Page:Ruffhead - The Statutes at Large - vol 5.djvu/315

 A. D. 1719. Anno fexto Georgii Regis. C. 4. 275 Exchequer-bills, with Power to them, or any four or more of them, to receive as well the Monies to be furnifhed by the faid Governor and Company purfuant to this Act, as the Monies which by any other or future Act or Acts of Parliament fhall be ifluable at the Exchequer for fupporting the Currency thereof; and that the Truftees fo to be conftituted fhall keep an Office at or near the Exchequer in IVeflminjler, to keep an Off.;-; to which the refpective Bearers of the faid Bills may, at all feafonablc Times of the Day (Sunday] and »' "■ "«* th= Holidays excepted) refort to have their Bills exchanged for ready Money upon Demand. Exchequer. LXXfll. And be it enacted by the Authority aforefaid, That the faid Governor and Company of Mer- Company to < - chants of Great Britain, and their Succeflbrs, or their Court of Directors on their Behalf fhall, and they "'f"^'-^',^. 1 ^" are hereby enjoined and required from Time to Time, during the faid Term of feven Years, to fiirhifh, cjr cu ] at ; fupply, and pay to fuch Truftees as fhall be chofen or conftituted, as aforefaid, fo much ready Money in the new dills, the lawful Coins of this Realm, as fhall be fufficient to enable fuch Truftees to exchange all fuch of the not exc-.-eding faid Bills to be made forth by virtue of this Act, as fhall be demanded at the faid publick Office of the faid i*o°o.ooo »■ for Truftees, at any Time or Times within the faid Term of feven Years, by paying (in fuch ready Money) evcn ""' upon every fuch Demand, all the principal Monies contained in every fuch Bill, and the Intereft which lhall then be due thereupon, and fo toties quoties, as often as any fuch Bill fliall be demanded, fo as all the principal Sums to be contained in all the new Bills to be made forth by virtue of this Act (in lieu of all the Principal and Intereft due upon the faid old Bills) do not in the whole exceed ten hundred thou- fand Pounds ; and the fame Governor and Company fliall at their own proper Coft and Charges bear, defray, and allow out of the Money fo to be furnifhed from Time to Time, fo much as fhall 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. LXXIV. And it is hereby enacted by the Authority aforefaid, That the faid Truftees fhall, and they Tiulres i sc- are hereby enjoined and required, from Time to Time, upon exchanging every fuch Bill which fhall have the g^'' * ° been made forth by virtue of this Act, take in the Bill fo exchanged, and fhall ftand pouefled of the fame (as to the principal Monies therein contained, and the Intereft-monies to grow due thereupon, during the Fimes they fhall be in the Hands or Power of the faid Truftees) in Truft for the laid Governor and Company of Merchants of Great Britain, and their Succeflbrs, and fhall be anfwerable and accountable to them for the fame principal Monies, and the Intereft-monies to grow due thereupon during the Times they fliall be in the Hands or Power of the faid Truftees, or the Value thereof in like Bills, as is herein after mentioned. LXXV. And be it further enacted by the Authority aforefaid, That in cafe during this or any future if any further Seffion or Seffions of Parliament, any other Act or Acts of Parliament be or fhall be made for making forth Sums be to be any further Sum or Sums in Exchequer-bills to be circulated by Truftees at or near the Exchequer, and lflued '.", E * c ^ e * to be current at any Time or Times within or during the faid Term of feven Years, or for any Part of the ^company =n fame Term, at the faid Exchequer, and the publick Revenues and Taxes, upon Credit of fuch Fund or fl, a ii fumifh a Security, or of fuch Monies to be borrowed thereupon, as by Authority of Parliament fhall be eftabliftied proportional Part or appointed to fupport the Currency thereof; then and in every fuch Cafe, the faid Governor and Com- of, j a,J J M ™ c » pany of Merchants of Great Britain, and their Succeffors, for the Confideration aforefaid fhall, an dthey£° 'vf r y^j™ are hereby enjoined and required, by themfelves, or their Court of Directors for the Time being (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 Act or Acts of Parliament, fhall have a joint Currency with the faid Bills to be made forth by virtue of this Act, or be current together or at. the fame Time) to furnifh, fupply and pay to fuch Truftees as fhall be chofen or conftituted by this Act, as aforefaid, 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 Act, or by any other Act or A£ts of this or any future Seffion of Parliament) as often as any fuch Bills fhall be demanded within the faid Term of feven Years, by paying all the principal Monies contained in fuch Bills, and the Intereft which fhall upon every fuch Demand be due thereupon, and fo toties quoties, as often as the fame fliall be demanded, which proportional Parts fhall, from Time to Time, be afcertained and determined in fuch Manner and Form as are before mentioned in that Behalf; and that the fame Governor and Company fhall, at their own proper Cofts and Charges, bear, defray, and allow out of the faid proportionalMoney fo by them to be furnifhed from Time to Time, a like Proportion of the Monies which fliall have been paid by the faid Truftees for Intereft upon the Bills fo demanded and exchanged (whether they be Bills made forth by virtue of this Act, or by any other Act or Acts of this or any future Seffion of Parliament, (as aforefaid) within or during the faid Term of feven Years : Neverthe- lefs the faid Truftees, upon exchanging the faid Bills (during the Time of fuch joint Currency, as afore- faid) or any of them, fhall be and are hereby obliged to take in the fame Bills fo exchanged, and to be anfwerable and accountable to the faid Governor and Company of Merchants of Great Britain, and their Succeflbrs, for fuch Part of the principal Sums contained therein, and the Intereft-monies to grow due thereupon, during the Times they fhall be in the Hands or Power of the faid Truftees, as fliall bear a j Lift Proportion to the coined Monies which the fame Governor and Company fhall have furnifhed and advanced for or towards the exchanging of the fame, which Proportions of the principal Sums fo paid by way of Ex- change, from Time to Time, and of the Intereft laft mentioned, fhall and may be made good to the faid Governor and Company out of the fame, or other Exchequer-bills then current, as is herein after- sientioned. Nn 2 LXXVL c