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National Debt Act 1716
(3 Geo 1 c.9)

An Act for redeeming the Duties and Revenues which were settled to pay off Principal and Interest on the Orders made forth on Four Lottery Acts passed in the Ninth and Tenth Years of Her late Majesty's Reign; and for redeeming certain Annuities payable on Orders out of the Hereditary Excise, according to a former Act in that Behalf; and for establishing a General yearly Fund, not only for the future Payment of Annuities, at several Rates, to be payable and transferrable at the Bank of England, and redeemable by Parliament, but also to raise Monies for such Proprietors of the said Orders as shall choose to be paid their Principal and Arrears of Interest in ready Money; and for making good such other Deficiencies and Payments as in this Act are mentioned; and for taking off the Duties on Linseed imported and British Linen exported.

Note: This is a very long Act of 43 clauses, laying out the procedures for handling various finances. Only the (incredibly long!) opening clause and the second clause below relate to the Post Office (the weekly payment of £700 from the Post Office revenues into the Exchequer). As such, it seemed best to simply quote these.

'MOST gracious Sovereign, Whereas by an act of parliament made and passed in the ninth year of the reign of her late majesty Queen Anne, (of blessed memory) several customs, subsidies or duties were revived, continued and made payable for and upon certain goods and merchandises which should be exported from Great Britain from and after the eighth day of March in the year of our Lord one thousand seven hundred and ten, during the term of thirty two years from thence next ensuing (except as therein is excepted) and a duty of twelve pence per hundred weight was thereby imposed upon the exportation of leather, sheep skins and calve skins, tanned, tawed or dressed, which were thereby permitted to be bought and exported during the same term: and it was thereby enacted, That several duties therein mentioned (and none other) should be payable for all coals, which during the said term should be exported or shipped to be exported beyond the seas; and that during the said term there should be raised and paid for and upon all coals, culm and cynders (except as therein is excepted) which should be shipped or waterborn, and carried from any port or place in Great Britain, to any other port or place within the same; and for all coals (if any such be) which should be imported into Great Britain from any foreign parts, the respective duties therein mentioned; and that there should be raised and paid for and upon all candles, which during the term of thirty two years, to be reckoned from the twenty fifth day of March in the year of our Lord one thousand seven hundred and eleven, should be imported or brought into Great Britain, or made within the same, the further duties therein mentioned: and it was thereby also enacted and declared, That the several duties imposed by the said act, and all the monies, which during the term of thirty two years, to be reckoned from the said eighth day of March one thousand seven hundred and ten, should arise of or for an hereditary duty of one per centum chargeable upon goods exported in certain ships to the Mediterranean sea, and if or for another hereditary duty formerly imposed on white woolen cloth, should be liable, and they are thereby appropriated for or towards making good a certain fund of one hundred thirty five thousand pounds per annum thereby settled or intended to be settled during the term of thirty two years (which commenced from the five and twentieth day of March one thousand seven hundred and eleven) for answering and paying all and every the principal sums therein after mentioned, amounting in the whole to nineteen hundred twenty eight thousand five hundred and seventy pounds, together with interest for the same, after the rate of six pounds per centum per annum, to such persons as should contribute or advance the sum of fifteen hundred thousand pounds for carrying on the then war, or to those claiming from or under them, in the manner thereby prescribed: and it was thereby enacted, That any surplus or remainder of the monies arising by the rates and duties granted or appropriated by that act yearly (over and above the said yearly sum of one hundred thirty five thousand pounds) should be applied for or towards the discharging the said principal monies payable by virtue of that act. And whereas by an act made and passed in the said ninth year of her late Majesty's reign, for establishing a general post-office, it was enacted, That from and after the twenty ninth day of September one thousand seven hundred and eleven, during the term of thirty two years from thence next ensuing, the weekly sum of seven hundred pounds, out of the duties and revenues arising by that act, should be brought and paid into the receipt of the Exchequer, as is therein mentioned: and by another act of the said ninth year of her Majesty's reign, several duties were laid upon such hides and skins, and pieces of