73 6 A. D. 1706. 



been limited to one year's notice aftei- the ifl of Auguft, 1705, were 

 farther prolonged, upon their now undertaking to circulate the exche- 

 quer bills at L4 : 10 per cent per annum. By this ad, therefor, the 

 bank was empowered to call in money from their members, to enable 

 them to circulate the exchequer bills, in proportion to their refpedive 

 flocks in that company ; whence there arofe another temporary addition 

 to their old capital, which had before been reduced to its original fum 

 of Li, 200, 000 by government gradually paying off the principal and 

 interefl of £5,160,459 : 14 : 9^, which had been fubfcribed into the 

 bank in taUies, orders, &c. as has been fully related under the year 

 1697. The temporary addition to bank flock was Li, 00 1,171 : 10, 

 which, with the Li, 200,000 original capital, made the whole now 

 amount to L2, 201, 171 : 10. And by this ad the bank was to remain 

 a corporation till the redemption of all the Li ,500,000 in exchequer 

 bills. This was the firfl time that the bank of England undertook the 

 circulation of exchequer bills, whereby they rendered themfelves fa- 

 vourites of the government ; and they have ever fince made agree- 

 ments with the public for that purpofe annually, on eafy or moderate 

 terms. This year the bank again iflued fealed bills for enabling them 

 to perform their contrads, at an intereft of 2d per cent per day, or 

 about three per cent per annum. 



1707. — The mofl important, wife, and happy, incorporating union of 

 the kingdoms of England and Scotland took place on the i ft day of 

 May, 1707. And though the two rebellions fince that period were both 

 originally propagated from Scotland, through the violence of party zeal, 

 and of clanfhip and fuperiorities ; yet a peaceable, loyal, and induftrious 

 fpirit having fmce univerfally prevailed, the great benefits accruing to 

 both nations by this union do now dayly appear mo:e and more confpi- 

 cuous. From that country England has her American plantations very 

 much increafed in people : from Scotland likewife the navy and armies 

 have been fupplied with many thoufands of ftout and well-afFeded men, 

 as has very lately and very effedually been experienced. By an union 

 with Scotland flie has the more abfolute ufe of many good ports, of a 

 more extenfive fifhery, of a fupply of very good, though fmall, cattle, 

 and of fundry other benefits. Scotland, on the other hand, receives 

 ineftimable advantages by her incorporating union with England, ift, 

 by gradually and very vifibly enriching herfelf from a participation of 

 commerce with England's foreign plantations, fadories, &c, adly. By 

 her union with England, fhe gradually learns the melioration of her 

 foil, which in many parts is now known to be much more capable of 

 improvement than was formerly imagined, sdly. By this union, 

 Scotland's coarfe woollen fluffs and ftockings, and her more valuable 

 linen manufadures, now of many various, beautiful, and ingenious 

 kinds, have a prodigious vent, not only in England, but for the Ame- 

 rican plantations, as well as the confumption of fo many of her black 



