On This Day: 27 June 1694

On this day in 1694, Thomas Bowrey committed to pay a £100 voluntary subscription toward the carrying on the War against France and paid the first £25 (£3,335 today). Today’s single printed form is a great example of the importance of fully interrogating each document.

An 1694 Act of Parliament had imposed a tax on beer, ale and other Liquors as well as upon Tunnage of Ships and Vessels to raise funds for the war but the same Act had also made provision for individuals to voluntarily Advance the Summ of Fifteen Hundred Thousand Pounds.

Why would people pay a tax voluntarily? What subscribers were actually doing was purchasing a government bond attracting 8% p.a. interest. More than this, the Act also established the Bank of England. So much in a small slip of paper – only another 4,999 to go …

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s