hides and skins, vellum and parchment as are therein specified, for the term of thirty two years, reckoned from the twenty fourth day of June one thousand seven hundred and eleven: and by another act of the same year a power was given for licensing such persons as, after the twenty fourth day of June one thousand seven hundred and fifteen, at any time or times within the term of thirty two years, should drive or keep any hackney-coach or coach-horses in London, Westminster, or the suburbs of the same, or within the parishes comprised within the weekly bills of mortality, not exceeding the number therein limited, reserving upon every such licence the weekly sum of five shillings to be paid monthly after its commencement, during the continuance thereof respectively; and a power was thereby given for licensing all such hackney-chairs, which after the twenty fourth day of June one thousand seven hundred and eleven, at any time or times within the term of thirty two years from thence next ensuing, should be kept and used for hire in London and Westminster, and the suburbs thereof, and within all the parishes and places comprised within the weekly bills of mortality, reserving upon every such licence the annual sum of ten shillings to be paid quarterly during the continuance of every such licence for a chair: and it was thereby enacted, That there should be throughout the kingdom of Great Britain, raised, levied and paid, several duties for vellum, parchment and paper, whereupon several things should be ingrossed, written or printed, or whereby several matters should be done (as is therein expressed) within or during the term of thirty two years, to be reckoned from the first day of August one thousand seven hundred and eleven; and that from and after the eleventh day of June one thousand seven hundred and eleven, during the term of thirty two years from thence next ensuing, there should be raised, levied and paid, for all playing cards and dice, which within or during the term last mentioned should be made fit for sale or use in Great Britain, or imported into the same, the duties therein mentioned; and that during the like term there should be paid a certain duty upon rock salt which should be put on board any ship or vessel in Great Britain, and exported to Ireland, or entred out for such exportation: and by the act last mentioned it was further enacted, That yearly and every year during the term of thirty two years (which commenced from the twenty ninth day of September one thousand seven hundred and eleven) the sum of one hundred eighty six thousand six hundred and seventy pounds, by or out of the monies to arise of or for the said weekly sum of seven hundred pounds out of the revenues of the general letter -office, and by or out of all the monies to arise of or for the said duties on hides and skins, and pieces of hides and skins, vellum and parchment, by virtue of the said other acts, or either of them, and by the said licences for hackney coaches and chairs, and by the said particular duties upon stampt vellum, parchment and paper, and upon cards and dice, and upon the exportation of rock-salt for Ireland, granted as aforesaid, or to be made good by such ways and means as are therein mentioned, should be a yearly fund for answering and paying all and every the principal sums thereby appointed to be paid, amounting in the whole to two millions six hundred and two thousand two hundred pounds, together with interest for the same after the rate of six pounds per centum per annum, to such persons as should contribute or advance the sum of two millions for the service of the then war, and other her Majesty's occasions, or to those claiming from or under them in the manner thereby prescribed. And whereas by certain clauses contained in an act of the tenth year of her said late Majesty's reign, a power was given to licence an additional number not exceeding one hundred hackney chairs, which after the twenty fourth day of June one thousand seven hundred and twelve, at any time or times within or during the term of thirty two years from thence next ensuing, should be kept and used for hire within the cities and limits aforesaid, reserving upon even such licence the like yearly rent of ten shillings, payable quarterly, which rents are thereby added to the said fund for or towards payment of the principal and interest last mentioned. And whereas by an act of parliament made and passed in the tenth year of her said late Majesty's reign, it was enacted, That there should be raised and paid for and upon all sope, which during the term of thirty two years, to be reckoned from the tenth day of June one thousand seven hundred and twelve, should be imported- into or made in Great Britain, the respective duties therein specified; and for and upon all paper of what kind soever, and all pastboards, mildboards and scaleboards; and all books, prints and maps, which during the term of thirty two years, to be reckoned from the twenty fourth day of June one thousand seven hundred and twelve, should be imported into Great Britain, several duties therein particularly expressed; and