Bank of England Act 1696

Recital of 4 W. & M. c. 1. § 54.

6 & 7 W. III. c. 3; 7 & 8 W. III. c. 5. § 69; 5 & 6 W. & M. c. 14.; 2 W. & M. c. 4; and that the greatest Part of the Monies lent upon the said Aids had been paid off, but that there was a Deficiency to pay the Whole with Interest; Recital of 7 & 8 W. III. c. 31.; § 67.; § 27; and that Persons who have advanced Monies therein mentioned may have Tallies that cannot in due Time be satisfied out of the said Duties; and that Persons have lent Money upon the Credit of 2 W. & M. Sess. 2. c. 10.; 4 W. & M. c. 5. § 15.; 5 & 6 W. & M. c. 21. § 15; 6 & 7 W. & M. c. 1; 6 & 7 W. III. c. 3. § 76; 6 & 7 W. III. c. 6. § 51; 7 & 8 W. III. c. 10. § 7; and that great Part of the Monies lent upon the Credit of the said Duties had been repaid with Interest, but that it was feared there would be a Deficiency to repay the Whole; and that Persons had lent Money upon the Credit 4 W. & M. c. 15. § 3.; 7 & 8 W. III. c. 30.; § 26.; 8 & 9 W. III. c. 3.; and that by reason of the Deficiencies of the said Aids and the Remoteness of the Course of Payment of the Tallies, &c. the Owners are frequently obliged to sell the same at Loss, and that the said Deficiencies amounted to the several Sum[m]s of Money herein mentioned.; 12 Car. II. c. 4; 6 & 7 W. III. c. 7; Tunnage and Poundage continued till 1st Aug. 1706 .

Whereas several Persons as well Natives as Forreigners Bodies Politick and Corporate did advance and lend att the Receipt of His Majesty's Excheq[uer] very considerable Su[m]ms of Money upon the Security of the several and respective Aids Revenues or Funds herein after mentioned that is to say upon the first Aid of Foure shillings in the Pound payable out of Lands and other Things for One Yeare by virtue of an Act of Parliament made and passed in the Fourth Yeare of the Reigne of His Majesty and the late Queen (of Blessed Memory) whereby Interest not exceeding the Rate of Seven pounds per Cent[um] per Annum was allowed for the Su[m]ms borrowed in pursuance thereof and upon the Third Aid of Foure shillings in the Pound payable out of Lands and other Things for One Yeare by virtue of an Act of Parliament made and passed in the Sixth Yeare of His Majesties Reigne whereby Interest not exceeding the Rate of Five pounds per Cent[um] per Annum was allowed for the Sum[m]s thereby borrowed and upon the Fourth Aid of Foure shillings in the Pound payable out of Lands and other Things for One Yeare by virtue of an Act of Parliament made and passed in the Seventh Year of His Majesties Reigne whereby Interest not exceeding the Rate of Six pounds per Cent[um] per Annum is allowed for the Su[m]ms borrowed in pursuance thereof and upon the Moneys which were to arise by an Act passed in the Parliament holden att Westminster in the Fifth and Sixth Yeares of their said Majesties Reigne whereby a Poll was granted to their Majesties payable quarterly for One Yeare which Moneys were directed to be applied to satisfie the Principal of such Loans and upon the Moneys which were to arise by the Three fourth Parts of the Customs after Satisfaction of the Principal and Interest of Five hundred thousand pounds charged thereupon by an Act of Parliament in the Second Yeare of their said Majesties Reigne for which Loans so made and which were intended to be paid out of the Three fourths of the Customes the Lenders were intituled to receive Interest after the Rate of Six pounds per Cent[um] per Annum And whereas the greatest Part of the Moneys so lent upon the Aids Revenues or Funds before mentioned hath been actually satisfied and paid off but the several Terms for which the said respective Aids of Foure shillings in the Pound and the said Poll Money were granted being determined and expired and Three hundred thousand pounds per Annum out of the Revenue of Customes being appropriated by Act of Parliament to the Satisfaction of other Loans it doth plainly appeare that the several Aids and Funds herein before mentioned are deficient and could not fully satisfie all the Moneys which were charged thereupon and the Interest thereof and for so much as remaines unsatisfied the respective Lenders their Executors Administrators & Assignes have or are intituled to have in their Hands Tallies and Orders of Repayment levied and drawne according to the Forms used in His Majesties Receipt of Excheq[uer] And whereas by an Act made and passed in the Parliament holden att Westminster in the Seventh and Eighth Yeares of His Majesties Reigne intituled An Act for continuing to His Majesty certaine Duties upon Salt glasse Wares stone & earthen Wares and for granting several Duties upon Tobacco Pipes and other earthen Wares for carrying on the Warr against France and for establishing a National Land Bank and for taking off the Duties upon Tunnage of Ships and upon Coals His Majesty was impowered to borrow or take into the Receipt of Excheq[uer] any Su[m]m or Su[m]ms of Money either upon the Creditt of Repayment by Orders to be registred and paid in course with Interest after the Rate of Seven pounds per Centum per Annum or upon Creditt