ABSTRACT
FRoM the I 720s Exchequer bills, mainly charged on the annual Land and Malt taxes and paid off when these were collected, became the most important form of annual anticipation of government revenue. From 1 763, with the cessation of cash Ioans at the Exchequer, Exchequer bills reigned supreme until their Supersession by Northcote's Treasury Bill of I 877.1 Y et when hrst introduced in I 696 no one could have predicted a long and successful history for them. They were a product of the crisis of state credit in the 'Year very Iikely to have proved many ways Fatal to England',2 and even their sponsor, the Chancellor of the Exchequer Charles Montague, was doubtful of their success.
