'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,