of Bills to be made payable upon Demand with Interest not exceeding the Rate of Three pence per Diem for every One hundred pounds so as that the principal Su[m]ms which att any one Time should be due and owing either upon the said Orders or upon the said Bills or both should not exceed the Su[m]m of Two millions five hundred sixty foure thousand pounds and out of the Moneys to be raised by the Act last mentioned it was directed and intended that the Su[m]ms following should be paid and applied that is to say the Su[m]m of Five hundred and sixty thousand Pounds to discharge Moneys which were lent att the Receipt of Exchequer upon the Security of certain Duties upon glasse Wares stone and earthen Bottles Coals and Culme (which Duties upon Coals and Culme were taken away by the Act last mentioned) and the Interest thereof One hundred and fourty thousand pounds to answer and make good the Rates and Duties of Tunnage upon Ships from the Seventeenth Day of May One thousand six hundred ninety [X1 six until the Seventeenth Day of May One thousand six hundred ninety] seven (which Duties of Tunnage upon Ships was also taken away by the said Act) and the further Su[m]m of One hundred and fourty thousand pounds to answer and make good the Rates and Duties upon Salt from the said Seventeenth Day of May One thousand six hundred ninety six until the said Seventeenth day of May One thousand six hundred ninety seven in the manner therein mentioned which said several Su[m]ms of Five hundred and sixty thousand pounds One hundred and fourty thousand pounds & One hundred and fourty thousand pounds amounting in the whole to Eight hundred and fourty thousand pounds being taken or subducted from the said Su[m]m of Two millions five hundred sixty foure thousand pounds the Remainder thereof will amount to One million seven hundred twenty foure thousand pounds which is borrowed or may be borrowed by His Majesty for the Service of the Warr against France and the Person or Persons who have advanced or shall advance the same his her or their Executors Administrators or Assignes have or may have in their Hands Talleys and Orders of Repaym[en]t or Bills for the Su[m]ms so advanced or to be advanced which cannot in any reasonable Time be satisfied out of the said Duties chargeable therewith by the Act last mentioned And whereas several Persons did advance and lend att the said Receipt of the Excheq[uer] several other Su[m]ms of Money att the Rate of Seven pounds per Centum per Annum for Interest upon the Creditt of Two third Parts of the Excise of Eighteen pence per Barrel and other additional Duties of Excise upon Beer Ale and other Liquors which were granted to their said Majesties for Foure Yeares by an Act of Parliament in the Second Yeare of theire Reigne and afterwards continued by a subsequent Act of Parliament in that behalfe until the Seventeenth Day of May One thousand six hundred ninety seven from which time the same or the like Duties of Excise are continued or granted by Act of Parliament for other Uses And whereas several Persons as well Natives as Forreigners Bodies Politick and Corporate have also advanced and lent att the said Receipt of the Exchequer very considerable Su[m]ms of Money upon the Security of other Aids Supplies Impositions Revenues or Funds herein after mentioned that is to say upon certaine additional Impostions upon several Goods and Merchandizes which were granted to their said Majesties by an Act passed in the Parliament holden att Westminster in the Fourth & Fifth Yeares of their Reigne to continue until the First Day of March One thousand six hundred ninety six which Act allows Interest after the Rate of Eight pounds per Centum per Annum for the Moneys thereby borrowed and upon certaine Duties payable for Vellum Parchment and Paper for Foure Yeares which co[m]menced from the Twenty eighth Day of June One thousand six hundred ninety foure by virtue of an Act which passed in the Parliament holden att Westminster in the Fifth and Sixth Years of the Reigne of their said Majesties whereby there was allowed Interest not exceeding the Rate of Eight pounds per Centum per Annum for the Moneys lent in pursuance thereof and upon Creditt of a certaine yearely Su[m]m of Three hundred thousand pounds payable for Five Yeares from the Five & twentieth Day of December One thousand six hundred ninety foure out of Moneys ariseing by the Subsidy of Tunnage and Poundage and other Duties upon Merchandizes exported and imported by virtue of several Acts of Parliament passed in the Sixth Yeare of the Reigne of their said Majesties wherein a Creditt was given for any Su[m]ms not exceeding One million two hundred and fifty thousand pounds to be repaid with Interest not exceeding the Rate of Five pounds per Centum per Annum for the First Three hundred thousand pounds Six pounds per Cent[um] per Annum for the Second Three hundred thousand pounds Seven pounds per Cent[um] per Annum for the Third Three hundred thousand pounds and Eight pounds per Cent[um] per Annum for the remaining Three hundred and fifty thousand pounds and upon Creditt