end pass,
and by spending on anything else the income appropriated to them, they
would become a permanent debt. The experience of several years has shown
us that these assignations may be used without danger, and that they
have been fully paid off as they fell due.

"The advantage which has resulted is manifest. If we had had to wait
till funds were in hand to set to work at Fountain Street, who could
have foreseen when, if ever, this moment would arrive. Is it nothing,
in the midst of this short life, when it is a question of an object of
the first necessity among the wants of the community, to have
anticipated by sixteen or seventeen years the enjoyment of this object?
Doubtless evil is close to good: the abuse of the best things is always
possible. Is this a reason for forbidding the use of what is good and
profitable? Is it not better to procure it as soon as possible whilst
availing ourselves of the means at our disposal to avoid its abuse?
Whilst these means are employed, and so long as the income is
sufficient, there is only one possible danger--that of allowing the time
for meeting these anticipations to pass without paying them, and thus of
seeing the debt increased by the amount of the non-cancelled
obligations. This danger is seen to vanish when we consider the
precaution taken by the States, the watchfulness of all their Members,
the Committee which they have appointed specially for this purpose, when
we think of the publicity, of the exact acquaintance from year to year
which all the inhabitants have of the liabilities, the receipts and
expenditure of the States. All this watchfulness and all this publicity
are the strongest safeguard that could be given against any danger in
this respect."

The Resolution to refer the matter to the King was lost, only five
voting for it; and a resolution was carried expressing confidence in the
present method.

In the following year, 1827, the Guernsey Banking Company, now known as
the Old Bank, was founded from the firm of Priaulx, Le Marchant, Rougier
& Company. Jean le Marchant was Vice-President of this Bank. It is said
that at the States Meeting on 15th November, when objections were raised
lest the States' Notes should suffer, the Bailiff seemed to foresee no
danger. "Good Bills are better than bad coin."

Notwithstanding the decision of the States in 1826, the three Jurats,
Josias le Marchant, James Carey and Jean le Marchant were still uneasy,
and on 10th Apr