for and upon all paper of what kind soever, and upon all pastboards, mildboards and scaleboards, which during the term last mentioned should be made in Great Britain, several duties therein also particularly expressed; and for and upon all chequered and striped linens, and upon all linens printed, painted, stained or dyed in any foreign parts, which during the term of thirty two years, to be reckoned from the twentieth day of July one thousand seven hundred and twelve, should be imported into Great Britain, and might lawfully be used or worn there, a duty after the rate of fifteen pounds for every one hundred pounds of the true and real value thereof; and for and upon all silks, callicoes, linens and fluffs, which during the term last mentioned should be printed, stained, painted, or dyed in Great Britain (except as therein is excepted) several duties therein expressed; and for the several and respective things therein particularly mentioned, which at any time or times within or during the term of thirty two years, to be reckoned from the first day of August one thousand seven hundred and twelve should be ingrossed, printed or written, the several and respective duties therein particularly specified: and it was thereby enacted, That yearly and every year, during the term of thirty two years (which commenced from the twenty ninth day of September one thousand seven hundred and twelve) the full sum of one hundred sixty eight thousand and three pounds, by and out of the monies, of the several duties by that act granted, or to be made good, as is therein mentioned, should be a yearly fund for or towards answering and paying off all and every the principal sums therein mentioned, amounting in the whole to two millions three hundred forty one thousand seven hundred and forty pounds, with interest after the rate of six pounds per centum per annum, to such persons as should contribute or advance the sum of eighteen hundred thousand pounds for carrying on the then war, or to those claiming from or under them in the manner thereby prescribed. And whereas by an act made and passed in the said tenth year of her said late Majesty's reign, it was enacted, That there should be raised and paid for and upon such skins and hides, and pieces of skins and hides, and for and upon such made wares therein described, as during the term of thirty two years, to be reckoned from the first day of August one thousand seven hundred and twelve, should be imported into Great Britain, the additional rates or new duties therein particularly expressed; and for and upon all such skins and hides, and pieces of skins and hides therein described, as during the same term should be tanned, tawed or dressed in Great Britain, the additional rates or new duties therein also particularly expressed; and for and upon all vellum and parchment, which during the same term should be made in Great Britain, or imported into the same, such additional rates or new duties as are therein specified; and for and upon all starch, which during the same term should be imported into or made in Great Britain, the respective duties therein mentioned; and for and upon all coffee, tea and drugs (except as therein is excepted) which within or during the term of thirty two years, to be reckoned from the sixteenth day of June one thousand seven hundred and twelve, should be imported into Great Britain, the new duties therein expressed; and for and upon all gilt and silver wire, which during the term of thirty two years, to be reckoned from the first day of July one thousand seven hundred and twelve, should be imported into or made in Great Britain, the respective duties therein mentioned; and for and upon every policy of assurance, which during the term of thirty two yean to be reckoned from the first day of August one thousand seven hundred and twelve, should be made or entred into within the cities of London and Westminster, or elsewhere within the limits of the weekly bills of mortality, an additional duty therein expressed: and it was thereby enacted, That yearly and every year, during the term of thirty two years, which commenced from the twenty ninth day of September one thousand seven hundred and twelve, the sum of one hundred and sixty eight thousand and three pounds, by and out of the monies of the several duties by that act granted, or to be made good, as is therein mentioned, should be a yearly fund for or towards answering or paying off all and every the principal sums therein mentioned, amounting in the whole to two millions three hundred forty one thousand nine hundred and ninety pounds, with interest after the rate of six pounds per centum per annum, to such persons as should contribute or advance the sum of one million eight hundred thousand pounds for her Majesty's supply, or to those claiming from or under them, in the manner thereby prescribed. And whereas by the several acts before recited, it was provided, That if the several duties by them respectively granted or appropriated, for raising the several yearly funds by them established or intended to be established, should at the end of any one year appear