A more thorough explanation:

An Exchequer bill is a type of bill of credit that is issued in England by the authority of Parliament. It is an instrument that is issued at the Exchequer, usually under the authority of an act of Parliament passed for that specific purpose. The bill contains an engagement on the part of the government to repay, with interest, the principal sums advanced.

During the 18th and 19th centuries, Exchequer bills were commonly used by the British government to finance wars and other expenses. For example, during the Napoleonic Wars, the government issued Exchequer bills to raise funds for the war effort.

Another example of the use of Exchequer bills was during the South Sea Bubble of 1720. The government issued Exchequer bills to help finance the South Sea Company, which was involved in the speculative trading of South American slaves and goods.

These examples illustrate how Exchequer bills were used by the British government to raise funds for various purposes, including wars and speculative ventures. The bills were a way for the government to borrow money from the public and repay it with interest at a later date.