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 the