Bank of England Act 1696
| Jurisdiction | UK Non-devolved |
| Citation | 1696 c. 20 |
| Year | 1696 |
(8 & 9 Will. 3) C A P. XX.
'WH E R E A S several Persons, as well Natives as Foreigners, Bodies Politick and Corporate, did advance and lend, at the Receipt of his Majesty'sExchequer , very considerable Sums 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 four Shillings in the Pound, payable out of Lands and other Things for one Year, by virtue of an Actof Parliament made and passed in the fourth Year of the Reign of his Majesty and the late Queen of blessed Memory, whereby Interest, not exceeding the Rate of seven Poundsper Centum per Annum , was allowed for Sums borrowed in pursuance thereof; and upon the third Aid of four Shillings in the Pound, payable out of Lands and other Things, for one Year, by virtue of an Actof Parliament made and passed in the sixty Year of his Majesty's Reign, whereby Interest, not exceeding the Rate of five Poundsper Centum per Annum , was allowed for the Sums thereby borrowed; and upon the fourth Aid of four Shillings in the Pound, payable out of Lands and other Things, for one Year, by virtue of an Actof Parliament made and passed in the seventh Year of his Majesty's Reign, whereby Interest, not exceeding the Rate of six Poundsper Centum per Annum , is allowed for the Sums borrowed in pursuance thereof; and upon the Monies which were to arise by an Act passed in the Parliament holden at , in the fifth and sixth Years of their said Majesties Reign, whereby a Poll was granted to their Majesties, payable quarterly for one Year, which Monies were directed to be applied to satisfy the Principal of such Loans; and upon the Monies 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 Actof Parliament in the second Year of their said Majesties Reign; for which Loans so made, and which were intended to be paid out of the three fourths of the Customs, the Lenders were intitled to receive Interest after the Rate of six Poundsper Centum per Annum . And whereas the greatest Part of the Monies 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 four 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 Customs, being appropriated by Act of Parliament to the Satisfaction of other Loans, it doth plainly appear that the several Aids and Funds herein before mentioned are deficient, and could not fully satisfy all the Monies which were charged thereupon, and the Interest thereof; and for so much as remains unsatisfied, the respective Lenders, their Executors, Administrators, and Assigns, have, or are intitled to have, in their Hands, Tallies and Orders of Repayment levied and drawn according to the Forms used in his Majesty's Receipt of Exchequer: And whereas by an Actmade and passed in the Parliament holden atWestminster in the seventh and eighth Years of his Majesty's Reign, intituled, An Act for continuing to his Majesty certain Duties upon Salt, Glass Wares, Stone and Earthen Wares, and for granting several Duties upon Tobacco Pipes and other Earthen Wares, for carrying on the War 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 the Exchequer any Sum or Sums of Money, either upon the Credit 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 Credit 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 Sums, which at any one Time should be due and owing either upon the said Orders, or upon the said Bills, or both, should not exceed the Sum of two Millions five hundred sixty-four thousand Pounds; and out of the Monies to be raised by the Act last mentioned, it was directed and intended, that the Sums following should be paid and applied, that is to say, the Sum of five hundred and sixty thousand Pounds to discharge Monies which were lent at the Receipt of Exchequer upon the Security of certain Duties upon Glass Wares, Stone and Earthen Bottles, Coals and Culm (which Duties upon Coals and Culm were taken away by the Act last mentioned) and the Interest thereof, one hundred and forty thousand Pounds to answer and make good the Rates and Duties of Tonnage upon Ships, from the seventeenth Day ofMay one thousand six hundred ninety-six, until the seventeenth Day of May one thousand six hundred ninety-seven (which Duties of Tonnage upon Ships was also taken away by the same Act) and the further Sum of one hundred and forty 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 Sums of five hundred and sixty thousand Pounds, one hundred and forty thousand Pounds, and one hundred and forty thousand Pounds, amounting in the whole to eight hundred and forty thousand Pounds, being taken or subducted from the said Sum of two Millions five hundred sixty-four thousand Pounds, the Remainder thereof will amount to one Million seven hundred twenty-four thousand Pounds, which is borrowed, or may be borrowed by his Majesty for the Service of the War against France ; and the Person or Persons who have advanced, or shall advance the same, his, her, or their Executors, Administrators, or Assigns, have, or may have, in their Hands, Tallies, and Orders of Repayment, or Bills for the Sums 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, at the said Receipt of the Exchequer ,several other Sums of Money, at the Rate of seven Pounds per Centum per Annum for Interest, upon the Credit 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 four Years, by an Act of Parliament in the second Year of their Reign, and afterwards continued by a subsequent Act of Parliament in that Behalf, until the seventeenth Day ofMay 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 Foreigners, Bodies Politick and Corporate, have also advanced and lent, at the said Receipt of theExchequer , very considerable Sums of Money upon the Security of other Aids, Supplies, Impositions, Revenues, or Funds, herein after mentioned, that is to say, upon certain additional Impositions upon several Goods and Merchandizes, which were granted to their said Majesties by an Act passed in the Parliament holden at Westminster ,in the fourth and fifth Years of their Reign, to continue until the first Day of one thousand six hundred ninety-six, which Act allows Interest after the Rate of eight Poundsper Centum per Annum for the Monies thereby borrowed, and upon certain Duties payable for Vellum, Parchment, and Paper, for four Years, which commenced from the twenty-eighth Day of June one thousand six hundred ninety-four, by virtue of an Act which passed in the Parliament holden at in the fifth and sixth Years of the Reign of their said Majesties, whereby there was allowed Interest, not exceeding the Rate of eight Poundsper Centum per Annum , for the Monies lent in pursuance thereof; and upon Credit of a certain yearly Sum of three hundred thousand Pounds, payable for five Years, from the five and twentieth Day of December one thousand six hundred ninety-four, out of Monies arising by the Subsidy of Tonnage and Poundage, and other Duties upon Merchandizes exported and imported, by virtue of several Acts of Parliament, passed in the sixth Year of the Reign of their said Majesties, wherein a Creditwas given for any Sums, not exceeding one Million two hundred and fifty thousand Pounds to be repaid, with Interest, not exceeding the Rate of five Poundsper Centum per Annum for the first three hundred thousand Pounds, six Pounds per Centum per Annum for the second three hundred thousand Pounds, seven Pounds per Centum per Annum for the third three hundred thousand Pounds, and eight Pounds per Centum per Annum , for the remaining three hundred and fifty thousand Pounds; and upon Credit of an Act made in the Parliament holden at Westminster , in the sixth and seventh Years of his Majesty's Reign, for granting certain Rates and Duties upon Marriages, Births, Burials, Bachelors, and Widowers, for the Term of five Years, from the first Day ofMay one thousand six hundred ninety-five, whereby Interest, not exceeding the Rate of eight Pounds per Centum per Annum , is allowed for the Sums lent in pursuanee thereof; and upon the Credit 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 halden at in the seventh and eighth Years of his Majesty's Reign, whereby a Credit was given for borrowing any Sums, not exceeding one Million five hundred thousand Pounds, to be repaid with Interest...
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