THE CRISIS
No trace was found of any reply or acknowledgment by the Privy Council.
Presumably they were satisfied with the answer submitted by the States.
But not so the opponents.
In addition to the Old Bank already mentioned, another Bank, the
Commercial Bank, had been started in 1830. Both of these appear to have
issued notes at their own discretion. Consequently the Island seems to
have been flooded with paper money, and an awkward situation had arisen.
The Commercial Bank claimed an equal right with the Old Bank and even
with the States to issue notes. The Finance Committee, it was stated,
had refused to confer with the Commercial Bank. So long as the Banks had
a right to issue notes they appear to have had it in their power to put
pressure on the States. For they could thus put into circulation a
currency beyond that required for the internal needs of the Island.
Daniel de Lisle Brock summoned the States to consider the matter,
evidently with the intention of obtaining an injunction against the
issue of notes by the Banks.
His message to the States Meeting, held 21st September, 1836, is very
spirited and defends the rights of the States as against private
individuals, as will be seen from the following lengthy quotation.
"If there is one incontestable principle it is that all matters relating
to the current coin of any country have their source in the supreme
prerogative, and that no one has the right to arrogate to himself the
power of circulating a private coinage on which he imprints for his own
profit an arbitrary value. If this is true for metal coins still more so
is it for paper money which in itself has no value whatever.
"Has not experience shown us the danger of private paper money? Can we
have forgotten the disastrous period when payment of one hundred
thousand one-pound notes put into circulation by two banks enjoying good
credit was suddenly stopped? Have we forgotten the ruin of some, the
distress of others, the embarrassment of all? Have we not quite recently
seen a bank established by people considered immensely rich, advancing
large sums for distilleries, steam boats and other projects, and coming
to an end in less than two years with a composition with its creditors
who thought themselves lucky to get a few shillings in the pound?
"With these facts before our eyes we must realise the necessity of
limiting the issue of paper money to the needs, the custom, and the
benefit of the community in general. Permission cannot be granted to
certain individuals to play with the wealth and prosperity of society,
to take from it its hard cash and to give it in exchange rags of paper.
What incentive can they offer to persuade the public to give up to them
valuable bills for worthless ones, certainty for uncertainty? What
advantage can they pretend will accrue to the public from the loss of
its currency and the possible depreciation of their paper? These general
reflections will find their application. Let no one exclaim against the
possibility of the supposed danger. The wealth of the present
stockholders of our banks is well known, their names suffice to inspire
the greatest confidence; but apart from extraordinary events, the
ordinary casualties of life may bring about in a short time the change
of all these names, and there may remain in their place only men of
straw.
* * * * *
"The States are met in order to take counsel together on measures for
its defence. For an object so important they ought to count on the help
of all friends of their country.
"Speaking of the present banks, and it is necessary to refer to them, no
one desires more than I do to see them flourish, provided that it is not
at the expense of the public interest. Several of the stockholders seem
to rely for success on the issue of paper-money, as if this were the
principal aim of the business of banking. This aim, on the contrary, is
quite foreign to real bankers--one finds them in all the great towns of
Europe enjoying colossal fortunes--they never dream of paper-money;
their functions are confined to discounting bills, furnishing bills on
all countries, taking money on deposit at low interest to lend it again
at the legal rate on landed estates, or property of assured value, and
to a number of other services required by commerce: each transaction
yields a profit which should suffice. A bank of this kind was wanting in
the Island. The first of the two existing ones was formed under the most
favourable auspices, nothing could exceed its credit: although it issued
paper money it did not seem inclined to push this circulation to the
point of annoyance to the States. It even made common cause with them
when it was a question of replacing the old coins with new, and
contributed half the expense. If it had shown itself more obliging and
ready at any time to supply bills for those who, money in hand, wanted
them to meet engagements in London or Paris, it would have continued the
only bank for all business. But as it would not put itself out in any
way, the second bank was started by merchants in order to escape from
the domination and caprice of the first.