to be deficient for answering the said yearly funds respectively, that then such deficiencies should be made good out of the next aids to be granted in parliament, or otherwise, as by the same acts respectively is prescribed: and her said late Majesty by the same acts respectively, was authorized to appoint managers or directors, who, or some of them, were thereby respectively directed to prepare lottery tickets, and to cause the said lottery tickets to be drawn in such several manners as were thereby appointed, and to transmit into the office of the auditor of the receipt of the Exchequer, books containing the names, surnames and places of abode, of the persons, which upon such drawings should be intitled to such fortunate or beneficial lots as are therein set down; and that the same persons, their executors, administrators and assigns respectively, should have, receive and enjoy, out of the said respective funds, the principal monies which should be entred in such books for them respectively, in course or courses, and the interest thereof by such payments as in the said acts are severally prescribed; and that the other contributors or adventurers, upon the said several acts (not having fortunate lots) their executors, administrators and assigns, respectively should have, receive and enjoy, out of the said respective funds, such principal monies, in course or courses, and such interest, as in and by the said lottery acts respectively were prescribed for them severally to have, receive and enjoy; and by the same acts it was severally directed, that the said tickets should be exchanged for standing orders, and that such orders should be registred, and be assignable; and that during the several terms therein mentioned, (unless the principal and interest directed to be paid by the said several acts, should be sooner paid off) the said duties should be severally applied for answering the said principal and interest, and other purposes therein mentioned: and in the several acts for the said lotteries are contained several provisoes or clauses, importing, that if before the end of the respective terms of thirty two years therein mentioned,, all the principal and interest monies payable by virtue of the same acts respectively, should be fully paid and discharged, or sufficient money should be reserved in the Exchequer for payment thereof, that then and in such case, and from thenceforth the duties by the same acts respectively granted or charged therewith, should cease, or be disposable by authority of parliament, and not otherwise, as by the said several acts, relation being thereunto severally had, doth and may more fully and at large appear. And whereas the said several sums of one million five hundred thousand pounds, two millions, one million eight hundred thousand pounds, and one million eight hundred thousand pounds, were advanced for the publick service, upon the several acts beforementioned, and the tickets thereby directed were made forth and drawn, and books were transmitted, or are to be transmitted into the Exchequer by the said managers or directors, or by some other persons appointed thereunto, in pursuance of acts of parliament in that behalf; and the said several sums of one million nine hundred twenty eight thousand five hundred and seventy pounds, two millions six hundred and two thousand two hundred pounds, two millions three hundred forty one thousand seven hundred and forty pounds, and two millions three hundred forty one thousand nine hundred and ninety pounds, became payable as principal monies, with interest, after the said rate of six pounds per centum per annum, to the several contributors or adventurers, or to claimants from or under them, according to their several shares therein, and standing orders have been or are to be made forth for the same. And whereas several sums amounting to one million six hundred sixty six thousand and seventy pounds, or thereabouts, (part of the said principal sum of one million nine hundred twenty eight thousand five hundred and seventy pounds) and two millions five hundred twenty five thousand nine hundred and seventy pounds, or thereabouts, (part of the said principal sum of two millions six hundred and two thousand two hundred pounds) and two millions two hundred fifty eight thousand five hundred and twenty pounds, or thereabouts, (part of the said principal sum of two millions three hundred forty one thousand seven hundred and forty pounds) and two millions three hundred and twelve thousand and sixty five pounds, or thereabouts, (part of the said principal sum of two millions three hundred forty one thousand nine hundred and ninety pounds) do upon the fourth day of March one thousand seven hundred and sixteen, remain unsatisfied; which principal sums so remaining unsatisfied, do amount in the whole to eight millions seven hundred sixty two thousand six hundred twenty five pounds, or thereabouts, carrying interest after the said rate of six pounds per centum per annum. And whereas in and by an act of parliament made and passed in the twelfth year of the reign of his said late majesty King William, it