[1644/1/72]¹

Legislation

Act for borrowing of money

Act of the estates of Scotland for raising of monies for a present supply to the armies sent into England and Ireland.

Forasmuch as the convention of estates, finding themselves bound in conscience and duty for settling of a stock of credit and security whereupon sums of money may be presently raised for supply of the army sent into England and relieving in some measure the extreme want of the Scottish army in Ireland, did conclude and agree that the same should be by way of excise. Yet considering that the necessities of the armies cannot accommodate any delay and the sums to be raised on this excise will not be timeously gathered in for supply thereof, but that the same joined with the public faith of this kingdom may be a sufficient surety to any that will advance monies in the interim, have therefore thought fit to require and ordain that all persons of this kingdom who have monies, or by their credit and surety can best and soonest raise money, to lend the same to the estates or their committees for the uses aforesaid, who shall have assurance for their repayment from the public out of the monies due by the kingdom of England to the armies according to the proportion to be advanced to either of them respectively or that shall be raised upon this excise, which the collector and his deputes shall be bound to pay them out of the first of his intromission thereof or by any other manner of surety, private or public, they shall desire. And in case any shall desire private surety, it is hereby ordained that the persons whom the lenders shall desire to be bound to them shall either oblige themselves to the lenders or furnish the monies themselves, and in either case shall have public surety aforesaid for their relief, and the persons thus obliged to the lenders in a private surety shall have such others of any estates (that are in the town or shire where the money is to be borrowed) joined with them as they shall desire. And for the better prosecuting hereof, the estates give power to their committee in such a necessity and upon warrant of repayment aforesaid to call before them all such persons as are known to be able by themselves or their credit to lend or raise money, and to require and ordain them to lend or give such surety as will presently raise the sums of money the committee shall require from them upon the assurance above-written; and if any shall refuse, with power to the committee to take such course with them as in a time of so present necessity they shall think fit to make them advance monies as said is. But if any will be pleased upon this security willingly to offer monies, it shall be esteemed and embraced as a real testimony of their affection to religion and the cause in hand. And further the estates give hereby power and command to the committees of war in the shires to take such course within their several bounds for procuring of money in manner aforesaid as is above-written or from time to time shall be directed to them from the committee of estates, and to report.