ann. thail 33 three pounds per centum per annum, then the monies which, allowance of from time to time, fhall be grown due to the faid governor and 31. per cent. company, and their fucceffors, upon their other allowances be- per ann. the fore mentioned, That is to fay, upon the faid yearly fum of due on the monies grown eight thousand pounds, from and after the said one and thirtieth 8000 and day of July, one thousand seven hundred and thirteen; and up- 450001. per on the faid yearly fum of forty five thousand pounds, after the faid one and thirtieth day of July, one thousand seven hundred paid to the quarterly be and fourteen, fhall quarterly, at the respective days and times bank, &c. before appointed for payment thereof, be paid and fatisfied to the said governor and company, and their successors, at the receipt of her Majefty's Exchequer weekly, or as soon as the same can be satisfied out of the monies arifing by the said duties and revenues already commenced, or hereafter to commence and take place, as aforefaid, or so 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 fums to be due to the faid governor and company, and their fucceffors, upon their allowances last mentioned, at the end of each quarterly day of payment thereof, be not exceeded: it being the true intent and meaning of this act, That the faid allowances after the rate of three pounds per centum per annum, and the faid payments for intereft, fhall, from time to time, take place and be preferred in point of payment out of the said fund, before the faid yearly fums of eight thousand pounds, and forty five thousand pounds per annum, or either of them; and that the faid yearly fums of eight thousand pounds, and forty five thousand pounds per annum, (as the fame are respectively to commence and be charged on the fame fund, as aforefaid) shall, from time to time, take place and be preferred in point of payment before the yearly fum herein after mentioned, for cancelling and discharging the faid Exchequer bills; The faid former acts, or any of them, or any thing therein contained, or any other law or statute whatsoever, to the contrary notwithstanding. VIII. Provided always, and be it enacted by the authority a- Remainder forefaid, That after paying, or referving fufficient to pay fo appropriated much as fhall, from time to time, be incurred and for paying off for or upon the faid interest after the rate of two pence per cen- ing Exchequer grown due and dischargtum per diem, and the said several allowances after the rate of bills. three pounds per centum per annum, and eight thousand pounds See 1 Geo. 1. per annum, and forty five thousand pounds per annum, which ftat. 2. c. 12. are always to be preferred, as aforefaid, the full and entire yearly fum of two hundred and feventy thousand nine hundred ninety nine pounds and seven fhillings (in which the abovesaid yearly sum of two hundred thousand pounds, is and shall always be understood to be comprehended and included) or so much of the faid yearly fum of two hundred and feventy thousand nine hundred ninety nine pounds and seven shillings, as the remainder of the said fund, fhall, from time to time, produce for that purpose, shall be and is by this act appropriated for paying off all the principal money contained or to be contained in all and VOL. XIII. every Ꭰ fect. 15. established takes effect, treasury to compute intereft due and owing,&c. every the Exchequer bills made forth and to be made forth, by or in pursuance of this and the faid former acts, or any of them, and for cancelling the fame, until all the said bills fhall be difcharged and cancelled, and fhall be iffued and applied to and for that use and purpose, in fuch manner as the 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 in that behalf; and that the iffues thereof fhall be made weekly, or as faft as the fund hereby established fhall produce money into the Exchequer for the fame, fo as by fuch weekly or other payments in any quarter, the fourth part of the yearly fum last mentioned for that quarter be not exceeded. IX. And for making good as well the said interest after the rate of two pence per centum per diem, and the faid allowances after the rate of three pounds per centum per annum, upon all the bills iffued and to be iffued, as aforefaid, as also the said yearly fum of eight thousand pounds, until the faid fubfidies, duties, furplus monies, remains, and arrears, compofing the faid general fund and fecurity, by this, and the faid former acts intended to be established, or so many of them as fhall be fufficient for those purposes, shall have taken effect; be it enacted by the authority aforefaid, That the lord high treafurer of Great Britain, or any three or more of the commiffioners of the treasury Till the fund for the time being, fhall, and he and they are hereby required and impowered, upon every of the four ufual quarterly feast days of the year which fhall happen, until the faid fund or fecurity fhall be fufficient for paying and fatisfying the said interest quarterly the of two pence per centum per diem, and the faid allowance of three pounds per centum per annum, as aforefaid, to compute, or caufe to be computed, the fum, which, on every of the faid feaft days, shall be due and owing (if any such then be, over and above so much as shall have been applied to thofe purposes, of the faid fubfidies, duties, and fums of money last mentioned) upon and for the said intereft, after the rate of two pence per centum per diem, and allowance after the rate