Page:Ruffhead - The Statutes at Large - vol 5.djvu/436

 39° C. 20. Anno o&avo Georgii Regis. A. D. 1721. e latinp; and exchanging the faid Bills, or fo much of the Monies afore mentioned, as mould be fufKcient 1 to difcharge or compleat the difcharging of all the Exchequer-Bills, which lhall have been made forth , ' by Virtue of that Aft, fhall be applied for and towards difcharging and cancelling the fame, until they ' ing thereunto had, alfo may more fully appear : And whereas, purfuant to the Aft laft mentioned, the ' faid Exchequer-Bills, amounting to one million, were on the feventh Day of June one thoufand feven ' hundred and twenty, iffued by way of Loan or Advance to the faid South-Sea Company upon a Security ' under their common Seal, by an Inftrument or Writing bearing Date the fourth Day of June one thou- ' fand feven hundred and twenty, for Repayment of the fame in good and lawful Money of Great Britain, ' into the Exchequer, at the End of one Year, which was to be reckoned from the Time of ifluirjg ' the faid Bills, with Intereft after the Rate of four Pounds per Centum per Annum : And whereas among ' many Matters and Things contained in another Aft of Parliament made and palled in the feventh Year 7 Geo. 1. Stat. 1. ' of your Majefty's Reign, intituled, An Acl to enable the South-Sea Company to ingraft Part of their Ca- e. j. ' pita! Stock and Fund into the Stock and Fund of the Bank efEngland, and another Part thereof into the Stock ' and Fund of the Eaft-India Company; and for giving further Time for Payments to be made by the faid South- ' Company, at their own Cofts and Charges, on or before the feventh Day of June which fhould be in ' the Year of our Lord one thoufand feven hundred and twenty-two, fhould well and truly repay, or ' caufe to be repaid, into the faid Receipt of the Exchequer, the faid Sum of one million, together with ' the Intereft then due for the fame, and that upon fuch Repayment the Monies fo repaid, with the Intereft ' or Increafe accruing thereupon, fliould be applied in the fiift Place, to the paying off and difcharging ' the (aid Exchequer-Bills, amounting to one million, with fuch Intereft as fhould be due thereupon; ' ' and in Default of repaying the faid Sum of one million, with Intereft and Increafe thereof, according ' to the laft mentioned Aft, then the Annuity and Annuities, which fhould be then payable at the Re- ' ceipt of Exchequer to the South-Sea Company, fhould and might be ftopt by the Commiffioners of the ' Treafury, or any three or more of them, or by the High Treafurer for the Time being, or by the Offi- ' fhould and might be called in and cancelled, by and with the Monies fo ftopt in the Manner prefcribed' ' by the faid former Aft in that Behalf; and in the Aft laft in Part recited there is contained a Provifo, That ' Coins of this Realm placed in the Exchequer, for paying off and difcharging the faid Exchequer-Bills ' for the faid Sum of one million, the Bills themfelves that fhould be fo paid oft, or for which fuch coined ' Money fhould be referved in the Exchequer as is prefcribed in that Aft, fhould be difcharged there- ' ven hundred and twenty-dhe, or before the End of the Seflion of Parliament then next enfuing, coined v * all or any of the Monies which fliould then remain in the Exchequer, of the faid Sum of three hundred ' twenty-eight thoufand fix hundred feventy-three Pounds four Shillings and ten Pence Halfpenny (if any 4 fuch be) and all the Monies which from and afcer fuch Seffion of Parliament fhould quarterly arife of or ' for the faid Surpluffes and overplus Monies, called the Sinking Fund or otherwife, as is mentioned in the ' Aft laft in Part recited, fliould be applied for or towards difcharging the faid Exchequer-Bills, amount- ' ing to one million, till they fhall be all compleatly paid off and cancelled in the Manner and Form in ' the fame Aft prefcribed and intended, as by the fame Aft, Relation being thereunto likewife had, may ' more fully appear :' Now we your Majefty's moft dutiful and loyal Subjefts, the Commons of Great Britain in Parliament affembled, being defirous that the faid Exchequer-Bills, amounting to one million, which were created to be lent to the faid Company, and were lent accordingly, may foon be paid off and cancelled, and being willing to give Eafe to the faid Company, in refpeft to their prefent Obligation for circulating or contributing towards the Circulation of Exchequer-Bills, and further Time for Repayment of the principal Sum of one million, which was lent to the faid Company as aforefaid, they paying fuch ' Intereft for the fame as is herein after mentioned; and that a Number of new Exchequer-Bills, not ex- ceeding one million, may be made forth and iffued towards the Supply granted to your IVlajefty in this Seflion of Parliament, and that the million to be repaid by the faid Company on or before the Time herein ' after limited for the Repayment thereof, may be applied to cancel and difcharge the faid new Exchequer- ' Bills to be made forth by Virtue of this Aft, and that all the Exchequer-Bilis made forth or to be made ' forth, which are to continue, may be circulated at eafy and moderate Rates, do therefore moft humbly Money remain-' pray your Majefty, that it may be enafted; And be it enafted by the King's moft excellent Majeity, by ing in iheEx- anc ] w ith the Advice and Confent of the Lords Spiritual and Temporal, and Commons, in this prefent .heqnerori25 Parliament affembled, and by Authority of the fame, That fo much Money as at the Feaft of the &L not exceed- Annunciation of the bleffed Virgin Mary one. thoufand feven hundred and tweuty-two, fhall be or remain ins; the Sum fuf- in the Receipt of the Exchequer, as well of or for the faid Sum of three hundred twenty-eight thoufand ficient to pay fix hundred feventy-three Pounds four Shillings and ten Pence Halfpenny as of or for the faid Surpluffes, Ex hequer-Billi Exceffes and overplus Monies commonly called the Sinking Fund, or fo much thereof as will not exceed lent, &c.arp ied the g um f u f}} c jent to pay off" and difcharge the faid Exchequer-Bills, amounting to one million, which ging the fame, were created to be lent, and were lent to the South-Sea Company as aforefaid, lhall be applied for or to- it not fufficent, wards difcharging and cancelling the fame j and if at the faid Feaft of the Annunciation of the bleffed rhrn fo much as &*!1 aitervvaids aiife, to be ap;!ied to cancelling them, Virgin
 * fliould all be paid off, difcharged and cancelled, or fo much of the faid Monies fnould be referved in the
 * the Exchequer, a:, fliould be fufficient for that Purpofe, as by the Aft laft in Part recited, Relation be-
 * Sea Company for the Ufe of the Publick, It was provided, enafted and declared, That the faid South-Sea
 * cers of the Exchequer for the Time being, and the faid Exchequer-Bills amounting to one million,
 * if at any Time or Times thereafter, Provifion fhall be made by Authority of Parliament, of the lawful
 * with, and cancelled, as is thereby directed"; and if before the faid firft Day of March one thoufand fe-
 * Money fhall not be raifed and brought into the Exchequer for difcharging the Bills laft mentioned, then