“Whereas by an Act made in the last
session of Parliament, several duties were granted, continued, and
appropriated towards defraying the expenses of defending, protecting,
and securing the British colonies and plantations in America; and
whereas it is just and necessary that provision be made for raising a
further revenue...be it further enacted by the authority aforesaid,
that all the moneys which shall arise by the several rates and
duties...shall be paid into the receipt of his Majesty's Exchequer,
and shall be entered separate and apart from all other moneys, and
shall be there reserved to be from time to time disposed of by
Parliament...”
George III, 1765
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