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A29540 A discourse on the late funds of the Million-act, and Bank of England shewing that they are injurious to the nobility and gentry, and ruinous to the trade of the nation : together with proposals for the supplying Their Majesties with money on easy terms, exempting the nobility, gentry &c. from taxes, enlarging their yearly estates, and enriching all the subjects in the kingdom ... / by J.B. Briscoe, John, fl. 1695. 1694 (1694) Wing B4745; ESTC R25299 46,507 61

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such time that the Mortgagee shall be fully paid his Principal Interest and all reasonable Charges by the said Mortgagee expended or laid out upon such mortgaged Estate or for or by reason of such Mortgage before and until such time of notice given in Writing by the Mortgager to the Mortgagee of such intended Settlement Ninthly The said Bills of Credit shall be current in payment by Indorsment toties quoties from the Party delivering or paying to the Party receiving the same as the lawful Coin of the Kingdom Tenthly That all those Persons who shall settle their Estates may and shall choose 25 Directors once in every three Years in the Month of September by the Majority of Votes to be brought or sent in writing the Commissioners giving publick Notice in three several Gazetts a Month at least before every such Election or Elections any three or more of which Directors together with any two or more of the Commissioners may prepare Bills of Credit to be issued out upon the Security of any Estate or Estates Eleventhly That upon the Death or other Vacancy of any Commissioner to be appointed by their Majesties their Heirs or Successors their Majesties their Heirs or Successors may fill up such and every such Vacancy That upon the Death or other Vacancy of any one or more of the Commissioners to be appointed by the House of Lords the surviving or remaining Commissioners of the House of Lords shall nominate and appoint one or more Persons to supply such and every such Vacancy who shall have full Power and Authority to act as a Commissioner or Commissioners and shall be deemed and taken to be such to all Intents and Purposes and so shall continue to act by virtue of such Commission received from the said Commissioners until he or they or until some other Person or Persons shall be chosen and appointed by the House of Lords and no longer That upon the like Death or Vacancy of any one or more of the Commissioners to be appointed by the House of Commons the surviving or remaining Commissioners of the House of Commons shall nominate and appoint one or more Persons to supply such and every such Vacancy who shall have full Power and Authority to act as a Commissioner or Commissioners and shall be deem'd esteem'd and taken to be such to all Intents and Purposes and so shall continue to act by virtue of such Commission received from the said Commissioners until he or they or until some other Person or Persons shall be chosen and appointed by the House of Commons and no longer It being hereby intended that there shall never be any Vacancy of the Commissioners but that there shall be constantly four Commissioners for their Majesties six Commissioners for the House of Lords and ten Commissioners for the House of Commons Twelfthly That their Majesties shall and may allow each and every of the Commissioners 1000 l. per annum and no more Thirteenthly That no Commissioner shall be displaced but by Authority of Parliament Fourteenthly That there shall be fifteen Commissioners and twenty Directors present and consenting to the issuing out all Bills of Credit to be advanced to their Majesties upon any Parliamentary Fund Fifteenthly That their Majesties may allow 1000 l. per Annum and no more to the Commissioners and Directors for their Charge in issuing out and renewing the Bills of Credit for each Million value in Bills advanced to their Majesties upon any Parliamentary Fund and for the Salaries of Book-keepers Accomptants Clerks and inferiour Officers and all other Charges whatsoever until the Bills of Credit issued out for such Money shall be paid and cancell'd Sixteenthly That their Majesties their Heirs and Successors shall and may pay the Commissioners and Directors out of any Fund settled by Parliament for that Purpose 3 l. per cent per annum and no more for Interest of all Bills of Credit they shall advance to their Majesties Seventeenthly That the Commissioners and Directors shall pay the said 3 l. per cent per annum to the Persons upon the Security of whose Estates such Bills were issued out every Year at two equal Payments without any Gratuity or Reward and if the Commissioners or Directors shall refuse or neglect to pay the said 3 l. per cent per annum or any part of it to the said Persons to whom it shall be due and payable provided the Commissioners and Directors shall have received the same such Commissioners and Directors shall forfeit and pay to each and every Person aggrieved by such Non-payment treble Damage c. Eighteenthly That their Majesties their Heirs and Successors shall and may pay to the said Commissioners and Directors for all the Bills of Credit hereafter to be issued out and advanced to their Majesties upon the Credit of any Fund settled or to be settled by Parliament for the Payment of any Annuity in lieu of or in recompence for such Bills of Credit by them issued out and advanced to their Majesties upon the Credit of such Funds the several Rates and Annuities according to the several Terms or Number of Years herein after particularly set down and express'd viz. For an Annuity of 100 Years 3 l. 10 s. 66.8 Months 4 l. s. 50 Years 4 l. 10 s. 40 Years 5 l. s. 33.4 Months 5 l. 10 s. 25 Years 6 l. 10 s. 20 Years 7 l. 10 s. 16 Years 8 l. 15 s. 13. 4. Months 10 l. s. 10 Years 12 l. 10 s. per Cent. per Annum and no more for each and very 100 l. value in Bills of Credit issued out to their Majesties upon the Credit of any such Fund or Funds by the said Commissioners and Directors as aforesaid Nineteenthly That the Commissioners and Directors shall pay or cause to be paid to the Persons upon the Credit of whose Estates such Bills were issued out 2 l. 10 s. per cent per annum for each 100 l. Pound value in Bills of Credit advanced to their Majesties in like manner as is appointed for the Payment of the 3 l. per cent per annum Interest and upon the like Penalties or Forfeitures for Non-payment and with the whole Residue of such Annuities they are to discharge and cancel every Year part of the Bills of Credit by which means all the Bills of Credit will be paid and cancell'd in the determined Term of Years for which the Payment of such Annuity or Annuities were settled Twentieth That every Person who shall issue out and advance Bills of Credit upon the Security of his or their Estate for the Use of their Majesties shall be exempted from Taxes to their Majesties for such Part of their Estates settled for those Purposes and advanced for their Majesties Service and any three of the Commissioners shall give a Certificate of the same and each Certificate shall be entred down in a Book or Books to be kept by the Commissioners and Directors for that Purpose 21 st That all Estates shall be settled