Page:Ruffhead - The Statutes at Large - vol 5.djvu/322

.282 C. io. Anno fexto Georgii Regis, A. D. 1719. , 3 .& 3 Oo 5 Geo. 5 Geo. For farther P10- vifions relating to this Aft, fee 7 Geo. 1. ft, 1. t. .-. left. 3S. & « Geo. 1. c. so. 5 Geo. I. c. 3. 5 Geo, 1, c, 19.' 6 Geo. 1. 0,4. CAP. X. An Act for making forth new Exchequer-bills not exceeding one million' at a certain Inte- reft ; and for lending the fame to the South-Sea Company at an higher Interefl, upon- Security of repaying the fame and fuch high Jntereft into the Exchequer for Ufts to which the Fund for lefTening the publick Debts (called the Sinking Fund) is applicable ; and for circulating and exchanging upon Demand the faid Bills at or near the Exche- quer. I. lyTAY it pleafe your moll Excellent Majefty ; Whereas in and by an Aft of Farliament of the XV JL third Year of your Majefty's Reign, intituled, At? Acl for redeeming the Duties and Revenues zvhich were fettled to pay off Prineipal and Intereft on the Orders made forth on four Lottery- Acts pa fed in the ninth and tenth Years of her late Majef/y's Reign, and for redeeming ce> tain Annuities payable on Orders out of the hereditary Excife, according to a former Acl in that Bha/f; and for efiablifhing a Central yearly Fund, not only for the future Payment of Annuities at fevered Rates, to be payable and transferable at the Bank of England and redeemable b : Parliament ; but alfo to raife Money for fuch Proprietors of the Jaid Orders, as fhall chufe to be paid their Principal and Arrears of Interefl in ready Money ; and for making good fuch other Deficiencies and Payments, as in this Acl are mentioned ; and for taking off the Duties on Linfeed imported and Bntifh Linen exported, It was enafted and declared, That the Monies which fhould from Time to Time arife by certain Surpluses, Exceffes and overplus Monies therein fpecified, fhould be appropriated, re- ferved and employed to and for the difcharging the Principal and Interefl: of fuch national Debts and In- cumbrances as were incurred before the twenty-fifth Day of December one thoufand feven hundred and fixteen, and were declared to be national Debts, and were provided for by Aft of Parliament, in fuch Manner and Form as fhould be direfted or appointed by any future Acl: or Afts of Parliament to be dif- charged therewith or out of the fame : And whereas by an Aft of Parliament of the fifth Year of your Majefty's Reign, intituled, An Ail for applying certain overplus Monies and further Sums toberaifed, as ivell by way of a Lottery as by Loans, toivards paying off and cancelling Exchequer-bills, and for leffening the prefent gre. t Charge in relation to thofe Bills ; and "for circulating and exchanging for ready Money the Rfidue of the fame Bills for the future, It was provided and enafted, That fo much of the faid Excefles, Sur- piuffes or overplus Monies arifing quarterly after the Feaft of the Annunciation of the blefled Virgin Mary which was in the Year of our Lord one thoufand feven hundred and nineteen, as -fhould amount to the full Sum of five hundred and twenty thoufand Pounds (no Loans having been made by that Act to fupply the fame) fhould and might be applied towards difcharging and cancelling the Principal and Interefl due or to be due on the Exchequer-bills therein mentioned, until fuch Time as the full Sum or Value of five hundred and twenty thoufand Pounds in Principal and Interefl on fuch Exchequer-bills fhould be paid off", difcharged and cancelled, as by the faid feveral Afts of Parliament, Relation being thereunto had, may more fully appear ; which Monies fo arifing by the faid Surplufles, Excefles and Overplufles are commonly called the Sinking Fund, and are likely to be very much increafed ; and a confiderable Part of the faid Sum of five hundred and twenty thoufand Pounds, out of the Produce thereof, hath been appliedtowards difcharging and cancelling the faid Exchequer-bills, and the Refidu-s of the faid five hundred and twenty thoufand Pounds, as the Monies of the faid Fund fhall come into the Exchequer, will be' applicable to the fame Ufe, according to the Tenor of the faid Aft of Parliament in that Behalf: And whereas the Sum of three hundred twenty-eight thoufand fix hundred feventy-three Pounds four Shillings and ten Pence Half-penny was advanced by the Governor and Company of Mer- chants of Great Britain trading to the South-Seas and other Parts of America, purfuant to an Aft of the 'fifth Year of your Majefty's Reign, intituled, An Acl for redeeming the Fund appropriated for Payment of the Lottery-Tickets, which were made forth for the Service of the Tear one thoufand feven hundred arid ten, by a voluntary Subfcription of the Proprietors into the capital Stock of the South-Sea Company - f and for raifing q Sum of Money to pay off fuch Debts and Incumbrances as are therein mentioned ; and for appropriating the Supplies gra?ited in this Seffion of Parliament ; and. to limit Times for Profecutions upon Bonds for exporting Cards and Dice, and the faid Sum of three hundred twenty-eight thoufand fix hundred feventy-three Pounds four Shillings and ten Pence Half-psnny doth, on the fourth Day of April one thoufand (even hundred and twenty, remain in the Receipt of your Majefty's Exchequer : Anci whereas in order to the leffening the Debts of this Nation, it is thought convenient that a Power be given to the Commiffioners of your Majefty's Treafury, or the High Treafurer for the Time being, at any Time or Times within one Year, and from thence to the End of the then next Seffion of Parliament, and by fuch Proportions at a Time as he or they fhall find to be moft for the Advantage of the Publick, to make forth or caufe to be made forth at the Exchequer any Number . of _new Exchequer-bills, fo as all the principal Sums to be contained therein do not in the whole exceed one million of Pounds (over and above the Exchequer- bills to be made forth purfuant to another Aft of this Seffion of Parliament in that Behalf;)' and that the faid new Exchequer-bills bear an Interefl not exceeding the Rate of two Pence per Centum per Diem ; and that as well the faid Sum of Money now remaining in the Exchequer as aforefaid, as alfo the Mo- nies to arife quarterly by the faid Surplufles., Exceffes and Overplufles, commonly called the Sinking ' Fund