Top Portion Document Signed Verso by Walpole (1 results)

under a manuscript transfer note, saying "I Doe hereby assigne & transfer all my Right, title & Interest in the within order & the Tally thereto belonging with Interest due and to grow due thereupon unto the Governor and Company of the Bank of England.", with a note below, "Reg[iste]red J Hay", the printed text on the recto is the beginning of an Order in virtue of the main annual tax Act, first passed in 1711, for duty on many goods and renewed annually, this time "Malt, Mum, Cyder and Perry, for the Service of the Year One thousand Seven hundred and fifteen and for making forth Duplicates of Exchequer Bills and Lottery Tickers, lost, burnt or destroy'd.", 1 side oblong 8vo., Pay Office, Horse Guards, 30th September The cost of Queen Anne's wars greatly exceeded the revenue, and government payments were commonly in arrears. An Act was passed to allow its IOUs to be exchanged for South Sea Company stock, which had a cash value because it could be traded. (The bookseller Thomas Guy made his fortune in this way, beginning with a seaman newly ashore, who asked him to discount his wages note, which Guy so exchanged). In the tax act, a clause was inserted which allowed public paymasters and treasurers to raise cash loans from willing individuals against the stock as security, at interest up to 6%, provided the cash was used for the same public purpose. In 1714, a further clause authorized the Bank of England to be such a lender. The present document is one of Robert Walpole's last actions as Paymaster of the Forces (from 3rd October 1714), before he became Prime Minister in October 1715. The document has his name already printed in the margin, as he would wish to make many transfers of this kind. Ironically, as Treasurer of the Navy, January 1710 - January 1711, Walpole had been sent to the Tower "for notorious corruption" and expelled the Commons. Perhaps here he is trying to clear his desk! Walpole's signature is striking, with a flat base to the R and the last stroke of the R becoming the first of the W.