n the island.

The difficulty of getting cash for notes is alluded to only when the
period of controversy referred to in the next chapter is reached. But
for about the first ten years of their issue it would appear that no
exception was taken to the notes nor difficulty experienced in their
use. External exchange seems to have flourished side by side with this
internal currency.

CHAPTER V

FIRST RUMBLINGS OF OPPOSITION

The feeling in favour of the system was not however entirely unanimous.
In 1826 we find the first trace of opposition which gradually grew and
grew until, as we shall see later, it was decided in 1837 that the
States should not issue any more Notes.

Whether the opposition was entirely due to this financial system as such
is open to question. Errors of judgment with reference to the Fountain
Street improvement may have been made. Self-interest on the part of some
may have been one of the factors. Into these questions the writer cannot
enter here. All that he wishes to point out is that it seems to him from
studying the records that there were various currents of opposition
which centred round the issue of Paper Money by the States.

In September, 1826, three members of the States, Josias le Marchant,
James Carey and Jean le Marchant, the two latter being members of the
Finance Committee, thought that the King's consent should be obtained
for works to be undertaken in Fountain Street. They considered that the
anticipations of future revenues were "not only fatal to their credit
but contrary to the order of His Majesty in Council, 19th June, 1819,
viz., 'that the States of the said Island do not exceed in any case the
amount of their annual income without the consent previously obtained of
His Royal Highness in Council.'"

Daniel de Lisle Brock, after consulting La Cour Royale (the Supreme
Court of Judicature), writes his views in a _Billet d'Etat_, and summons
the States to meet 22nd November, 1826. In his words, which we quote at
some length, are seen both his enthusiasm and his caution.

"It was not possible, as every one must admit, to do without
anticipations; but these differ from a debt in that a certain clear and
definite income is appropriated for meeting them, at certain fixed
times. They are only assignations on assured funds ear-marked for their
payment. Watch must be kept, it is true, that they are paid from these
same funds. For by letting the period during which they should