"The second bank should have kept, and still ought to keep, to the
legitimate business of banking transactions. It appeared to have for its
principal object the issue of paper money; even on its origin it
suggested that the States and the two banks should weekly make a mutual
exchange of their respective notes, each party paying interest for the
balance of notes remaining against it; in this way all the notes of the
States would have found themselves in the coffers of the Banks and
paying interest to them. Though this proposition was not accepted, the
States were not the less troubled with requests for cash in payment of
their notes, and these requests are daily--not only for the ordinary
household needs, as might have been expected, but for sending abroad,
for if there are drafts to be cashed by the bank for anyone who wishes
for money to send to France or to Jersey, the drafts are paid in States
Notes, in order that the money shall ultimately come from this last
named source. The Bank makes no secret of its pretensions: there are, it
says, three parties for issuing paper money; this issue cannot rise
above L90,000 since the circulation in the country does not allow for
more, the States ought to have only one-third of the issue, the two
banks the two remaining thirds. This is a fine way of making the
division, and very convenient certainly for the Commercial Bank. It
would even have some show of justice if the parties had equal rights,
and if the public had no interest in the matter; but the rights are not
equal--the bank has none to put forward, that of the States is
incontestable: they exercise it for the welfare and advantage of the
whole Island which they represent. Consequently the public has the
greatest interest in preserving for the States the power of issuing
paper-money without interruption. Let the bank reply to the questions
already put; let it say what inducement it can offer the public to drive
out of circulation the States Notes, the profit on which benefits all,
especially the productive classes, and substitute for it Bank notes, the
profit on which benefits only individuals of the unproductive classes?
Now is the time to ask the proprietors themselves and ascertain whether
in starting a bank they ever had the intention of letting it work to the
detriment of their country? The public Treasury is the heart of the
State--did they ever wish, do they to-day wish to strike it with a
dagger? I know that we live in a financial age, that it is reproached
with indifference to every generous sentiment, and that the love of
money and the lust for gain absorb all other passions. In spite of that
I have not lost all confidence in the patriotism of the members of the
bank, they have the greatest personal interest in supporting the States
in their efforts for the improvement of their country, efforts which
contribute so greatly to the prosperity of internal commerce, to the
residence of inhabitants of means, and to the wealth of strangers.
Finance is the pivot on which turns the administration of affairs. The
least disturbance imposes on me the duty of sounding the alarm and
summoning the States. What I have said will be sufficient, I hope, to
persuade the bank to maintain a friendly course. The bank should feel
that it is not enough to intend not to injure, but that it is necessary
to abandon any step which, even without its wish, would be prejudicial
to the interests of the country. It should recognise that, as regards
the circulation of paper-money, the States have, for a long time and for
the common good, been in possession of the ground which it seems to wish
to invade, which, however, it cannot occupy without injustice.
"Every war, it is said, ends where it should have begun--in peace. I am
firmly convinced of this truth; and experience has shown me that in
civil life as in political, war might almost always be avoided to the
great advantage of both parties, and that lawsuits, like wars, have for
end rather the injury of the adverse party than good to oneself. The
States are on the defensive, and such war is just and inevitable if any
war is. It is, moreover, a war in which all the inhabitants who are the
friends of their country will eagerly unite for the defence of the
States in their just rights--thus united they will defend them with
complete success. For this purpose the States will doubtless appoint a
Committee with the fullest powers to propose, in case of need, measures
which may ultimately become necessary.
"I do not forsee that the case will require it, and I should wish to
avoid, as far as possible, any foreign intervention--but if the efforts
of the States were not sufficient to defend their rights there would be
no alternative, they would find themselves obliged to petition His
Majesty in Council to consent to restrict the issue of one pound notes,
and only to permit the putting into circulation of the number absolutely
required by the States. Under the present circumstances this would be an
indispensable measure, and it can scarcely be doubted that a humble
request to this effect would be graciously received."
The debate, reported at length in the local papers, was a heated one. It
first raged round the third proposition, which appealed in general terms
to the islanders to rally round the States. The following is the
proposition as translated by the _Comet_ of 22nd September, 1836:--"That
in execution of the numerous ameliorations that have taken place during
the last 20 or 30 years, the States having put into circulation about
55,000 One Pound Notes, as a financial measure in favour of the public
generally, if they are of opinion to defend the rights of the States
against those who wish, for the advantage of a few individuals only, to
hinder the circulation of the States Notes, for the purpose of
substituting those of private individuals in lieu thereof; and whether
it would not be proper to make an appeal to all the inhabitants, who are
the friends of their country, to invite them to afford their assistance
in supporting with all their might the notes belonging to the States."
This was carried by 18 votes to 11. The minority represented chiefly
town rather than country parishes, the Jurats being equally divided, and
included at least two persons closely connected with the Banks. The
victory of States Notes seemed complete, and the fourth Proposition
appointing a Committee to give effect to the decision was carried by a
large majority. It is as follows:--
"If they are of opinion to name a Committee that shall be authorised in
a special manner to defend the rights and interests of the States, and
of the public:--to do their utmost by every conciliatory measure in
their power, and above all, to agree to an arrangement that shall screen
the States from all interruption in the circulation of their Notes,
which have been issued for the benefit and advantage of the public, with
the design of gradually diminishing the number annually. And in the
event of such an arrangement not taking place, to adopt every measure,
and make every necessary sacrifice for supporting the circulation of the
States Notes. And finally, should the case require it, to propose to the
States the adoption of those ulterior measures deemed requisite by the
Committee, for the general interests of the island."