of an Act made in the Parliament holden att Westminster in the Sixth & Seventh Yeares of His Majesties Reigne for granting certaine Rates and Duties upon Marriages Births Burials Batchelors and Widdowers for the Terme of Five Yeares from the First Day of May One thousand six hundred ninety five whereby Interest not exceeding the Rate of Eight pounds per Cent[um] per Annum is allowed for the Su[m]ms lent in pursuance thereof and upon the Creditt of several Impositions payable for Wines Vinegar Tobacco East-India Goods and other Merchandizes imported continued until the Twenty ninth Day of September One thousand seven hundred and one by virtue of an Act passed in the Parliament which was holden att Westminster in the Seventh and Eighth Yeares of his Majesties Reigne whereby a Creditt was given for borrowing any Su[m]ms not exceeding One million five hundred thousand pounds to be repaid with Interest not exceeding the Rate of Five pounds per Cent[um] per Annum for the First Foure hundred thousand pounds Six pounds per Cent[um] per Annum for the Second Foure hundred thousand pounds Seven pounds per Cent[um] per Annum for the Third Foure hundred thousand pounds and Eight pounds per Cent[um] per Annum for the remaining Three hundred thousand pounds And whereas a great part of the Moneys so lent upon the Two third Parts of the said additional Duties of Excise and upon the said additional Impositions payable for Goods and Merchandizes and upon the said Duties payable for Vellum Parchment & Paper and upon the said Three hundred thousand pounds per Annum charged upon the Subsidy of Tunnage and Poundage & upon the said Duties charged upon Marriages Births Burials Batchelors and Widdowers and upon the said continued Impositions payable for Wines Vinegar Tobacco East-India Goods and other Merchandizes imported hath been actually repaid and satisfied with Interest but by computing the Product of these Duties for the Time past and considering the Terms yett to come and unexpired in them respectively itt is supposed and feared that the same Duties respectively att the end of the severall Terms for which they are granted as aforesaid will be more or lesse deficient to answer pay off and cleare all the Principal & Interest of the Moneys which were authorized to be borrowed thereupon and the Persons intituled to the Moneys not paid off upon the Duties last mentioned have or may have in their Hands Talleys and Orders of Repayment for the same And whereas several Persons or Corporations did advance and lend att the said Receipt of Exchequer other considerable Su[m]ms of Money upon the Creditt of an Act made in the Parliament holden att Westminster in the Fourth and Fifth Yeares of their said Majesties Reigne intituled An Act for continuing certaine Acts therein mentioned and chargeing several Joynt Stocks wherein a Creditt was given for the borrowing any Su[m]m not exceeding Five hundred thousand pounds att Interest not exceeding Eight pounds per Centum per Annu? part of which Moneys doth still remaine unsatisfied and the Persons intituled thereunto have likewise Tallies and Orders of Repayment for the same & pursuant to another Act made and passed in the Parliament holden att Westminster in the Seventh and Eighth Yeares of His Majesties Reign intituled An Act for laying several Duties upon Low Wines or Spiritts of the first Extraction and for preventing the Frauds and Abuses of Brewers Distillers & other Persons chargeable with the Duties of Excise several other Su[m]ms of Money have been lent to His Majesty not exceeding Seventy thousand pounds on Credit of the Rates or Duties upon Low Wines or Spiritts of the first Extraction and Sweets thereby granted to be repaid with Interest not exceeding the Rate of Six pounds per Centum per Annum for the first Forty thousand pounds and Seven pounds per Centum per Annum for the Remainder thereof and by virtue of the same Act and of another Act made and passed in this present Session of Parliam[en]t to explaine the same the weekely Su[m]m of Six thousand pounds ariseing by or out of the Hereditary Branch of His Majesties Revenues of Excise upon Beer Ale and other Liquors and by or out of that part of the said Revenues of Excise which is granted to his Majesty during his Life (which God preserve) co[m]monly called The Hereditary and Temporary Excise and the weekly Su[m]m of Six hundred pounds out of the Money or Revenue from time to time ariseing in the General Letter Office or Post-Office do severally stand charged to pay off and satisfie in course several Tallies of Pro or Assignement or other Tallies in those Acts mentioned for the Payment whereof Provision is thereby made together with such several and respective Rates of Interest for the same as are thereby allowed And whereas by reason of the Deficiences of several of the Aids Supplies Impositions and Duties above mentioned which have not or will not be sufficient to answer the Principal and Interest charged thereupon and by reason of the Remoteness of the Course of Payment of the Tallies and Orders charged upon some of them and upon other the