Page:Ruffhead - The Statutes at Large - vol 5.djvu/314

 Anno fexto Georgii Regis. A. D. Sou#i-SeaCom- pany during fevehYeafs from Midiummcr 1720, willing to furnlfh Money for circulating thele new Ellis at their own Charge, 274 C. 4. Anno iexto ueorgii icegis. j. u. 1719, loir, burnt, or otherwise deftroyed before the fecond Day of February one thoufand feven hundred and nineteen, and fhall by fuch Oath afcertain the Numbers and Sums of fuch Bill or Bills ; and if there- upon the faid Chief Baron, and other the faid Barons, or any of them, before whom fuch Proof was made, fhall certify that he or they is or are fatisfied in fuch Proof; that then and in every fuch Cafe the faid Commiflioners of the Treafury, or any three or more of them, or the High Treafurer for the Time being, are hereby authorized to caufe a new Bill or Bills (of the new Bills before-mentioned] to be delivered in lieu of the Bill or Bills fo certified to be loft, burnt or deftroyed, as if the original Bill or Bills were brought in and cancelled ; provided the Perfon or Perfons fo receiving the fame do give Security to his Majefty (to the good Liking of the Perfon or Perfons who fhall be appointed to take in the old Bills as aforefaid) to pay into the Exchequer, for the Ufe of the Publick, fo much Money as is contained in fuch new Bill or Bills, in cafe the original Bill or Bills fo certified to be loft, burnt or deftroyed, be hereafter produced. ' LXXII. And whereas the faid Governor and Company of Merchants of Great Britain (in Confide- ration of the Advantages which may poflibly accrue to them by increafing as well their capital Stock, as their Annuity or yearly Fund, and alio their Allowance for Charges of Management, upon fuch Terms and Conditions as are in and by this Aft prefcribed in that Behalf) are willing from Time to Time, during the Term of feven Years, to be reckoned from the Feaft of the Nativity of Saint John Baptiji one thoufand feven hundred and twenty, to furniln, fupply and pay to fuch Truftees as fhall be chofen and conftituted, as is herein after mentioned, fo much ready Money in the lawful Coins of this Realm, as fhall be fufficient to enable fuch Truftees to exchange all fuch of the faid Bills to be made forth by virtue of this Aft, as fhall be demanded at the publick Office of the faid Truftees, at any Time or Times within the faid Term of feven It ears, by paying in fuch ready Money upon every fuch Demand, all the principal Monies contained in every fuch Bill, and the Intereif. which fhall then be due thereupon, and fo totics quoties, as often as any fuch Bills fhall be demanded, and are willing at their own proper Colt and Charges to bear, defray and allow, out of the Money fo to be furnifhed from Time to Time, fo much as lhall be fo paid by the faid Truftees, for Intereft upon the Bills fo demanded and exchanged from Time to Time, within or during the Term laft mentioned ; provided the faid Truftees do from Time to Time, upon exchanging of every fuch new Bill as aforefaid, take in the Bill fo exchanged, and fhall ftand pofleffed of the fame (as to the principal Monies therein contained, and the Intereft-monies to grow due thereupon, during the Times they fhall be in the Hands or Power of the faid Truftees) in Truft for the faid Governor and Company of Mer- chants of Great Britain, and their Succefibrs, and fhall be anfwerable and accountable to them for the fame Monies, or the Value thereof in like Bills, as is herein after mentioned ; and in cafe during this or any future Seffion or Seffions of Parliament any other Aft or Afts of Parliament be or fhall be made, for making forth any further Sum or Sums in Exchequer-bills to be circulated by Truftees at or near the Exchequer, and to be current at any Time or Times within or during the faid Term of feven Years, or for any Part of the fame Term, at the faid Exchequer, and in the publick Revenues and Taxes, upon Credit of fuch Fund or Security, or of fuch Monies to be borrowed thereupon, as by Authority of Par- liament fhall be eftablifhed or appointed to fupport the Currency thereof ; then and in every fuch Cafe the faid Governor and 'Company of Merchants of Great Britain, for the Confideration aforefaid, are willing (from Time to Time during the faid Term of feven Years, or for fo much of that Term as the faid Exchequer-bills to be made forth by fuch other or future Aft or Afts of Parliament, fhall have a joint Currency with the faid Bills to be made forth by virtue of this Aft, or be current together, or at the fame Time) to furnifh, fupply and pay to fuch Truftees as fhall be chofen or conftituted as in this Aft is afterwards mentioned, in the lawful Coins of this Realm, a proportional Part of fuch ready Money as fhall be fufficient to enable the fame Truftees to exchange all or any the Bills which fhall be fo current (whether they be Bills made forth by virtue of this Aft, or by any other Aft or Afts of this or any future Seffion of Parliament) as often as any fuch Bill fhall be demanded within the faid Term of feven Years, by paying all the principal Monies contained in fuch Bill, and the Intereft which^fhall upon every fuch Demand be due thereupon, and fo toties quoties, as often as the fame fhall be demanded; which proportional Parts fhall from Time to Time be afcertained and determined in Manner following, (that is to fay) as the Sum Total of the principal Monies contained in all the faid Bill's then uncancelled and undifcharged fhall be to ten hundred thoufand Pounds, fo the whole Sum which at any Time or Times during the faid Term fhall be neceflary and called for to fupport the Currency of all the faid Bills, fhall be to the proportional Part to be furnifhed by the fame Governor and Company towards fupporting Treaftry to * fuch Currency:' fie it therefore enafted by the Authority aforefaid, That the faid Commiflioners of his »a.me three, and Majefty's Treafury, or any three or more of them, or the High Treafurer for the Time being fhall, on the Company as Behalf of the Publick, name three fuch Perfons as they fhall judge to be fit for executing the Trufts rela- ^"Irorlatine' *' n S t0 Exchequer-bills in and by this Aft intended, and that the laid Governor and Company of Merchaats 'me new Bills of Great Britain, or their Court of Directors on their Behalf, ihall forthwith nominate three other Perfons (being Members of their own Company, or any others) as they fhall judge to be fit for executing the faid Trufts in and by this Aft intended ; and that upon fuch feveral Nominations the faid' Commiflioners of the Treafury, or any three or more of them, or the High Treafurer for the Time being, fhall and rriay, from i Time to Time, by any Writing or Writings under their Hands and Seals (to be regiftred in the Office c of the Auditor of the Receipt of Exchequer, and to be enrolled in the Office of the Clerk of the Pells there) e sonftitute and appoint all the Perfons which- fhall be fo chofen or nominated to be Truftees for circulating, 3. Exchequei- &n& a Proportion of Money for circulating other Bills to be made fprth.