
When Bills paid into the Exchequer; and Principal and Interest cast up, Bills cancelled, and new Bills of £100, £50, or £25 made.Whereas it is found by Experience to be very difficult and troublesome for any Persons who have any
of the Bills of Credit commonly called Exchequer Bills in their Hands undischarged to compute the
Interest thereupon (which hath hitherto grown due after the Rate of Five Pence a Day for every One hundred
Pounds Principal Money contained therein for such Times onely as they have not been in the Publick Receipts)
because most of the said Bills do contain very small Summs and have many Indorsements thereupon according
to which the said Interest is to be reckoned and many of the said Bills are so filled up already that they are not
capable of any further Indorsements which should be made when they are brought into any of the said Publick
Receipts whereby divers Persons have been and are discouraged to accept such Bills in Payment For Remedy of
which Inconveniences for the future Be it enacted by the Kings most Excellent Majesty by and with the Advice
and Consent of the Lords Spirituall and Temporall and the Commons in this present Parliament assembled and
by the Authority of the same That when any of the Bills of Credit commonly called Exchequer Bills (being
uncancelled or undischarged) shall at any Time or Times be paid lent or brought into the Receipt of His Majesties
Exchequer it shall and may be lawfull to and for the Commissioners of His Majesties Treasury or any Three or
more of them now being and to and for the High Treasurer or any Three or more of the Commissioners of the
Treasury for the Time being to cause the Principall and Interest Moneys which shall be due upon all or any
such Bills (the same being first tryed by the Counterparts thereof) to be exactly cast up and such Bills to be
cancelled taking Care in a Book to be kept for that Purpose to cause the Number Date Principall and Interest
of every such cancelled Bill to be fairly entred with the respective Fund upon which it is cancelled and thereupon
from time to time to make new Bills to contain each of them One hundred Pounds or Fifty Pounds or Twenty
five Pounds so as the Principall Money to be contained in such new Bills to be made forth from time to time
do not in the whole exceed the Summe Totall of the Principall and Interest Moneys which was due upon all the
Bills that shall have been cancelled by vertue of this Act
II. 
and applicable to the same Uses and under the same Penalties as the cancelled Bills.
And be it enacted by the Authority aforesaid That all the new Bills to be made forth by vertue of this
Act as aforesaid shall bear an Interest thereupon of Four Pence a Day for every One hundred Pounds and
so proportionably for the lesser Summes before mentioned which Interest shall be allowed due and payable for
			 such time or times only as the said new Bills shall not lye in the Hands of any His Majesties Recievers or
Collectors or in His Majesties Exchequer in like Manner as the said higher Interest was allowable upon the said
former Bills And the said new Bills so made shall in the Receipt of His Majesties Exchequer be appropriated and
applicable to the same Uses or Purposes whereunto such cancelled Bills were appropriated and applicable and under
the same Penalties Forfeitures and Disabilities to be inflicted for diverting or misapplying the same as were by any
Law or Statute provided for diverting or misapplying any of the Moneys for which such cancelled Bills were taken
respectively
III. 
And be it further enacted by the Authority aforesaid That the said new Bills shall in all respects have the
like Currency in all Taxes Aids and Revenues and also at the Exchequer and there shall be inflicted the same
Punishments for forging or counterfeiting the same and shall be subject to the same Rules and Methods and
such Contracts for supporting the Credit thereof shall and may be made as by any former Law or Statute
whatsoever were provided authorized or enacted with regard to the Bills by this Act to be cancelled
IV. 
Provided That nothing in this Act contained shall extend or be construed to extend to dissolve the present
Contract  between the Lords Co[m]missioners of His Majesties Treasury and the Subscribers for circulating Exchequer
Bills and that the same shall remain and be in force to oblige the present Trustees for circulating Exchequer
Bills and the present Subscribers for advancing of Money to circulate the same to change such new Bills as shall
be made out by vertue of this Act as far as they would have bin obliged to have changed the old Bills if this
Act had never bin made Any thing herein contained to the contrary in any wise notwithstanding