four hundred thousand pounds in principal money, have also been ilued
for your Majesty's supply: and whereas provision was made in the axis before mentioned, That the said bills foould bear an interest of two pence per cent. per diem, when they respectively fhould not be in the publick receipts, and that the governor and company of the bank of England, for circulating the said bills (by exchanging such of them for ready money as pould, from time to time, have passed through your Majesty's revenue or taxes, and also 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 sum of the said þills, 7 Ann. C, 7. amounting to two millions and nine hundred thousand pounds : and
whereas in and by the said act of the seventh year of your Majesty's reign, certain duties were granted, continued, or made payable to your Majesty, your heirs and successors, for ever (subject to such redemption as is therein expressed) that is to say, the duties called the two thirds of a subsidy of tonnage and poundage therein mentioned, which were to take effel by that aft, from the seventh day of March one thousand seven hundred and eleven, certain duties upon coffee, cocoa nuts, chocolate, cocoa pafle, tea, nutmegs, cinnamon, cloves, mace, piélures and muslins, 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 com coes, porcelan, commonly called China ware, and drugs; all writh are to take effe&t by the act last mentioned, from the twenty-third ang of June one thousand seven hundred and fourteen; and one half of another subsidy of tonnage and poundage therein mentioned, which is to take effect from and after the last day of July one thousand fi uus hundred and fouricen.; and all the said duties to granted, coria sied, or made payable, together with the surplus which should, from time to time, arise of or from the other half of the same subsidy of tonnage and poundage (over and above eighty thousand pounds per ann. formerly charged thereupon for payment of annuities) and divers arrears and other sums of money or revenues more largely described in the said ad of the seventh year of your Majesty's reign, are thereby, and by the other acts above mentioned, or fome of them, made a general fund or security for paying the said interest which was to be born on the faid bills, and the said allowance after the rate of three pounds per cent. per ann. and for or towards raising a yearly sum of two bundred thousand pounds for paying off and cancelling the said bills ; and by the aforesaid afts or some of them, it was provided, that quarterly at the four usual feasts of the year, until the said duties Mould take effect, and be sufficient for payment of the said interest and allowance, there should be a computation made of the sum which on every of the faid fenft days should be due and owing (over and above so much as should have been applied of the said duties to thoje purposes) for the faid interest and allowance, and that other Exchequer bills should be made out for so much as fbould be so computed to be due, bearing the like interest, and for circulating whereof the said governor and com, pany were to have the like allowance of three pounds per cent. .per ann. ar.d the quarterly bills fo made forth until and for the quarter, ended at Lauy-day one thousand seven hundred and thirteen, have amounted to the further sum of four hundred and eighty thousand three hundred and twelve pounds, and ten shillings, or thereabouts, and more quarterly bills of the like nature may further be ifiable on the faid former atis : and by the same afts, or some of them, it was declared and enafted, That out of the remainder of the faid duties and revenues, when and as the same mould respectively take effect (regard being first had to the said payments for interest and circulation, which are always to be preferred) the full fum of two hundred thousand pounds, or lo much thereof as the said remainder would from time to. nime extend unto, should be appropriated for paying off all the principal money which foould be contained in the said bills, and for cancelling the same, until all the said bills should be discharged and cancelled : Recital of and whereas by. an aft made and passed in the ninth year of your Ma- 9 Ann. C.7. jefly's reign, for enabling and obliging the bank of England to exchange all Exchequer bills for ready money upon demand, it was enacled, That the full sum of forty-five thousand pounds per ann. should be paid to and for the use of the fail governor and company, and their fucceffors, by quarterly payments, and by such ways and means, and in such manner and form, as in that act are prescribed, until fuch time as ail :he jaid quarterly Exchequer bills made or to be made for interest or ollowan!e, as aforesaid, together with a million of the said bills for two millions nine hundred thousand pounds shall be paid off and canielled, or until such time as there shall not be standing out and uncancelled more than one milijon and nine hundred thousand pounds in the whole of the said bills for two millions and nine hundred thousand pounds, and, quarterly bills taken together (which of the limitations aforesaid fall firit happen) as by the faid several acts, relation being thereunto refpectively bad, may more fully appear : and whereas the said governor
and company of the bank of England are willing (for the publick fervice) to undertake the circulation of the further sum of twelve hundred thousand pounds in other Exchequer biis to be ilued for your Majesty's Jupply, and of such quarterly bills for interesi and other allowances, as Mall and may be made forth in pursuance of this prelent act, so as the Jaid governor and company may bave fuch encouragements, and such terms and advantages as are bereafter in this act expressed : now we your Majesty's most dutiful and loyal subjects, the commons of Great Britain in parliament afembledd, do humbly beseech your Majesty that it may be enacted, and be it enacted by the Queen's moit excellent majesty, by and with the advice and content of
the lords fpiritual and teinporal, and commons in this present Treasury may parliament assembled, and by authority of the fame, That it issue out ihall and may be lawful to and for the lord high treasurer of 1200000l. in Exchequer
Great Britain, or any three or more of the commissioners of the bills.
