690 A. D. 1697. 



dealt for themfelvts in any merchandize, or in thofe tallies, flocks, &c. ; 

 to enter into an obligation for their faithful adings, and on failure, to 

 forfeit L500, &c. 



After this account of the ill ftate of things, we fhall conclude the ac- 

 count of the engrafting aft by obferving, that the new fubfcribers to 

 the bank were thereby to deliver np to the governor and company of 

 the bank of England their tallies and orders, which were to be paid off 

 in courfe *. The capital ftock of the bank was thereby to be exempted 

 from any tax. No contraft for fale of the bank ftock was to be valid, 

 unlefs regiflered within feven days in the bank books, and aftually 

 transferred within fourteen days f. No aft of the corporation, nor of 

 its court of direftors, nor fub-committees thereof, Ihould fubjeft the 

 particular fliare of any member to forfeiture. The fliares, however, 

 were made fubjeft to the payment of all the jufl debts contrafted by the 

 corporation ij;. By this aft it was made felony to counterfeit the com- 

 mon feal of the bank, afHxed to their fealed bills, or to alter or erafe 

 any fum in, or any indorfement on, their fealed notes, figned by order 

 of the governor and company, or to forge or counterfeit their bills or 

 notes. Members of this corporation were not to be liable to bankrupt- 

 cy, merely by reafon of their bank ftock, which flock, moreover, was 

 not liable to foreign attachments. This is all that is eflentially necef- 

 fary to be recited from this long aft of parliament, fojudicioufly framed 

 for refloring public credit. Two great points were effefted by it, viz. 

 the exchequer tallies and orders were refcued from the flock-jobbing 

 harpies by being engrafted into this company, as were alfo the bank 

 notes, now cancelled, which had been at 20 per cent difcount, by reafon 

 the government had been greatly deficient in their payments to the 

 bank ; and a good interefl was fecured for the proprietors of the in- 

 creafed capital. 



This happy engraftment, together with the new filver coinage, re- 

 dounded greatly to the credit of Mr. Montague, afterwards earl of Hali- 

 fax. For, it is almofl incredible, that in a few months after this provi- 

 fion for the national debt in arrear, the ftock of the bank given to the 

 proprietors of exchequer tallies, which before this engraftment had 

 been at 40 to 50 per cent difcount, fhould be currently fold at 1 12 per 

 cent. ' This fecond bank fubfcription,' (fays D'Avenant, in his lafl 

 quoted treatife) ' being founded upon parliamentary fecurity, for mak- 

 ^ ing good the deficient tallies, was formed by receiving in thofe tallies 



* Tlity aftually were paid off by annual divi- in tliem all, till after the year 1720, when the 



ilcnds in a few years ; and bank flock was there- want of it opened a field of unexampled villany 



by reduced to its original capital. ^, and deception. ^. 



f It had been happy for hundreds of families, % This claufe was with great propriety after- 



jf this falutary clauie had been continued in fiic- wards extended to the other two great compu- 



cceding ads of parliament for this and all other nies. y/. 

 joint ftocks. But, as if defigncdly, it was omitted 