was (amongst other things) provided and enacted, That in lieu and discharge of certain perpetual annual payments, and of all arrears thereof granted by his late majesty King Charles the Second, by letters patents out of the hereditary revenue of excise, in satisfaction of certain principal sums mentioned in the said letters patents to be then due from his said late Majesty, to the respective patentees therein named, the said hereditary revenue of excise should, from and after the twenty sixth day of December one thousand seven hundred and five, be and stand charged and chargeable for ever with the payment of annual sums after the rate of three pounds per centum per annum, for the principal sums mentioned in the said respective letters patents, to be issued and paid out of the said revenue by quarterly payments out of the receipt of the Exchequer by the officers of the same, unto the respective owners and proprietors of the said annual sums, and to their heirs and assigns for ever, without any fee or charge; the said annual payments, after the rate of three pounds per centum per annum, to be subject nevertheless to be redeemed upon payment of a moiety of the principal sums mentioned in the said respective letters patents: and by or in pursuance of an act made in the second year of the reign of her said late majesty Queen Anne, the respective proprietors have or ought to have funding orders for payment of the annuities last mentioned, quarterly, until the same shall be redeemed, as aforesaid, free from all taxes and impositions whatsoever. And whereas the whole of all the sums mentioned in the said letters patents, did amount to one million three hundred twenty eight thousand five hundred and twenty six pounds, and the moiety thereof, for which the said annual sums are redeemable, doth amount to six hundred sixty four thousand two hundred sixty three pounds, and the said annual sums, after the rate of three pounds per centum per annum, wherewith the said hereditary revenue is now charged, or liable to be charged, till such redemption, doth amount to thirty nine thousand eight hundred fifty five pounds fifteen shillings seven pence and one fifth part of a penny per annum, (which is equal to a rate of six pounds per centum per annum for the said sum of six hundred sixty four thousand two hundred sixty three pounds.) And whereas since the making of the several acts herein above recited, the common rate of interest for money is very much lessened, so that it is become just and reasonable for the publick to have and enjoy as well the benefit of redeeming the said several duties and revenues charged or chargeable with the said lottery orders so remaining unsatisfied, as also the benefit of redeeming the said annual sums now payable out of the hereditary excise. And whereas the proprietors of the said lottery orders, or several of them, are or may be willing and desirous to accept (in lieu and discharge thereof) an annuity or annuities after the rate of five pounds per centum per annum redeemable by parliament, and the proprietors of the said annual sums now charged or chargeable upon the said hereditary excise, or several of them, are or may be also willing and desirous to accept (in lieu and discharge thereof) an annuity or annuities after the rate of five pounds per centum per annum, redeemable by parliament, and to be computed only upon one moiety of their respective principal sums by the payment of which moieties, their annual payments, after the rate of three pounds per centum per annum, were formerly made redeemable, as aforesaid:) and several of the proprietors of the said lottery orders are or may be willing and desirous to have their principal and interest due thereupon paid and satisfied to them in ready money; and several of the proprietors of the said annual sums payable out of the hereditary excise, are or may be also willing and desirous to have the moiety of the principal monies (for which the same are redeemable, as aforesaid) paid and satisfied to them in ready money; and several persons or corporations are or may be willing to advance ready monies for the purposes aforesaid, and for other the purposes in this act particularly mentioned, so as they respectively for their monies so to be advanced may have such annuities as are herein after expressed, secured to them respectively, until redemption thereof by parliament, according to the true meaning of this act:' now to the end a good, sure and sufficient fund and security may be settled and established for the due, regular, and constant payment of all the annuities which shall be payable by or in pursuance of this act, until such several and respective redemptions, as aforesaid, we your Majesty's most dutiful and loyal subjects, the commons of Great Britain in parliament assembled, do most humbly pray your Majesty that it may be enacted, and be it enacted by the King's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal and commons, in this present parliament assembled, and by authority of the same, That all such or the like customs, subsidies, impositions, additional impositions, rates, duties, additional