The meeting ended with a fine fighting speech from the Bailiff. He
reiterated the principle of the States being the sovereign power in
issuing currency, claimed that the Cour Royale had the right of stopping
the private issue of notes, and pointed to the example of England, where
only L5 notes were permitted in the country, and these under a heavy
tax, while only the Bank of England might issue notes in and around
London. He showed that it was a choice between notes issued for the
benefit of individuals and notes issued for the public good. He defended
the improvements carried out by the States, and once again declared that
they had been advantageous in giving employment to the poor, security to
the rich and encouragement to commerce.
CHAPTER VIII
THE END
One can imagine the enthusiasm and the satisfaction with which the
majority returned home. One anticipates a triumphant report in the
Bailiff's best vein; and expects that the banks will in future have to
confine themselves to the operations permitted to English banks, while
the States restore equilibrium by causing the withdrawal of superfluous
notes and confining future issues, once again entirely in their own
hands, to quantities proportioned to the needs of the island.
With surprise, the subsequent proceedings are found to be on quite
different lines. Truth is stranger than fiction. The prosaic facts are
as follows:--
The Bailiff in presenting his _Billet d'Etat_ to the States Meeting,
29th March, 1837, reported on the arrangement made by the Committee with
the two Banks. He brought forward no proposition on the matter on which
the States should deliberate. He simply states that:--
"After some preliminary conferences the Committee received the following
letter:--
'To D. De Lisle Brock, Esq.,
Bailiff, etc., etc., etc.,
Guernsey, 8th Oct., 1836.
Sir,
To settle the differences now existing between the States and the Banks,
and to promote an amicable adjustment between them, we propose:
That the States should withdraw immediately L15,000 of their Notes, nor
have at any time more than L40,000 in circulation, give up all Banking
transactions, and cease to collect the notes of the Banks.
In consideration thereof the Banks engage whenever they draw bills
either on London or Paris, to take States' Notes for one half at least
of their amount and to pass them to the public as their own.
The Banks further engage to supply the States annually with L10,000 in
cash, each bank to provide for one half, by payments of L250 at a time,
and this free of expence and in exchange for States' Notes.
The above agreement to remain in force until three months notice be
given by either party to the others to annul the same.
We remain respectfully, Sir,
_Signed_ for Priaulx, Le Marchant & Co.
Thomas D. Utermarck,
Abraham J. Le Mesurier.
For the Commercial Banking Co.,
H. D. G. Agnew }
T. De Putron } Managers.'
"And asked M. Le Bailiff to reply as follows:--
'Court House, Guernsey,
9 Oct., 1836.
Gentlemen,
The Committee named by the States on the 21st September for the purpose
of conferring with the Banks which you represent, on the subject of the
one pound notes current in this island, have taken into consideration
the proposals which you have transmitted to them, under yesterday's
date, 8th Oct.
The Committee adopt those proposals as the basis of the arrangement so
desirable to be entered into, and from this day to be in force between
the States and the Banks.--They do so, because the States may at any
time, within 3 months, release themselves from the obligations which
that arrangement imposes; and above all, because the sacrifice of
pecuniary gain on the part of the States which it may deem to occasion,
will be more than compensated by the harmony and good feeling which it
will tend to promote among the inhabitants, and which constituting the
chief happiness of a well regulated community, can hardly be too highly
estimated.
With sentiments of a like friendly nature, sincerely entertained by the
Committee towards yourselves, and the rest of their fellow citizens,
I have the honour to be, Gentlemen,
Your obedient humble servant
Daniel De Lisle Brock,
President of the States' Committee.'
"In consequence of this arrangement the Committee decided that L10,000
sterling of the total one pound notes in circulation on account of
Fountain Street should be withdrawn as a Savings Bank loan at an
interest of 3 per cent. per annum. Also that five thousand of those
forming part of the old debt, called the Permanent Debt, should be
withdrawn to be converted into obligations at 3 per cent. per annum."
In the discussion at the States Meeting on a proposition to authorise
the payment of a sum spent on repairs to the coasts, there were
references by three Members of the States to the fact that the
expenditure of the States would be increased by having to pay interest
on the 15,000 L1 notes withdrawn from circulation.
The same fact is alluded to in a few words by Daniel De Lisle Brock
himself in his _Billet d'Etat_ to the States, 20th September, 1838.
Commenting on the Finance Committee's Report, he tabulates five items of
annual loss, among which is found the terse remark, "The founding of the
commercial banks causes an annual loss of L450."
