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 £15,000 of their Notes, nor have at any time more than £40,000 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 £10,000 in cash, each bank to provide for one half, by payments of £250 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.