Further care is shown by the fact that on 26th March, 1828, the States appointed the Finance Committee "to replace the used and worn-out Notes by new Notes, payable at the same time as the destroyed notes would have been." Testimony is borne by this wear and tear to the extent to which the Notes circulated.
Plans for the improvements in Rue de la Fontaine, a street adjoining the Markets, being adopted on 15th November, 1827, an issue of £1 Notes up to £11,000 was authorised to be cancelled by the proceeds of rents.
In 1828 and 1829 issues of Notes were authorised for various purposes, including £8,500 for the College and £11,000 in connection with the Rue de la Fontaine scheme.
At one of the sittings of the States in the year 1829, William Collings, a member of the Finance Committee, stated that there were 48,183 Notes in circulation.
On 18th March, 1834, £1,000 was voted for cholera precautions, to be raised either at 3 per cent. interest or in £1 Notes. The latter course seems to have been adopted.
From the foregoing it will be noticed that during the 20 years over £80,000 worth of Notes were authorised by the States to be issued. These were mostly of the value of £1, though some £5 Notes were authorised.
In 1837 there were still in circulation 55,000, which in that year were reduced, as will be seen in a subsequent chapter, by 15,000.
It may be asked whether there is any evidence that the Notes were destroyed as directed. From various sources we found records of at least 18,000 being destroyed. For instance, in the Gazette of 3rd March, 1827, there is the following:—
| "Market Accounts for 1826. | |||
| Notes to Bearer of £1 destroyed. | |||
| 22 March, 1826 | £400 | ||
| 7 November, 1826 | £420 | ||
| 1 March, 1827 | £122 | ||
| £942 | |||
| Total of Notes issued for the Market, | £11,296 | ||
| Total of Notes destroyed for the Market, | 3,626 | ||
| Leaving in circulation | £7,670." | ||