of three pounds per centum per annum, upon all the bills iffued or to be iffued according to the tenor and true meaning of this and the faid former acts, and shall upon every of the four quarterly days by this act appointed for payment of the faid yearly fum of eight thousand pounds, compute or cause to be computed, the fum which on every of those quarter days fhall be due and owing (if any such then be, over and above so much as fhall have been applied for payment thereof out of the fubfidies, duties, and fums of money aforefaid) upon or for the faid yearly fum of eight thousand pounds, according to the tenor and true meaning of this act ; And to make and the faid lord treasurer, or three or more of the commiffioners of the treasury for the time being, fhall make out, or cause to be made out other Exchequer bills, for fo much as fhall be with like inte- fo computed to be due (if any fuch then be) on every fuch feast reft and cur- or other quarter day, for fuch intereft, and for fuch allowance rency, &c. of three pounds per centum per annum, and for the said yearly out other bills for fo much as shall be due, fum fum of eight thousand pounds respectively; which other bills shall bear the like interest of two pence per centum per diem, and the faid governor and company fhall have the like allowance, after the rate of three pounds per centum per annum for circulating thereof; and that the faid quarterly bills to make good the faid allowances, after the rate of three pounds per centum per annum, and the said yearly sum of eight thousand pounds, until such time, as aforefaid, fhall be dated on the respective quarter days to which the fame allowances and yearly fum refpectively, fhall be computed, and be iffued and paid to the said governor and company of the bank of England, and their fucceffors, in fatisfaction and discharge of so much of the said allowances after the rate of three pounds per centum per annum, and of the faid yearly fum of eight thousand pounds, to be paid them in pursuance of this act; and the faid quarterly bills intended to make good the faid intereft after the rate of two pence per centum per diem, shall be iffued at her Majefty's Exchequer, for paying off and discharging, or to raise money for paying off and discharging all the interest which shall be due upon all and every or any the bills made forth, or to be made forth, in pursuance of this or the faid former acts, or any of them, until fuch time, as aforefaid. X. Provided always, and it is hereby enacted, That in cafe Deficiency to the produce of all the faid fubfidies, duties, and revenues, ap- be made good propriated for the feveral purposes aforefaid, shall at any time or by parliatimes appear to be so deficient, that within any one year, the ment. faid refpective fubfidies, duties, and revenues, after all of them shall or ought to have taken effect, shall not be fufficient to anfwer and fatisfy the feveral and refpective purposes to which the fame are by the said former acts, and this prefent act, or any of them, appropriated or intended to be applied, then and in every fuch cafe, and as often as fuch deficiency fhall happen, the fame fhall be provided for, anfwered, and made good, by and out of the next aids to be granted in parliament. any XI. Provided also, and it is hereby enacted by the authority Surplus difaforesaid, That if the produce of the said subsidies, duties, and pofable by revenues, appropriated, as aforefaid, fhall at the end of parliament. quarter of a year (reckoning from Lady-day, one thousand seven hundred and thirteen) exceed the money due at the end of every fuch quarter, for all the purposes aforefaid, so that there fhall be an excess or furplus of the faid funds, fuch excess or furplus fhall be disposable, from time to time, for the publick use and service, by the authority of parliament, and not otherwise; any thing herein, or in any other act or acts of parliament contained to the contrary notwithstanding. XII. And be it enacted by the authority aforefaid, That all These bills the faid bills, which shall be iffued for the faid fums not exceed- shall be subject ing one million two hundred thousand pounds, and the faid to the rules, quarterly bills to be iffued in purfuance of this act, fhall be re- &c. of the for ceived and taken, and be current in like manner, and with such privileges and advantages, and subject to fuch rules and directions, as are prescribed by the said former acts, or any of them, D 2 for mer acts, &c. for any of the bills thereby authorized to be iffued; and that the faid governor and company, or any of the members thereof, shall not incur any disability for circulating the fame, or for or by reason of their doing any matter or thing in purfuance of this act. The powers, XIII. And be it further enacted by the authority aforefaid, &c. of the for- That the faid former acts above recited or mentioned, and all mer acts, relating to Ex- the powers, authorities, privileges, and advantages, rules, dichequer bills, rections, pains of death, and other penalties and forfeitures; to be in force. claufes, matters, and things therein contained (being now in force) touching or concerning the faid Exchequer bills iffued in pursuance thereof, or any of them, or touching or concerning any the fubfidies, duties, or funds therein mentioned, or any way relating thereunto (fuch alterations as are therein made by this act only excepted) fhall continue and be used, exercised, inflicted, raised, levied, applied, and put in practice and