Preamble re

CAP. XI.

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

M

AY it please your most excellent Majesty, Whereas in pursuance citing the acts of an act of parliament made in the seventh year of your Ma7 Ann. c. 7. jesty's reign (amongst other things) for enlarging the capital stock of

relating to Exchequer bilis.

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 Majesty's fupply, and in purfuance of another act of the same 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 Majesty 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 should 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 said bills (by exchanging fuch of them for ready money as should, 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 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 seventh year of your Majesty's reign, certain duties were granted, continued, or made payable to your Majesty, your heirs and fucceffors, for ever (Subject to fuck redemption as is therein expressed) that is to Jay, 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 seventh day of March one thousand seven hundred and eleven, certain duties upon caffee, cocoa nut's, chocolate, cocoa paste, tea, nutmegs, cinnamon, cloves, mace, pictures 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 calicoes, porcelan, commonly called China ware, and drugs, all which are to take effect by the act last mentioned, from the twenty-third day of June one thousand seven 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 foven bundred and fouricen, and all the faid duties so granted, continued, or

made payable, together with the surplus 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 described in the faid alt of the seventh year of your Majesty's reign, are thereby, and by the other acts abovementioned, or some of them, made a general fund or security for paying the faid interest 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 sum of two bundred thousand pounds for paying off and cancelling the faid bills; and by the aforesaid acts or some of them, it was provided, that quarterly at the four usual feasts of the year, until the faid duties should take effett, and be jufficient for payment of the faid interest and allowance, there should be a computation made of the fum which on every of the faid feast days should be due and owing (over and above so much as should have been applied of the faid duties to thoje purposes) for the faid interest and allowance, and that other Exchequer bills should be made out for so much as should be so computed to be due, bearing the like interest, 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 so made forth until and for the quarter, ended at Lady-day one thousand seven hundred and thirteen, have amounted to the further fum 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 ifssfuable on the faid former atts: and by the fame acts, or some of them, it was declared and enacted, That out of the remainder of the faid duties and revenues, when and as the fame should respectively take effect (regard being first had to the faid payments for interest and circulation, which ave always to be preferred) the full fum of two hundred thousand pounds, or fo 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 cancelling the fame, until all the faid bills should be discharged and cancelled: Recital of and whereas by an art made and passfed 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 said 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 prescribed, until fuch time as all the jaid quarterly Exchequer bills made or to be made for interest 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 shall not be standing out and uncancelled more than one miliion 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 aforesaid shall. first happen) as by the faid feveral acts, relation being thereunto refpectively bad, may more fully appear: and whereas the faid governor and

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 bis to be issued for your Majesty's Supply, and of such quarterly bills for interesi and other allowances, as shall and may be made forth in pursuance of this present act, so as the faid governor and company may have fuch encouragements, and fuck 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 aisembled, do humbly beseech your Majesty that it may be enacted, and be it enacted by the Queen's most excellent majesty, by and with the advice and confent of the lords fpiritual and temporal, and commons in this present Treafury may parliament assembled, 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 cause bills to be made forth at the receipt of the Exchequer, in such 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 Majesty'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 issue the faid bills for the faid fums, not exceeding one million two hundred thoufand pounds, for such publick uses and services, whereunto the same are or shall be appropriated, or applicable, in such proportions as the faid lord treasurer, or any three or more of the commiffioners of the treasury for the time being, shall, from time to time, direct and appoint.

iffue out 12000001. in Exchequer bills.

Bills to bear

per cent. per

diem to the bearer,

:

II. And it is hereby enacted by the authority aforesaid, That interest at 2 d. the bills for the faid sums, not exceeding one million two hundred thousand pounds, and also such bills as are to be issued quarterly in the manner and form herein after mentioned, shall severally bear an intereft after the rate of two pence per centum per diem, to be payable to the bearers thereof respectively; which interest is nevertheless to be abated and saved 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 Majesty, her heirs or fucceffors, during such time and times respectively, as fuch bills shall be or remain in the said receipt, or in such hands or power, as aforesaid; and that the said governor and compa

and to the

bank 31. per ny, and their successors, shall 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 said bills for the said fum not exceeding one million two hundred thousand pounds, and alfo upon the quarterly bills last mentioned: nevertheless it is hereby declared, That the said allowances of three pounds per centum per annum, for circulating the faid bills so to be made forth, shall commence and take effect only in proportion as the same shall be issued at the Exchequer, and shall proportionally be abated, ceafe, 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 fame, from time to time, for ready money upon demand, be it further enacted by the au- 80001. (above thority aforesaid, That the full and entire yearly sum of eight the 450001. of thousand pounds of lawful money of Great Britain (over and 9 Annæ to be paid to the above the yearly fum of forty five thousand pounds, mentioned bank bank yearly, in the faid recited act of the ninth year of her Majesty's reign) shall be well and truly paid and fatisfied, unto and for the use of the faid governor and company, and their successors, without any account, imprest, 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 faid yearly fum of eight thousand pounds, shall 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 successors, by quarterly payments, that and paid quaris to say, 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 seven hundred and thirteen.

to commence

stand out un

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 1900000l. ninth year of her Majesty's reign, shall continue and be paid and cancelled, payable unto the faid governor and company, and their fucceffors, until such time as no more than nineteen hundred thoufand pounds, of all the faid 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 iffued in pursuance of this or the faid former acts, taken all together, shall 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 arrears, which were granted or appropriated by the faid act 7 Annæ, shall of the seventh year of her Majesty's reign, and comprehended al fundand be the gene. in the general fund or security by that act established, shall be a security. fund and security, as well for fatisfying and paying, from time to time, all the monies which shall be due or payable for interest, 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 shall grow due upon the faid yearly fums of forty five thousand pounds, and eight thousand pounds (so much of the faid yearly sum of forty five thousand pounds, as shall grow due on or before the thirty first day of July, one thousand

The 31. per cent. to be

Treasury to

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 faid bills issued or to be iffued, 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 arifen, and the residue thereof, as they shall arife 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 wife notwithstanding.

VI. And it is hereby declared and enacted by the authority aforesaid, That the faid allowances after the rate of three pounds paid weekly. per centum per annum, for circulating the faid bills upon this and the faid former acts, shall, from time to time, be paid and satiffied 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 aforesaid, or by any of them, or fo far as the monies coming in from those duties or revenues, or any of them, will, from time to time, extend thereunto, so 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; and that the lord treasurer, or any three or more of the comdirect imprest miffioners of the treasury, for the time being, shall, and he, 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 issue to such perfon or perfons, as he or they shall think fit to intrust in that behalf, and upon security to be given to his or their good liking, such fum or fums 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 difcharging 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 faid former acts, or any of them, or so much of the faid interest as the money coming in, by or for the faid duties and revenues, or any of them, will extend to fatisfy; the faid interest to be difcharged at such time, and in such manner and form, as by the faid former acts, or any of them, was prescribed, for difcharging the interest of the bills thereby authorized to be issued.

money for dif

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