On August I, according to Luttrell, ' the new bank it Ugina paid into the Exchequer £112,000, which they did by their Bank Bills, sealed with the seal of their corporation, being the Britannia sitting on a bank of money 2,' from which we may infer that the instalments
to the Exchequer were paid gradually and in part at least in paper. Indeed the same authority tells us that on August 7 tallies were struck at the Exchequer for a million sterling, in order to pay the army, such tallies at the time answering some of the ends of Exchequer Bills.
http://archive.org/stream/firstnineyearsof00rogeiala/firstnineyearsof00rogeiala_djvu.txt
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