Bank of England Act 1696

LVII. Recital that many Persons entitled to Tallies may be induced to sell or dispose of them at an unreasonable; Allowance.

No Talley to be taken at more than the Interest allowed thereupon, with a further Allowance of £6 per Cent; Penalty. and the Buyer deemed a common Extortioner.

And whereas for Moneys lent or advanced or to be lent or advanced att the Receipt of his Majesties Exchequer by several Persons as well Natives as Foreigners Bodies Politick or Corporate they or some other claiming by from or under them respectively have or hereafter may have or are or may be intituled to Tallies of Loan levied att the said Receipt and have or may have Orders signed by the Co[m]missioners of the Treasury or some of them for the time being or by the Lord Treasurer for the time being for Repayment of the Money so lent (with Interest att certaine Rates or without Interest) out of diverse Taxes Aids Impositions Revenues or other Branches chargeable therewith and also have or may have in their Hands or Possession divers Tallies of Pro or Assignment levied or charged or to [X1 be] levied or charged upon certaine of His Majesties Revenues Duties or Impositions And whereas it is found by Experience that many avaricious or ill disposed Persons taking an Advantage of the Necessities of those who have occasion to sell or dispose of such Tallies and Orders as aforesaid do in the buying or purchasing of such Orders or Tallies extort and gaine to themselves an exorbitant and unreasonable Allowance Premium or Consideration out of the principal Moneys besides the Interest accruing for the same to the unspeakable Damage and Prejudice of his Majesty and many of his good Subjects in Trade and otherwise and in a great measure to the ruine of the publick Creditt which cannott be repaired as long as such Practises are continued or suffered For prevention whereof be it further enacted by the Authority aforesaid That no Person or Persons whatsoever Natives or Foreigners Bodies Politick or Corporate from and after the Tenth Day of June One thousand six hundred ninety seven att any time or times dureing the Terme of Five Yeares from thence next ensuing or before the end of the then next Session of Parliament shall upon any Contract Agreement or Bargaine whatsoever for or concerning any of the said Talleys or Orders or for or concerning the Moneys or any Part thereof due or payable or to be due or payable [X1 by] or upon any of the said Talleys or Orders take accept or receive or agree to take accept or receive or shall give or allow or promise or agree to give or allow directly or indirectly by way of Premium Reward Discount Gratuity Guift or otherwise or by means of any Exchange Wager Shift Chevisance Covin Device or Way whatsoever more than the lawfull Interest allowed upon such Talley or Order and due or payable att the time of such Assignement together with a further Allowance not exceeding the Rate of Six pounds per Cents for every Hundred pounds principal Money and so proportionably for a greater or lesser Su[m]m upon paine of forfeiting and losing for every such Offence treble the value of the principal Moneys contained or specified in such Talley or Order for which such Bargaine Agreement or Contract shall be made that is to say One third part thereof to the King his Heires and Successors and the other Two thirds thereof to such Person or Persons as will informe and sue for the same to be recovered by Action of Debt or of the Case Bill Suit or Information wherein no Essoigne Protection Wager of Law or more than one Imparlance shall be granted or allowed and that every Person who shall be guilty of such Offence in the buying of any such Order or Talley and be thereof convicted shall be deemed and is hereby adjudged to be a co[m]mon Extortioner and shall suffer such further Paines and Penalties as by the Laws and Statutes of this Realme may be inflicted for co[m]mon Extortion.

Editorial Information

X1 interlined on the Roll.