William III, 1700 & 1701: An Act for renewing the Bills of Credit commonly called Exchequer Bills. [Chapter I. Rot. Parl. 12 & 13 Gul. III. p. 1. n. 1.]

Reasons for passing this Act

When Bills paid into the Exchequer; and Principal and Interest cast up, Bills cancelled, and new Bills of £100, £50, or £25 made.

Whereas it is found by Experience to be very difficult and troublesome for [any (fn. 1) ] Persons who have any of the Bills of Credit commonly called Exchequer Bills in their Hands undischarged to compute the Interest thereupon (which hath hitherto grown due after the Rate of Five Pence a Day for every One hundred Pounds Principal Money contained therein for such Times onely as they have not been in the Publick Receipts) because most of the said Bills do contain very small Summs and have many Indorsements thereupon according to which the said Interest is to be reckoned and many of the said Bills are so filled up already that they are not capable of any further Indorsements which should be made when they are brought into any of the said Publick Receipts whereby divers Persons have been and are discouraged to accept such Bills in Payment For Remedy of which Inconveniences for the future Be it enacted by the Kings most Excellent Majesty by and with the Advice and Consent of the Lords Spirituall and Temporall and the Commons in this present Parliament assembled and by the Authority of the same That when any of the Bills of Credit commonly called Exchequer Bills (being uncancelled or undischarged) shall at any Time or Times be paid lent or brought into the Receipt of His Majesties Exchequer it shall and may be lawfull to and for the Commissioners of His Majesties Treasury or any Three or more of them now being and to and for the High Treasurer or any Three or more of the Commissioners of the Treasury for the Time being to cause the Principall and Interest Moneys which shall be due upon all or any such Bills (the same being first tryed by the Counterparts thereof) to be exactly cast up and such Bills to be cancelled taking Care in a Book to be kept for that Purpose to cause the Number Date Principall and Interest of every such cancelled Bill to be fairly entred with the respective Fund upon which it is cancelled and thereupon from time to time to make new Bills to contain each of them One hundred Pounds or Fifty Pounds or Twenty five Pounds so as the Principall Money to be contained in such new Bills to be made forth from time to time do not in the whole exceed the Summe Totall of the Principall and Interest Moneys which was due upon all the Bills that shall have been cancelled by vertue of this Act

II. The new Bills to bear an Interest at the Rate of 4d. per Cent. per Diem;

and applicable to the same Uses and under the same Penalties as the cancelled Bills.

And be it enacted by the Authority aforesaid That all the new Bills to be made forth by vertue of this Act as aforesaid shall bear an Interest [thereupon (fn. 2) ] of Four Pence a Day for every One hundred Pounds and so proportionably for the lesser Summes before mentioned which Interest shall be allowed due and payable for such time or times only as the said new Bills shall not lye in the Hands of any His Majesties Recievers or Collectors or in His Majesties Exchequer in like Manner as the said higher Interest was allowable upon the said former Bills And the said new Bills so made shall in the Receipt of His Majesties Exchequer be appropriated and applicable to the same Uses or Purposes whereunto such cancelled Bills were appropriated and applicable and under the same Penalties Forfeitures and Disabilities to be inflicted for diverting or misapplying the same as were by any Law or Statute provided for diverting or misapplying any of the Moneys for which such cancelled Bills were taken respectively

III. And to have like Currency and Management.

And be it further enacted by the Authority aforesaid That the said new Bills shall in all respects have the like Currency in all Taxes Aids and Revenues and also at the Exchequer and there shall be inflicted the same Punishments for forging or counterfeiting the same and shall be subject to the same [Rules (fn. 3) ] and Methods and such Contracts for supporting the Credit thereof shall and may be made as by any former Law or Statute whatsoever were provided authorized or enacted with regard to the Bills by this Act to be cancelled

IV. Proviso for the present Contract for circulating the Exchequer Bills.

Provided That nothing in this Act contained shall extend or be construed to extend to dissolve the present Contract ( (fn. 4) ) between the Lords Co[m]missioners of His Majesties Treasury and the Subscribers for circulating Exchequer Bills and that the same shall remain and be in force to oblige the present Trustees for circulating Exchequer Bills and the present Subscribers for advancing of Money to circulate the same to change such new Bills as shall be made out by vertue of this Act as far as they would have bin obliged to have changed the old Bills if this Act had never bin made Any thing herein contained to the contrary in any wise notwithstanding