as
therefore the interest of every one to support, not the credit, but the
interest of the States. Those who wished to traffic on the public
property were in fact laying a tax on that public, for they were
diminishing, by so much as they forced States' Notes out of circulation,
the public revenue, for if the States, in consequence of a diminished
revenue by the effect of Bank paper, have to make loans, those loans
must in the end be repaid by the public--which would be a taxing of the
public for the benefit of private individuals."

Further contemporary testimony to the estimation in which the Notes were
held may be gleaned from the papers of the time, of which there were
three, issued at least once a week. In these occur letters from
Publicola, Verax, Vindex, Un ami de son pays, Un Habitant, Campagnard,
etc. Some of these were probably inspired, and sometimes they show a
partisan bias. The references of most value are the incidental ones
occurring in discussions on the improvements or in the criticisms of
_ordonnances_ on the currency. The coinage at this time was in a
confused state, there being both English and French money, some of it of
very poor quality, in circulation.

The _Gazette_ of 22nd July, 1826, refers to allegations made by the
Jersey authorities as a reason for their refusing to register an Act
authorising the issue of L5,000 in Notes. The opponents of the measure
had alluded to supposed evils arising therefrom in Guernsey. But the
_Gazette_ emphatically declares that "these Notes have neither directly
nor indirectly burdened commerce in any way, nor contributed to the rise
in exchange that is experienced."

A letter in the _Gazette_ of 25th April, 1829, on the subject of
"Monnaie," written at the request of Sir J. Colborne, the
Lieutenant-Governor, suggests that people in authority in Jersey
interested in Banks oppose State Notes, lest these should be preferred
to theirs. The leader of the same issue of the _Gazette_ states that
"the generality of the inhabitants have confidence in the States' Notes
(it being always understood that the issue of Notes shall be kept within
just limits) because they know that the whole property of the island
forms the guarantee for their payment."

"Campagnard" in the _Gazette_ of 28th February, 1829, suggests the need
of some other currency than States' Notes for trade in France or with
London and Paris, but feels alarm at anything that might stop the public
works i