Duties in this Act before mentioned the Owners of the said Talleys or Orders are frequently necessitated to sell and dispose thereof att great Losse or att an excessive Discount whereby the publick Creditt is very much prejudiced & impaired and the Trade and other publick and private Affaires within this Realme do exceedingly suffer And whereas it is computed or estimated that the Deficiences or Su[m]ms which are or will be wanting to satisfie and pay off all Principal and Interest due or to be due on the deficient Aids Duties or Funds before mentioned (over and above all Arrears standing out upon any of them which are determined & over and above all Monies to be raised by such of them as are yett unexpired) do or may amount to the Su[m]ms following that is to say upon the said First Aid of Foure Shillings in the Pound Fifty five thousand six hundred twenty two pounds ten shillings and five pence upon the said Third Aid of Foure shillings in the Pound Foure hundred and seven thousand three hundred seventy and two pounds and three pence upon the said Fourth Aid of Foure shillings in the Pound Nine hundred and seventeen thousand one hundred and one pounds thirteen shillings and two pence halfe penny upon the said quarterly Poll Eighty nine thousand two hundred seventy five pounds thirteen shillings and foure pence upon the said Three fourth Parts of the Customes Two hundred and thirteen thousand foure hundred forty seven pounds fifteene shillings & nine pence upon the said Act chargeing Salt and other Things therein mentioned One million seven hundred and eleven thousand and five hundred pounds upon the said Two third Parts of the additional Excise One hundred and sixty thousand pounds upon the said additional Impositions payable for Goods & Merchandizes Foure hundred forty five thousand one hundred seventy seven pounds seven shillings and foure pence upon the said Duties payable upon Vellum Parchment & Paper Two hundred twenty-foure thousand one hundred and fourteen pounds seven shillings eight pence halfe penny upon the said Duties charged upon Marriages Births Burials Batchelors and Widdowers Six hundred forty and eight thousand pounds and upon the said continued Impositions payable for Wine Vinegar Tobacco East-India Goods and other Merchandizes imported One hundred forty six thousand one hundred eighty one pounds nineteene shillings and five pence halfe penny and on the said yearely Su[m]m of Three hundred thousand pounds out of the Subsidy of Tunnage and Poundage One hundred fourty two thousand six hundred sixty six pounds seven shillings three pence and three farthings amounting in the whole to the Su[m]m of Five millions one hundred and sixty thousand foure hundred fifty and nine pounds fourteen shillings nine pence one farthing Wee your Majesties most dutiful and loyal Subjects the Co[m]mons of England in Parliament assembled having duely weighed and considered the Premisses and being desirous to raise such Aids & Supplies and to use such proper Methods as may make good the said Deficiences and raise the publick Creditt have cheerfully and unanimously given and granted unto your Majesty the Supplies Impositions and other Duties herein after mentioned for and dureing the respective Terms hereafter expressed and do beseech your Majesty to accept thereof and that it may be enacted and be it enacted by the Kings most Excellent Majesty by & with the Advice and Consent of the Lords Spiritual and Temporal and Co[m]mons in this present Parliament assembled and by the Authority of the same That the Subsidy of Tunnage and Poundage and other Su[m]ms of Money payable upon Merchandizes exported and imported which were given and granted unto his late Majesty King Charles the Second for his Life by an Act of Parliament made in the Twelfth Yeare of his Reigne intituled A Subsidy granted to the King of Tunnage and Poundage and other Su[m]ms of Money payable upon Merchandizes exported & imported and which by an Act of Parliament made in the Sixth Yeare of his Majesties Reigne were granted and continued for the Terme of Five Years to co[m]mence on the Six and twentieth Day of December One thousand six hundred ninety foure shall be continued to his Majesty from the Expiration of the said Terme of Five Yeares until the First Day of August which shall be in the Yeare of our Lord one thousand seven hundred and six and no longer and that the said Act made in the Twelfth Yeare of the Reigne of King Charles the Second and every Article Rule and Clause therein mentioned and also an Order of the Co[m]mons in Parliament assembled made in pursuance of the Rules and Orders annexed to the aforesaid Act for settling of Officers Fees dated the Seventeenth Day of May One thousand six hundred sixty two and signed by Sir Edward Turner then Speaker shall be of full force and effect to all intents and purposes until the said First Day of August One thousand seven hundred & six as fully and in like manner as if the same were particularly and att large recited and sett downe in the Body of this Act.

Editorial Information

X1 interlined on the Roll.