treasury for the time being, to cause bills to be inade forth at the receipt of the Exchequer, in such manner and form as he or they shall appoint, for any sum or sums of inoney, not exceeding in principal money the fun of one million two hundred thousand pounds, for her Majelty's supply (over and above the bills made forth, or to be made forth, by or in pursuance of the faid former acts, or any of them) and to ifjue the said bills for the said fums, not exceeding one million two hundred thoufand pounds, for such publick uses and services, whereunto the fame are or thall be appropriated, or applicable, in such proportions as the said lord treasurer, or any three or inore of the commiffioners of the treasury for the time being, shall, from time to time, direct and appoint,
II. And it is hereby enacted by the authority aforesaid, That Bills to bear interest at 2 d. the bills for the said sums, not exceeding one million two hunper cent per dred thousand pounds, and also such bills as are to be issued diem to the quarterly in the manner and form herein after mentioned, thall bearer,
feverally bear an intereft after the rate of two pence per centuir per diem, to be payable to the bearers thereof respectively; which interest is nevertheless to be abated and saved upon such 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 Majesty, 'her heirs or succeffors, during such time and times respectively, as
fuch bills shall be or remain in the said receipt, or in such hands and to the or power, as aforesaid ; and that the said governor and compabank 3 l. per ny, and their succeffors, shall have, receive, and enjoy, to their centum per own use and behoof, an allowance after the rate of three pounds anpum.
per centum per annum, upon all the said bills for the said fum not exceeding one million two hundred thousand pounds, and also upon the quarterly bills laft mentioned : nevertheless it is hereby declared, That the said allowances of three pounds per centum per annum, for circulating the faid bills fo to be made forth, shall commence and take effect only in proportion as the same thall be issued at the Exchequer, and shall proportionally be abated,
cease, Cease, and determine, as the said 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 successors, to circulate all the Exchequer bills made forth, and to be made forth upon this and the faid former acts, by exchanging the same, from time to time, for ready money upon demand, be it further enacted by the au- 8000l. (above thority aforesaid, That the full and entire yearly fumn of eight the 45000l. of thousand pounds of lawful money of Great Britain (over and 9 Annæ to be above the yearly sum of forty five thousand pounds, mentioned paid to the
bank yearly, in the faid recited act of the ninth year of her Majesty's reign) shall be well and truly paid and satisfied, unto and for the use of the said governor and company, and their successors, 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 cause or occasion whatsoever; and that the said yearly fum of eight thousand pounds, shall commence and take effect from the thirty first day of July, one thousand seven hun
to commence dred and thirteen, and be paid and fatisfied to the said governor 31 July, 1713. and company, and their fucceffors, by quarterly payments, that and paid quaris to say, on the one and thirtieth day of Oslober, 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 thoufand seven hundred and thirteen.
