Over the summer of 1717, Parliament got to work on the bills to implement Walpole’s plans. One handled the lottery loans, converting more than £9 million into lower-interest-rate instruments managed by the Bank of England. Others reworked various long-term obligations held by the Bank and the South Sea Company, achieving Walpole’s aim of dropping the interest charges the Treasury faced. Some of the short-term obligations were retired, and more became cheaper, thanks to another rate cut. Taken together, this was, by any standard, an impressive achievement.
