Bank of England Act 1697

III. Recital that under the Circumstances herein mentioned the Exchequer Tallies had been so much multiplied so as to render Dispatch in Payment of the Interest difficult, and that many of the Holders were desirous of fewer Orders.

Officers of the Exchequer empowered to take in and cancel certain Orders and Tallies, and to give fewer Orders and Tallies of the same Value, &c., as herein mentioned.; No new Order to contain more than £5,000. Indorsement thereon. New Orders to be valid.s Principal and Interest thereon paid.

And whereas it hath been found necessary to accomodate all such Persons as lent any Moneys upon the Creditt of the Aids Taxes and Impositions given by Parliament with as many Orders and Talleys as they desired by which Means and the long Continuance of the late Warr the Orders and Talleys of Loan given out of the Exchequer are multiplied to so great a Number that the Officers of the Exchequer cannot without great difficulty dispatch the Payment of the Interest (which is payable every Three Months) to the satisfaction of the Lenders And whereas great Numbers of the said Orders of Loan are now come into the Hands of particular Persons or Bodies Politick who had rather have fewer Orders & Talleys as well for the case of themselves as the said Officers and to promote the dispatch of the Publick businesse in the Receipt of Exchequer Be it enacted by the Authority aforesaid That from and after the Tenth day of January One thousand six hundred ninety seven itt shall and may be lawfull to and for the Officers of the Receipt of Excheq[uier] att the Request of any Person or p[er]sons Bodies Politick or Corporate who are or shall be lawfully entituled to such Orders and Talleys or any of them to take in and cancel so many Orders as follow successively in Number and Course and are of one and the same Date & are payable to one and the same Person or Corporation and whereof the Interest shall appeare to have been paid to [X1 one] and the same time together with the Tallies belonging to such Orders and to give them as few Orders and Talleys in lieu thereof of the same Value and in the same Course of Payment as shall be desired by such Persons or Bodies Politick respectively so as any one such new Order doe not containe in the whole more than Five thousand Pounds upon which new Orders the Auditor of the Receipt of Exchequer shall cause Indorsements to be made how farr the Interest of the principal Su[m]ms payable by such new Orders hath been satisfied and to whome last assigned which said Orders and Talleys so to be given out as aforesaid shall be good valid and effectual in the Law to all Intents and Purposes to the several Owners & Proprietors thereof And that the principal Moneys upon such new Orders & Talleys [X1 or any part thereof] shall be paid and payable in Course and the Interest thereupon every Three Months as fully and effectually as if the former Orders or Talleys respectively were not cancelled Any thing in this or any former Act or Acts of Parliament to the contrary notwithstanding.

Editorial Information

X1 interlined on the Roll.