IV. And it is hereby enacted, That the faid yearly sum of To be paid eight thousand pounds, together with the yearly sum of forty till no more five thousand pounds, mentioned in the faid recited act of the than 1900.aol.
stand out un ninth year of her Majesty's reign, shall continue and be paid and cancelled, payable unto the said governor and company, and their fucceffors, until such time as 'no more than nineteen hundred thoufand pounds, of all the said bills issued and to be issued for the faid fums, not exceeding two millions five hundred thousand pounds, four hundred thousand pounds, and one million two hundred thousand pounds; and of all quarterly bills issued, or to be issued in pursuance of this or the said former acts, taken all together, fhall be standing out uncancelled in the whole.
V. And it is hereby further enacted by the authority afore- Subsidies, dufaid, That the several subsidies, duties, surplus monies, remains ties, &c. and artears, which were granted or appropriated by the said act ? Anna, shall of the seventh year of her Majesty's reign, and comprehended be the gene; in the general fund or security by that act established,
shall be a security, fund and security, as well for satisfying 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 said allowance of three pounds per centum per annum, for all the bills made out, or to be made out upon this or the said former acts; and all the monies which shall grow due upon the said yearly fums of forty five thousand pounds, and eight thousand pounds (so much of the said yearly sum of forty five thousand pounds, as shall grow due on or before the thirty first day of July, one
thousand seven hundred and fourteen, for which other provisions have been made, being only and always excepted) as also for or towards raising such a yearly sum as is herein after mentioned, for paying off and cancelling all the said bills ifsued or to be issued, as aforesaid, in such order, manner and form as are herein after prescribed ; and that such of the said subsidies, duties, surplus monies, remains, and arrears, as are already commenced or arisen, and the residue thereof, as they shall arise and take effect, shall be and are by this act appropriated, and shall be applied thereunto accordingly; any other act or acts of parliament, or other matter or thing whatsoever to the contrary in
any wise notwithstanding. The 31. per VI. And it is hereby declared and enacted by the authority cent. to be aforesaid, That the said allowances after the rate of three pounds paid weekly. per centum per annum, for circulating the said bills upon this and
the said former acts, shall, from time to time, be paid and fatiffied at the receipt of her Majesty's Exchequer, to the said governor and company, and their succeffors, weekly, or as soon as the same can be satisfied out of the monies arising by the faid duties and revenues already commenced, or hereafter to commence or take place, as aforesaid, or by any of them, or so far as the monies coming in from those duties or revenues, or any of them, will, from time to time, extend thereunto, lo as by such weekly or other payments, the whole of the said allow ances, after the rate of three pounds per centum per annum, due to the said governor and company, and their succeffors, at the end of each quarter (reckoning the quarters to terminate at the
four most usual feasts of the year respectively) be not exceeded; Treasury to and that the lord treasurer, or any three or more of the comdirect impreft miffioners of the treasury, for the time being, thall, and he, charging inte and they are hereby impowered and directed, out of the monies relt on exche- arising by the faid duties and revenues already commenced, or quer bills.
hereafter to commence or take place, as aforesaid, or by any of them, to issue to such person or persons, as he or they thall think' fit to intrust in that behalf, and upon security to be given to his or their good liking, such fum or sums of money, by way of imprest, and upon account, from time to time, and by fuch proportions at a time, as he or they shall find necessary for discharging all the interest, after the rate of two pence per centum per diem, which shall be due or demandable upon the faid bills made forth, and to be made forth, upon this or the said former acts, or any of them, or so much of the faid interest as the money coming in, by or for the said duties and revenues, or any of them, will extend to satisfy; the faid interest to be difcharged at such time, and in such manner and form, as by the said former acts, or any of them, was prescribed, for discharg
ing the interest of the bills thereby authorized to be ifsued. After paying
VII. And be it further enacted by the authority aforesaid, That the interest of after paying or reserving fufficient to pay or satisfy, from time 2 d. per cent., to time, so much as ihall be grown due or demandable for the per diem, and said interest of two peace por centum per diem, and allowance of