execution, in relation to all and every the Exchequer bills iffued or to be iffued upon the faid former acts, or any of them, or upon this present act, and in relation to the said subsidies, duties, and funds, and every of them, as fully as if the faid powers, authorities, privileges, advantages, rules, directions, pains of death, and other penalties and forfeitures, clauses, matters, and things (except as aforefaid) were again repeated and re-enacted in the body of this prefent act; any thing herein contained to the contrary notwithstanding. Yearly fums allowance, and XIV. And it is hereby declared, That the faid yearly fums of eight thousand pounds, and forty five thousand pounds, and the intereft, tax- faid allowance after the rate of three pounds per centum per anfree. num, and intereft after the rate of two pence per centum per diem, and the faid bills to become due by this or any former act, or any part thereof, fhall not be liable to any tax or assessment whatsoever. XV. And be it enacted by the authority aforefaid, That the faid Bank obliged to exchange governor and company of the bank of England, and their fucceffor ready mo- fors, (in confideration of the faid allowances and yearly fums ney all Exche- hereby enacted to be paid to them, as aforefaid) do and fhall, quer bills: and they are hereby obliged and required, until all the Exchequer bills made forth, or to be made forth, by or in pursuance of this and the said former acts, or any of them, fhall be difcharged and cancelled, to exchange for ready money all fuch of the faid Exchequer bills, as from time to time, and at all times, fhall be in the hands of any person or persons, and be demanded of the faid governor and company to be exchanged for ready money, whether fuch bills, or any of them, shall or shall not have paffed or had a currency in her Majesty's revenue or taxes, by paying unto all fuch perfon and perfons, in ready money, the fum or fums for which such bill or bills fo required to be exchanged, were iflued, or which the owner or owners of fuch bills fhall be entituled unto by fuch bill or bills refpectively, together with the intereft that shall, at the time of fuch demand, be due on such bill or bills respectively, and so toties quoties as often often as fuch bill or bills fhall be demanded, as aforefaid; any clause, matter, or thing in the faid former acts, or any of them, contained to the contrary notwithstanding: and in cafe the said governor or company, or their fucceffors, or their cashier, shall neglect or refuse to exchange any fuch bill or bills for ready money, as aforefaid, contrary to the true intent and meaning of this pretent act, upon demand thereof made at their chief office, which (during the currency of the bills before mentioned, or any of them) shall be kept at fome place within the city of London, by the space of twenty four hours, then the perfon or perfons demanding the fame, or the perfon or perfons for whose account fuch demand fhall be made, fhall and may, and are In default hereby enabled to bring his, her, or their action of debt, or up- may be fued. on the cafe for the fame, against the faid governor and company, or their fucceffors, in which action the person or perfons fo bringing the fame, fhall and may declare, That the faid governor and company are indebted to the plaintiff or plaintiffs therein, the money demanded upon the faid bill or bills, according to the form of the ftatute, and have not paid the fame, which fhall be fufficient; and the plaintiff or plaintiffs in fuch action. or actions, shall recover against the faid governor and company, not only the monies fo neglected or refufed to be paid, but also damages, befides full cofts of fuit; and the faid governor and company, and their fucceffors, fhall be, and are hereby fubject and liable thereunto; in which said action or actions, no effoin, protection, or wager of law shall be allowed, or any more than one imparlance. nies : XVI. And for the better enabling the faid governor and com- Bank may pany of the bank of England, and their fucceffors, to exchange, contract with upon demand, the faid Exchequer bills according to this act, it others for fur is hereby enacted by the authority aforefaid, That they the faid nihing mogovernor and company, and their fucceffors, at any time or times. from and after the paffing of this act, during the currency of the faid bills, or any of them, shall have full power and authority, and they are hereby authorized, at their own good liking, to contract and agree, in fuch manner as they fhall think fit, with any persons, natives, or foreigners, bodies politick or corporate (with whose abilities they shall be well fatisfied) for and concerning the furnishing of monies, from time to time, by such perfons or corporations, to the faid governor and company, and their fucceffors, on fuch terms, and under fuch penalties and forfeitures, as they shall find neceffary for the better enabling them to exchange all the faid bills upon demand, and to perform this undertaking; which contracts or agreements, on the part of the faid governor and company, are to be performed and made good at their own charge. XVII. And it is hereby declared, That fuch contracts in Such contracts writing made, be made without being ftamped, and fhall not not chargebe chargeable with any duties on stampt vellum, parchment or able with the paper, or any penalty or forfeiture incurred for not stamping the stamp duties. fame: and the faid governor and company of the bank of Eng D 3 land, |