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without benefit of clergy, to counterfeit
the common seal of the Bank, any sealed
bank bill, any bank note, or to alter or
erase such bills or notes.
In the 7th of Queen Anne, the Com-
pany were, by another act, impowered
to increase their capital to 4,402,343l.
and at the same time they advanced
400,000l. more to the government; and
in 1714, they advanced the sum of
1,500,000l.
In the third year of the reign of King
George I. the interest of their capital
was reduced to 5l. per cent. when the
Bank agreed to deliver up as many Ex-
chequer bills as amounted to two milli-
ons, and to accept of an annuity of
100,000l. per annum. It was also de-
clared lawful for the Bank to call for
from their members, in proportion to
their interests in the capital stock, such
sums, as in a general court should be
found necessary; but if any member
should neglect to pay his share of the
money so called for, at the time ap-
pointed, by notice in the London Gazette
and fixed up in the Royal Exchange, it
should be lawful for the Bank, not only
to stop the dividend of such member,
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and to apply it towards the payment of
the money so called for, but also to stop
the transfers of such defaulter, and to
charge him with an interest of 5l. per
cent. per annum, for the money so omit-
ted to be paid; and if the principal and
interest should be three months unpaid,
the Bank should have power to sell so
much of the stock belonging to the de-
faulter as would satisfy the same. This
stock is now called Bank Circulation,
every proprietor of which receives 5l.
per cent. per annum, but is obliged to
advance, if called for, 1000l. for every
100l. so paid in.
The Bank afterwards consented to
have the interest of two millions still
due from the government, reduced
from 5 to 4 per cent. The Company
also purchased several other annuities,
that were afterwards redeemed by the
government, and the national debt due
to the Bank was reduced to 1,600,000.
At length in 1742, the Company
agreed to supply the government with
1,600,000l. at 3l. per cent. by which
means the government became indebted
to the Company 3,200,000l. the one
half carrying 4, and the other 3 per cent.
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