tracting debts?
Will he not have at the end of the five years both his house and his
original income of L9,000?

"The States are precisely in the same position as regards the L13,000
which they have to pay out of their income during the five years
included in the said table. This sum will be paid in instalments of
L2,600 per annum, with as much ease as were much heavier engagements in
1826 and 1827.

"The time has passed when the public could be frightened by exaggerated
reports about the debt; most complete publicity keeps everyone
acquainted with the real state of affairs; my greatest wish is that
nothing should be hidden."

Frequent references to the saving of interest are to be found, and to
the fact that improvements in the island could not have been carried out
but for this system.

Wm. Collings, speaking at the States Meeting, 26th March, 1828, on a
financial proposition, gives it as his opinion that interest now paid
might be spared if the States issued more Notes. The Rev. T. Brock at
the same meeting supports the contention, as Notes can be issued without
inconvenience.

In the _Billet d'Etat_ for 21st September, 1836, in a long discourse on
the circulation, Daniel de Lisle Brock says, "To bring about the
improvements, which are the admiration of visitors and which contribute
so much to the joy, the health and the well-being of the inhabitants,
the States have been obliged to issue Notes amounting to L55,000. If it
had been necessary, and if it were still necessary to pay interest on
this sum, it would be so much taken from the fund ear-marked to pay for
the improvements made and to carry out new ones. This fund belongs
especially to the industrious poor who execute the works and generally
to the whole island which enjoys them. It ought to be sacred to all."

Mr. John Hubert, in the debate at this meeting, is reported by the
_Comet_ to have referred to the fact that "the roads and other works had
been constructed for the public good," and to have said that "without
issuing Notes for the payment of those works it would have been
impossible to have executed them."

Mr. H. O. Carre, in the same debate, said, "The States, by having Notes
to the amount of L55,000 in circulation, effected a saving of L1,600 per
annum. Here, then, was a revenue of L1,600 raised without causing a
farthing's expense to any individual of the public generally, for not
one could urge that he suffered a farthing's loss by it. It w