Although the States thus agreed not to issue any more Notes, to complete
the history it should be recorded that these L40,000--to be perfectly
accurate the total amount in 1906 was L41,318--are still in circulation
in the Island.
CONCLUSION
As stated in the Introduction, the writer has determined, though
somewhat tempted, not to discuss the interesting and debatable points
that arise from a consideration of this subject. He is satisfied, for
the present, with placing the facts before the public. He leaves those
facts for abler minds than his to make such use of as they may desire.
Great care has been taken to record only that for which there is chapter
and verse.
But he would like, in conclusion, to remark that it seems to him that
the States, even to-day, still derive some little benefit from having a
portion of their "Debt" on which they pay no interest. This may be
gathered from the following table made up from facts taken from the
_Billet d'Etat_ presented to the States 22nd August, 1906, at which
meeting the writer was an interested spectator.
Summary of the indebtedness of the States of Guernsey:--
------------------------------------+------------------+---------------
| Balance 31 Dec., | Interest paid
| 1905. | during 1905.
------------------------------------+------------------+---------------
| L | L
States General Account Obligations | 68,570 | 1,953 19 3
Special Loan Obligations | 57,500 | 2,295 0 0
Notes of _20s._ each payable to | |
Bearer | 41,318 | nil
"Rentes" estimated capitalised | |
indebtedness thereon | 7,059 | nil
Departmental borrowings | 33,000 | 965 8 0
| | Paid by Depts.
| | to General
| | Account.
+------------------+---------------
Total indebtedness | L207,447 | ----
------------------------------------+------------------+---------------
The circulation of these Notes in the Island to-day is, if nothing more,
an interesting relic of an interesting financial policy which certainly
was in vogue in Guernsey for over 20 years (1816-1837).
The mystery surrounding the abrupt catastrophe is yet undeciphered and
is likely to remain so, as there seems no material from which to glean
what took place during those few but momentous days between the 21st
September and 9th October. Was there treachery? was it but the
inevitable fate of the "best-laid schemes o' mice and men"? or was it a
unique and deplorable economic tragedy?
APPENDIX
We have not yet discovered anything with reference to a successful plan
at Bath to which Daniel de Lisle Brock here alludes (see page 40). We
assume the reference to Liverpool is to the fact that during a time of
financial panic the Liverpool Corporation was empowered by Statute 33,
Geo. III., c. 31 (10th May, 1793), to issue notes of L5, L10, L50 and
L100 for value received or other due security.
This Act entitled "An Act to enable the Common Council of the Town of
Liverpool in the County of Lancaster on behalf of and on account of the
Corporation of the said Town to issue negotiable notes for a limited
time and to a limited amount," was passed after the Corporation of
Liverpool had failed to obtain a loan of L100,000 from the Bank of
England.
The L50 and L100 notes bore interest not exceeding the lawful rate and
at 12 months' date. The L5 and L 10 notes were payable to bearer on
demand without interest. The total issue was at no time to exceed
L300,000. Returns had to be forwarded to the House of Commons from time
to time. From one of these returns we learn that the notes issued to
28th February, 1795, amounted to L140,390, based on security valued at
L155,907 16s. 6d. In a report forwarded 23rd April, 1794, it was stated
that L52,985 worth of notes were in circulation at that date.
Great care was taken in the issue of the notes. The Committee of the
Corporation that was responsible for the same met daily.
In order to give a wider utility to the notes, London correspondents
were appointed and a large number were made payable in London. This made
it possible for the Corporation itself to apply to the Committee for a
large loan of L50,000.
The security on which advances were made were very various. It included
cotton, timber, iron, hops, whale oil, bills of exchange, ships on the
stocks and the Alt rates.
* * * * *
For further particulars of this interesting incident, the reader is
referred to Sidney and Beatrice Webb's _English Local Government_: "The
Manor and the Borough," p. 485, and to E. C. K. Gonner's Article,
"Municipal Bank Notes in Liverpool, 1793-95," which appeared in the
_Economic Journal_, Vol. VI., 1896, pp. 484-487, to whom the writer is
largely indebted for the above facts.
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Balance Sheet, Model Cash Book.
Co-operative Credit Banks
A Help for the Labouring and Cultivating Classes. 6d.
Village Banks
How to Start Them--How to Work Them--What the Rich may do to Help Them,
etc. 6d.
LONDON: P. S. KING & SON
ORCHARD HOUSE, WESTMINSTER
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| Inconsistent hyphenation and spelling in the |
| original document have been preserved. |
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| Typographical errors corrected in the text: |
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| Page 11 isue changed to issue |
| Page 61 VIII changed to VII |
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