By a calculation on the data thus furnished, we find the difference to be precisely twelve per cent. in favour of gold and silver; and we are also to bear in mind that the great scarcity of gold and silver would of course add to the premium. By the Order in Council the difference was to be established at fifty per cent. "The States soon perceived that they had either committed a great mistake or that they must yield to public opinion, which was strongly and decidedly opposed to the change ordered. They accordingly, on the 20th of December, 1729, petitioned his Majesty in Council for the recall of the Order in Council, being apprehensive that the said regulations would not answer the ends they at first expected from them. The States, on the 24th of April, 1730, named a deputy in support of their petition. Counsel were heard by the committee of the Privy Council for the States, and also for several members of the States and others who opposed the petition of the States; but the opinion of the committee was, that the Order in Council regulating the currency ought not to be suspended or revoked, but carried into execution. His Majesty in Council, therefore, on the 9th of July, 1730, ordered that the said Order in Council of the 22nd of May, 1729, be carried into execution: but that during the term of six months from the date hereof all creditors in the said Island do receive their debts, if tendered to them at the rate at which the coins went current immediately before making the aforesaid Order in Council; and, in case of refusal, that such creditors do forfeit one-third of their debts to the benefit of the debtors." In 1774, in France, from whence the small change for the Channel Islands was being obtained, the _sou_ was equivalent to twelve deniers, the _double-liard_ or _half-sou_ to six deniers, and the _liard_ or _quarter-sou_ to three deniers. "Established custom, and the relative value of coins, proved of greater force than the Orders in Council. Livres, and sous, and liards tournois continued, in fact, the currency of the Island at their old rate; and many of the native inhabitants of the Island still keep their accounts, or make their reckonings, in the livre tournois--the livre being estimated at twenty sous, and the sou at four liards or twelve deniers. When the English currency was, in the year 1835, adopted as the legal currency of the Island, it was done by declaring the relative value which it bore in circulation to the livre tournois. This was to meet the objections which were raised to the adoption of the English standard with regard to wheat rents, and other mortgages, which were estimated in the old currency tournois. Twenty-six livres tournois, or old French currency, were declared to be equivalent to one pound sterling, which was, and is now, the current rate.