Page:Ruffhead - The Statutes at Large - vol 5.djvu/435

 A. D. 1721. Anno octavo Georcii Regis. C. 20. 389 faid Monies fo to be' lent, with the faid Intereft or Increafc thereof, at the Day or Days, Time or Times, to be limited purfuant to that Aft, then the* faid Commiffioners of the Treafury, or any three or more of them, or the faid High Treafurer for the Time being, were thereby authorized and required to caufe the Money fo lent, to be ft opt out of the Monies, which weekly or oihervvife Audi be payable to the faid Soulb-Sea Company at the Exchequer, for or upon their then prcfent or to be increased An- nuity or yearly Fund, together with fo much more as the Intereft of the Money fo unpaid fhould anv unto at the faid Rate, not exceeding five Pounds per Centum per Annum, and to caufe the Principal Intereft fo ftopt, to be applied and placed in the Exchequer as aforefaid ; and to the End the faid Bills which fhould be made forth by Virtueof the Act Lift mentioned, might the better obtain a Currency for fo long Time as they were intended to be current, in Puifuance of that Aft ; it was thereby enacted, That as well the Sum of three hundred twenty-eight thoufand fix hundred feventy-three Pounds four Shil- lings and ten Pence Half-penny, then remaining in the Exchequer, which v/as advanced by the faid Company, purfuant to an Act of the fifth Year of your Majefty's Reign, and the Monies which (from 5 Gc!> - »• *• J* and after the Application of the Sum of five hundred and twenty thoufand Pounds, for difcharging and cancelling Exchequer Bills made forth by former Afts in that Behalf, or referving fufticient thereof in the Exchequer for that Purpofe) fhould arife of or for the faid Surplufles, Exccffes and Overpluses, commonly called the Sinking Fund, fhould be a Fund or Security for furnifhing fuch Proportions of ready Money, from Time to Time, as are therein mentioned, for and towards exchanging and circula- ting the Exchequer-Bills to be made forth by Virtue of that and the faid other Aft of that Seffion of 6 Geo. i. c. 4, Parliament, or either of them, as often as the fame Bills or any of them fhould be demanded, during their f - I0 - joint Currency; and it was thereby further enafted, That the Commiffioners of the Treafury, or any three or more of them, or the High Treafurer for the Time being, fhould (fo long as the faid Exche- quer-Bills to be made forth by Virtue of that Aft, fhould have a joint Currency with the faid Bills, to be made forth by Virtue of the faid firft recited Aft, or be current together or at the fame Time) fur- nifh, fupply and pay, to the faid Truftees for the Time being, out of the Monies, from Time to Time, being in the Receipt of the Exchequer, of the Fund or Security before in that Aft fettled for that Pur- pofe, in the lawful Coins of this Realm, on Behalf of the Publick, a proportional Part of fuch ready Money, as fhall be necelYary to enable the faid Truftees to exchange all or any of the Bills which fhould be fo current (whether they be Bills made forth by Virtue of that or the faid other Aft of the fame Sef- fion of Parliament) as often as any fuch Bill fhould be demanded, or within twenty-four Hours after, by paying all the principal Monies contained in every fuch Bill, and the Intereft, which fhall, upon every fuch Demand, be due thereupon, and fo totics quoties, as often as the fame fhall be demanded ; which proportional Part fo, from time to time, to be furnifhed on Behalf of the Publick, fhall be fo much as, together with the proportional Part, which, from time to time, fhould or ought to be furnifhed by the faid Company as aforefaid, fhould be fufticient to enable the Truftees to fupport the Currency of the faid Bills from time to time ; and in the Aft laft mentioned there is inferted a Provifo, That if at any Time or Times hereafter Provifion fhould be made by Authority of Parliament, of fo much Money in the lawful Coin of this Kingdom, as fhould be fufticient to pay oft* and clifcharge all the Principal ar,-l Intereft which fhould be due upon the faid Exchequer-Bills to be made forth by Virtue of that Aft, or or any Proportion thereof at a Time ; and if by like Authority the fame Monies fhould be aftually brought and paid into the Receipt of Exchequer for that Purpofe, then the fame fhould be applied for or towards paying off the fame Bills, or fuch Proportion thereof, fo far as fuch Money would extend,. by paying to the refpeftive Bearer or Bearers of the fame Bills then ftanding out, the Principal and In- tereft which fhould be due thereupon, and by placing fuch coined Money, or any Part thereof, in Lieu of any of the fame Exchequer-Bills, which 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 Of- fice or Offices, fhould then be legally fubjeft and liable ; which Payments fhould be anfwered with the faid Money in Specie, under fuch Penalties, Forfeitures and Difabilities, as are prefcribed by any for- mer Laws or Statutes 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 hills in the faid Office or Offices of the faid Teller or Tellers, to an- fwer fuch Payments as aforefaid, and net fooner, the feveral and refpeftive Bills themfelves, which fhall be fo paid off, or for which coined Money fhall be fo placed, fhould be cancelled ; and it is thereby alfo provided and enacted, That if before the firft Day of March one thoufand feven hundred and twen- ty-one, or before the End of the Seffion of Parliament then next enfuing, coined Monies fhall not be raifed and brought into the Receipt of the Exchequer, fufficient to pay off and difcharge all the Ex- chequer-Bills which fhould be made forth by Virtue of that Aft, that then and in fuch Cafe, immedi- ately upon the End of fuch Seffion of Parliament next after the faid firft Day of March one thoufand feven hundred and twenty-one, all or any of the Monies then remaining in the Receipt of the Exche- quer, of the faid Sum of three hundred twenty-eight thoufand fix hundred feventy-three Pounds four Shillings and ten Pence Half-penny (if the fame, or any Part thereof, fhaTl then remain there not iffued to thePurpofes in the laft mentioned Aft direfted) and all the Monies which, from and after the End of the faid Seffion of Parliament next after the faid firft Day of March one thoufand feven hundred and twenty-one, fhould quarterly arife into the Exchequer of or for all the faid Surplufles, Exceffes and Overpluffes, denominated the Sinking Fund, as aforefaid, or of or for fuch Increafe thereof, as fhall be made by repaying the Money which ihould be lent to the faid Company as aforefaid, with Intereft, and all or any the Monies (if any fhould be then remaining in the Receipt of the Exchequer) of the Loan3 which might have been made there by Virtue of that Aft, for anfwering the faid Proportions for circu- ' lating