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Issued from the Treasury Chambers on February 21, 1709, the surviving portion orders that interest be paid at the annual rate of six percent, in quarterly installments, until repayment of the principal sum:
“Let Interest after the Rate of Six Pounds per Cent. per Annum be paid for the Principall Sum on this Order, every three Months from the Twenty first day of February 1709…until the Repayment of the Principall…”
The order concludes with the official formula:
“and for so doing this shall be Your Lordship’s Warrant.”
It is boldly signed “Godolphin.”
As Lord High Treasurer, Godolphin confronted the immense challenge of financing the armies of the Duke of Marlborough and Britain’s European allies against Louis XIV. His administration helped develop the public-credit system that enabled Britain to maintain prolonged warfare, while also supporting the political union of England and Scotland in 1707.
The document’s provision for quarterly interest at six percent provides tangible evidence of the financial mechanisms through which Queen Anne’s government borrowed money and sustained its military commitments.
The surviving manuscript is the lower portion of a larger warrant; the original recipient and principal sum are no longer present. It exhibits old folds, overall toning, irregular torn and cut edges, a large diagonal loss at the lower left, and several short marginal tears. The date, financial terms, Treasury Chambers designation, and Godolphin signature remain complete and prominent.
