"An individual with an income of £9,000, who spends only half of it wishes to build a house at a cost of £13,000. He therefore makes an arrangement with his timber merchant, his mason, his carpenter and others to pay them out of his savings, so that they shall receive a part each year for five years. Can it be said that he is contracting debts? Will he not have at the end of the five years both his house and his original income of £9,000? "The States are precisely in the same position as regards the £13,000 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 £2,600 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 £55,000. 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."