[The History of England in Three Volumes, Vol.II. by Tobias Smollett]@TWC D-Link bookThe History of England in Three Volumes, Vol.II. CHAPTER IV 28/105
The consideration of ways and means was the next object that engrossed the attention of the lower house.
They resolved that a rate of four shillings in the pound, for one year, should be charged upon all lands according to their yearly value; as also upon all personal estates, and upon all offices and employments of profit, other than military offices in the army and navy.
The act founded on this resolution empowered the king to borrow money on the credit of it, at seven per cent.
They further enabled him to raise one million on the general credit of the exchequer, by granting annuities. They laid several new duties on a variety of imports.
They renewed the last quarterly poll, providing that in case it should not produce three hundred thousand pounds, the deficiencies might be made up by borrowing on the general credit of the exchequer.
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