ABSTRACT
When the commissioners were satisfied that a sum was due to an officer, they were to certify it to the Paymaster of the Forces, who was to give him a debenture for the amount owing. How were these debentures to be paid? One solution would have been to incorporate their holders, on the lines of the ingraftment of 1697, and as was actually clone in I 7 I I with the creation of the South Sea Company. An anonymous and undated memorandum in the Portland papers, probably of I 700, put such a solution forward: That a Corporation be made for the whole Debt due to the Army and for Transport Service and every one that has any of the said Debentures be obliged by a certain time to bring them in to the Corporacon, and everyone as he brings them in to have Credit in the Books of the Corporation for the Amount of their Debentures.6
