Page:Ruffhead - The Statutes at Large - vol 5.djvu/434

 388 6 Geo. I, c. ic A. D. 172 1, € Geo. 1. c. 10. $ Geo. I, c, 4. C. 20. Anno o&avo Georgii P.egis. Part before recited, or any other Act or Acts of that or any future Seffion of Parliament, as often as any fuch Bills {hall be demanded within the Term of feven Years, by paying all the principal Monies contained in fuch Bill, and the Intereft which fhould upon every fuch Demand be due thereupon, and fo toties quoties, as often as the fame fhould be demanded ; and that fuch proportional Parts fhould, from time to time, be afcertained and determined in the Manner thereby prefcribed (that is to fay) As the Sum Total of the principal Monies contained in all the faid Bills then uncanceled and undifcharged, fhould be to ten hundred thoufand Pounds, fo the whole Sum, which at any Time or Times during the faid Term fhould be neceffary and called for to fupport the Currencyof all the faid Bills, fhould be to the proportional Part to be furnifhed by the faid Company toward fupporting fuch Currency : And it was- thereby provided and enacted, That if at any Time or Times thereafter, Provifton fhould be made by Authority of Parliament, of fo much Money in the lawful Coins of this Kingdom, as fhould be fuffici- ent to pay off and difcharge all the Principal and Intereft which fhould be due on the faid Exchequer- Bills, to be made forth by Virtue of that Act as aforefaid, or any Proportion .thereof at a Time; and' if by like Authority the fame coined Monies fhould be actually brought and paid into the Receipt of the Exchequer for that Purpofe, then the fame fhould be applied for or towards the paying off and dif. charging the fame Bills, or fuch Proportion thereof, fo far as fuch Money would extend, by paying to the refpe&ive Bearer or Bearers of the fame Bill or Bills then {landing out, the Principal and Intereft which fhould be due thereupon, and placing fuch coined Money, or any Part thereof, in Lieu of any the faid Exchequer Bills which fhould be made forth by Virtue of that Act, and fhould then be in the Office or Offices of any Teller or Tellers of the Exchequer, to anfwer fuch Payments whereunto the fame Bills fo remaining in fuch Office or Offices fnould then be legally fubject or liable, and that fuch Payments fhould be anfwered under fuch Penalties, Forfeitures, and Difabilities as were prefcribed by any- former Law or Statute concerning the Money for which' fuch Bills did lie in the Exchequer, to prevent the Diverting or Mifapplying the fame ; and from and after fuch Payments to the Bearer or Bearers or fuch placing of Money in Lieu of Bills in the faid Office or Offices of the faid Teller or Tellers, to an- fwer fuch Payments as aforefaid (and not fooner) the feveral and refpective Bills themfelves, which- fhould be fo paid off, or for which coined Money fhould be fo placed, fhould be cancelled, and the faid Company fhould repay to the refpective Tellers, fo much Intereft as remained due on the fame Bills reflectively, at the Time or Times when they were laft paid into the Exchequer, before the Cancelling- thereof, as by the faid Aft in Part before recited, Relation being thereunto had, may more fully ap- pear : And whereas in and by another Act of Parliament made and paffed in the faid fixth Year of your Majefty's Reign, intituled, An AS for making forth new Exchequer Bills, not exceeding one million, at a certain- Intereft, and for le?iding the fame to the South-Sea Company at an higher Intereft, upon Security of repaying the fame, and fuch high Interejl, into the Exchequer, for XJfes to which the Fund for leffening the publick Debts- (called the Sinking Fund) is applicable ; and for circulating and exchanging upon Demand the faid Bills at or- near the Exchequer, the Commiffioners of your Majefty's Treafury, or any three or more of them, or the- High Treafurer for the Time being,, were authorized, at any Time or Times within one Year, reckon- ing from the tenth Day of May one thoufand feven hundred and twenty, and from thence to the End of the then next Seffion of Parliament, to prepare and make, or caufe to be prepared and made, at the faid' Receipt of the Exchequer, in fuch Method and Form as they fhall think moft convenient, any Number of new Exchequer-Bills, fo as the principal Sums to be contained therein, fhould not in the whole ex- ceed one million of Pounds (over and above the Exchequer-Bills which were to be current, purfuant to the Act: firft before recited) and that the faid new Bills fo to be prepared and made, mould bear an Intereft not exceeding the Rate of two Pence per Centum per Diem, and to be payable to the Bearers, thereof refpectively ; neverthelefs fuch Intereft is thereby enacted to be abated and faved upon fuch of the faid Bills, as fhould at any Time or Times be in the Receipt of the Exchequer, or in the Hands or Power of any Receiver or Collector of any Taxes, Aids or Revenues whatfoever payable to your Majefty,, your Heirs or Succeflbrs, during fuch Time or Times refpectively, as fuch Bills fhould be or remain, in the faid Receipt, or in fuch Hands or Power as aforelaid ; and the Commiffioners of the Treafury, or any three or'more of them, or the High Treafurer for the Time being, were thereby impowered to ifiue, or caufe to be ifTued, by way of Loan or Advance, all fuch Bills as fhould be prepared by Virtue of that Act, not exceeding as aforefaid, to the faid South-Sea Company, or to fome Perfon or Perfons in Truft for them, the fame Company giving Security upon their then prefent and to be rncreafed An- nuity or yearly Fund, and upon their weekly or other Payments to be made at the Exchequer, for or upon Account of their faid Annuity or yearly Fund, for Repayment of the principal Sums fo lent, with an Intereft not exceeding the Rate of five Pounds per Centum per Annum, at fuch Day or Days, Time or Times, as fhould be agreed upon by and between the faid Commiffioners of the Treafury, or any three or more of them, or the High Treafurer for the Time being, on Behalf of the Publick, and the faid. Company, or their Court of Directors on their Behalf, fo as no fuch Day or Time fhould be more re- mote than the firft Day ox March one thoufand feven hundred and twenty-one, or the End of the then next Seffion' of Parliament ; and the faid Commiffioners of the Treafury, and the High Treafurer for the Time being, were thereby directed and required to take efpecial Care, that upon P.epayment of the principal Money fo to be lent, the fame, with the Intereft or Increafe accruing thereupon, fhould be received and applied, in the firft Place, to the paying off and difcharging the faid new Exche- quer-Bills to be ma'de forth in Purfuance of that Act; and that the Surplus thereof (after paying off and difcharging the fame new Exchequer-Bills) fhould be placed at the faid Receiptof the Exchequer, to and for the fame Ufes, Intents and Purpofes, to which the Monies of the Surpluffes, ExcefT:s and overplus Monies, commonly called the Sinking Fund, were applicable j and in Default of paying the ' faid /