Promissory notes were assignable and endorsable and the holder could recover against the signer or any endorser as was the case with bills of exchange. In 1775, no more promissory or other notes, bills of exchange, draughts, or undertakings in writing and being negotiable or transferable could be made for under 20s., because it was hard for the poorer sort of manufacturer, artificer, laborer and others to use them without being subject to great extortion and abuse. Cash was to be used instead.
By 1711, government finances had become so chaotic that the Chancellor of the Exchequer sought to re-establish public credit by means of a chartered commercial company, the shares of which were offered in substitution for government stock. This South Sea Company was established in 1711 with a monopoly to trade in South America. The prospects of huge profits sent the share prices soaring. There was also an increase in the money supply. These factors led to a speculation bubble in 1720 in this stock. Also, many stock-jobbers promoted companies of every description, such as one to extract gold from seawater. There was an insurance boom with about seventy insurance companies in existence, many virtually gambling in life contingencies. There was speculation in insurance for all types of occurrences, such as housebreaking, highway robbery, death by gin-drinking, and horses becoming disabled. The total capital invested in all these enterprises rose to over five times the cash resources of all Europe. When the bubble burst, 100 pound South Sea stock had gone up to 1050 pounds and back down again to 120. Since the government had in effect bought this stock at a low price and paid off its debt with this stock at a high price, this bubble relieved the government of much of its massive debt. It also redistributed wealth. After the bubble burst, investors took refuge in investing in 3-4% government fixed-interest securities. A result of this bubble burst was the chartering of two corporations for marine insurance and prohibition of such by any partnership or firm. Private persons could continue to write policies, and they chose Lloyd's Coffeehouse as their headquarters; it came to dominate the world of marine insurance after the two chartered companies came to concentrate on fire and life insurance. Lloyd's list became the foundation for a new newspaper. There were specialty boxes at Lloyd's such as on America or the Baltic. Many ships were reported captured by enemies or pirates, but underwriting insurance was a lucrative business for many.
In 1717 the gold guinea was assigned a value of 21s. In 1774, the gold standard was introduced. In 1774, clipped and deficient gold coin was called in to be exchanged for new coin.
Local taxes were collected for the church, the poor, county courts of justice, borough administration, and highways. National taxes included the income, customs, and excise taxes. When the government tried to levy excise taxes on wine, tobacco, and then on cider, there was a public protest with mobs demonstrating against the power given to excise inspectors to search in people's homes. These excise taxes were no longer levied.
Duties were placed on items for encouraging industries within the country and to pay the expenses of government. There were more and higher duties to pay for war. At various times there were duties on hides, skins, seal skins, gilt and silver wire, malt, mum [strong beer made from malted wheat], cider, perry, spices, tea, coffee, cocoa nuts, chocolate, cocoa paste, snuff, chinaware, drugs, calicoes, herrings, apples, oysters, raw Italian and Chinese silk, gum arabic, gum senega, tallow, hogs-lard, grease, beaver skins and wool, imported brandy, raisins, coals and coal dust, coaches for one's own use or for hire, except licensed hackney coaches; silver plate owned by persons, corporations, and bodies politic; leases, bonds, and other deeds; licenses for retailing wine, beer, and ale; 5% of salaries, fees, and perquisites from office and employments including royal pensions and gratuities over 100 pounds. When the price of wheat was high, as in 1765, when it was 6s. per bushel, wheat products could not be exported. At other times, they could not be imported. Duties on imported wheat, barley, rye, oats, beans, rice, Indian corn were also dropped. The prohibition of importing salted beef, pork, bacon, and butter was dropped. In 1770, no live cattle, pigs, mutton, pork, beef, either fresh or salted could be exported or forfeit 50 pounds for every such animal or 5s. per pound of such meat. In 1773, peas, beans, bacon, hams, and cheese could be imported duty free, and in 1775 Labrador codfish. In 1775, raw goat skins could be imported duty-free to improve the domestic manufacture of red, green, and blue leather.
In 1773, there were given costs above which various commodities could not be exported: wheat at 44s. per quarter, rye, peas, or beans at 28s., barley and beer at 22s., oats at 14s. or else forfeit the goods, 20s. per bushel and the ship or boat in which laden. (There are 8 bushes in a quarter.)
A window tax replaced the hearth tax. These duties were 2s. on dwelling houses, increased by 6d. per window for houses with 10-14 windows, and increased by 9d. per window for houses with 15-19 windows, and increased by 1s. per window for houses with 20 or more windows, per year to be paid by the occupant. These were increased three more times, until the dwelling house duty was 3s. and the duty for 25 or more windows was 2s. Another duty for war was that on imported starch, certain imported clothes, cards, dice, soap, vellum, parchment, and paper made in the realm (4d.-1s.6d. per ream depending on quality) or imported (1-16s. per ream). For pamphlets and newspapers made in the realm there was a duty of 2d. per sheet and 12d. for every advertisement. When the duty was paid, the paper was stamped. The penalty for nonpayment was 10 pounds for sellers and 5 pounds for those writing or printing on the paper. Later, there was a penalty of imprisonment in a House of Correction up to three months for sellers or hawkers of pamphlets or newspapers, and the apprehender received a reward of 20s. A parson marrying a couple without publishing banns or license could forfeit 100 pounds.
Not paying duties was punishable by various forfeitures of money. Officers for duties could search warehouses on suspicion of concealment of coffee, tea, chocolate, or cocoa beans with an intent to avoid duties after making an oath before a duty commissioner or Justice of the Peace setting forth the grounds of such suspicion. A special warrant could be issued authorizing the officer to seize such goods.
Wars were funded not only by some duties, but by lotteries and short-term funding purchased at 5% yearly interest from the Bank of England and by long-term funding by the sale of annuities.
County militias could be raised and called out to march together in order to be better prepared to suppress insurrections or invasions. Their horsemen were to be provided with broad sword, a case of pistols with 12 inch barrels, a carabine with belt and bucket, a saddle, and a bit and bridle. Each foot soldier was to be provided with a bayonet, a cartouch-box, and a sword. In the militia act of 1757, there were quotas for each parish, to be chosen by lot from lists of men 18-50 years old. After militia service for three years, one could not be called again until by rotation, and, if married, he was allowed to practice any trade in which he was able in any town or place. While he was in the militia, his parish had to pay an allowance to his family, if distressed, the usual price of an agricultural laborer, according to the number and ages of the children. Quakers could provide a substitute or pay money to defray expenses of a substitute for three years. Exempt were peers, commissioned officers in royal army or royal castle, other military personnel, members of either university, clergymen, teachers of any separate congregation, constables and peace officers, and watermen of the Thames River.