rates and duties, and all proportional parts of any duties, and all revenues and weekly or other payments out of any duties or revenues which were granted, imposed, appropriated, or directed by the said several recited acts, and every of them, or by any other act or acts of parliament now in force, for such several and respective terms or years as are therein mentioned, for or towards the answering, paying, securing, or making good the said several and respective funds of one hundred thirty five thousand pounds per annum, one hundred eighty six thousand six hundred and seventy pounds per annum, one hundred sixty eight thousand and three pounds per annum, and one hundred sixty eight thousand and three pounds per annum, or for or towards payment of the principal and interest monies on the said lottery orders, and for or towards answering or paying the said annual sums amounting to thirty nine thousand eight hundred fifty five pounds fifteen shillings seven pence and one fifth part of a penny per annum, (except as in the said several acts or any of them is excepted, and except such of the said duties or revenues as are since taken away by any other act or acts of parliament in that behalf) shall continue and be paid and payable to his Majesty, his heirs and successors for ever, for the purposes in this act prescribed and directed; and that such of the hereditary duties mentioned in the said former acts of parliament, or any of them, as during the respective terms of years therein expressed were appropriated or directed to be applied, for or towards the payment of the said yearly funds or sums, or any of them, shall also continue and be paid and payable to his Majesty, his heirs and successors for ever, for the purposes in this act prescribed and directed; and that all and every the powers, which, in and by the said former acts, or any of them, were vested, or intended to be vested in her said late Majesty, or such commissioners or others, as she should appoint, for granting licences, or doing any other matters or things in order to raise any the duties or revenues hereby intended to be continued and made perpetual, shall be and are, by force and virtue of this act, revived and vested in his Majesty, his heirs and successors, and his and their commissioners, in the same manner, for raising the same duties or revenues respectively for the purposes in and by this act prescribed and directed; and that all other powers, authorities, rules, directions, penalties, forfeitures, disabilities, clauses, matters, and things whatsoever, contained in the said former acts of parliament, and every or any of them, now being in force, for raising, collecting, levying, recovering, answering, paying, and accounting for the said customs, subsidies, impositions, rates, duties, and additional rates and duties, and proportional parts of duties, and the said revenues, and weekly or other payments out of any duties or revenues granted, imposed, appropriated or directed for such several and respective terms of years, as aforesaid (except as is before excepted)shall be revived, and be for ever continued, practised, and put in execution, for railing, collecting, levying, recovering, answering, paying, and accounting for the said customs, subsidies, impositions, rates and duties, additional rates and duties, proportional parts, and the said weekly and other payments out of any duties or revenues by this act intended to be continued and made perpetual, for the purposes in and by this act prescribed and directed, as fully and effectually as if the same powers, authorities, rules, directions, penalties, forfeitures, disabilities, clauses, matters and things, were at large repeated and particularly re-enacted in the body of this present act; the said former acts, or any of them, or any thing therein contained to the contrary notwithstanding: nevertheless the said customs, subsidies, impositions, rates, duties, additional duties, proportional parts, weekly and other payments, and every of them, by this act intended to be continued and made perpetual, as aforesaid, shall be subject to such provisoes and powers of redemption as are hereafter in and by this act contained and prescribed of and concerning the same.

II. And be it further enacted by the authority aforesaid, That all the monies arising of or for the said customs, subsidies, impositions, rates, duties, additional duties, proportional parts, weekly and other payments, hereby intended to be continued and made perpetual, subject to such redemption as aforesaid, (except the necessary charges of raising, collecting, levying, recovering, answering, paying, and accounting for the same) shall, from time to time, be brought into the receipt of the Exchequer for the uses and purposes in this act prescribed; and shall, from time to time, be fairly and distinctly entred and registred in one or more book or books to be kept in the offices of the auditor of the receipt, and clerk of the pells, severally for that that purpose, to which all persons concerned, at all seasonable times, shall have free access, without fee or charge.