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Updated: May 28, 2025
But the consequences were visible and ruinous; for by this means navy-bills grew to be forty per cent. discount, and upwards; and almost every kind of stores, bought by the navy and victualling offices, cost the government double rates, and sometimes more: so that the public hath directly lost several millions upon this one article, without any sort of necessity, that I could ever hear assigned by the ablest vindicators of that party.
A fund was formed for paying an interest or annuity of six per cent, until the principal should be discharged; and with this was granted a monopoly of a projected trade in the South Sea, vested in the proprietors of navy-bills, debentures, and other public securities, which were incorporated for this purpose.
The remaining debt of the ordnance amounted to above two hundred and thirty thousand pounds; but the navy-bills could not be discharged for less than four millions. An addition of two millions three hundred and seventy-four thousand three hundred and thirty-three pounds, fifteen shillings and two-pence, was also required for the current service of the year.
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