Public Debt Act 1712
| Jurisdiction | UK Non-devolved |
| Citation | 1712 c. 11 |
(12 Ann.) C A P XI.
MAY it please your most Excellent Majesty; Whereas in Pursuance of an Act of Parliament made in the seventh Year of your Majesty's Reign (amongst other Things) for inlarging the Capital Stock of the Bank ofEngland , several Bills commonly called Exchequer Bills, were made forth, amounting in Principal Money to two Millions and five hundred thousand Pounds, for your Majesty's Supply; and in Pursuance of another Act of the same Session of Parliament made (amongst other Things) for circulating a further Sum 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 Land Tax 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 Supply: And whereas Provision was made in the Acts before mentioned, That the said 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 such 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 Poundsper Cent. per Ann . for the whole Sum of the said Bills, amounting to two Millions and nine hundred thousand Pounds: And whereas in and by the said Act of the seventh Yearof 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 Effect by that Act, from the seventh Day ofMarch one thousand seven hundred and eleven, certain Duties upon Coffee, Cocoa Nuts, 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 Callicoes, 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 Subsidy of Tonnage and Poundage therein mentioned, which is to take Effect from and after the last Day of July one thousand seven hundred and fourrteen; and all the said Duties so granted, continued, 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 Act of the seventh Year of your Majesty's Reign, are thereby, and by the other Acts above-mentioned, or some of them, made a general Fund or Security for paying the said Interest which was to be born on the said 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 hundred thousand Pounds for paying off and cancelling the said 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 said Duties should 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 said Feast Days should be due and owing (over and above so much as should have been applied of the said Duties to those Purposes) for the said 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 said 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 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 issuable on the said former Acts: And by the same Acts, or some of them, it was declared and enacted, That out of the Remainder of the said Duties and Revenues, when and as the same should respectively take Effect (Regard being first had to the said Payments for Interest and Circulation, which are always to be preferred) the full Sum of two hundred thousand Pounds, or so much thereof as the said Remainder would from time to time extend unto, should be appropriated for paying off all the Principal Money which Should be contained in the said Bills, and for cancelling the same, until all the said Bills should be discharged and cancelled: And whereas by an Actmade and passed in the ninth Year of your Majesty's Reign, for enabling and obliging the Bank ofEngland to exchange all Exchequer Bills for Ready Money upon Demand, it was enacted, That the full Sum of forty-five thousand Pounds per Ann . should be paid to and for the Use of the said Governor and Company, and their Successors, by Quarterly Payments, and by such Ways and Means, and in such Manner and Form, as in that Act are prescribed, until such Time as all the said Quarterly Exchequer Bills made or to be made for Interest or Allowance, as aforesaid, together with a Million of the said Bills for two Millions nine hundred thousand Pounds shall be paid off and cancelled, or until such Time as there shall not be standing out and uncancelled more than one Million 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 shall first happen) as by the said several Acts, Relation being thereunto respectively had, may more fully appear: And whereas the said Governor and Company of the Bank of England are willing (for the Publick Service) to undertake the Circulation of the further Sum of twelve hundred thousand Pounds in other Exchequer Bills to be issued for your Majesty's Supply, and of such Quarterly Bills for Interest and other Allowances, as shall and may be made forth in Pursuance of this present Act, so as the said Governor and Company may have such Encouragements, and such Terms and Advantages as are hereafter in this Act expressed:' Now we your Majesty's most dutiful and loyal Subjects, the Commons of Great Britain in Parliament assembled, do humbly beseech your Majesty that it may be enacted, &c.
‘Treasury may issue out 1,200,000 l. in Exchequer Bills. Bills to bear Interest at 2 d.per Cent. per Diem to the Bearer, and to the Bank 3 l. per Cent. per Ann . 8000 l. above the 45000 l. of 9 Ann c. 7. to be paid to the Bank yearly, to commence 31 July 1713. and paid Quarterly. To be paid till no more than 1,900,000 l. stand out uncancelled. 9 Ann. c. 7. Subsidies. Duties, &c. 7 Ann. c. 7. shall be the general Fund and Security. The 3 l. per Cent , to be paid weekly. Treasury to direct Imprest Money for discharging Interest on Exchequer Bills. After paying the Interest of 2 d. per Cent. per Diem , an Allowance of 3 l. per Cent. per Ann . the Monies grown due on the 8000 l. and 45,000 l. per Ann. shall Quarterly be paid to the Bank, &c. Remainder appropriated for paying off and discharging Exchequer-Bills. See 1 Geo. 1. Stat. 2. c. 12. Sect. 15. Till the Fund established takes Effect, Treasury to compute Quarterly the Interest due and owing, &c. And to make out other Bills for so much as shall be due, with like Interest and Currency, &c. Deficiency to be made good by Parliament. Surplus disposable by Parliament These Bills shall be subject to the Rules, &c. of the former Acts, &c. The Powers, &c. of the former Acts relating to Exchequer-Bills, to be in Force. Yearly Sums, Allowance, and Interest, Tax-free. Bank obliged to exchange for Ready Money all...
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