Government-house, Guernsey, March, 11, 1826.

“ The perfect order into which the Finance Committee have brought their accounts, was partly shown by the last Billet d’Etat;  every thing has been calculated and settled upon for the payment, in reduction of the debt, of 2,400l. per anuum, until the expiration of the present impôt.

“ On the 1st of September, 1829, the debt, including the purchase and erection of the Market, will he 25,000l.

“ The Market is worth half of this sum;  it has produced this year 616l., after all expenses paid.  Reckoning for repairs, and such alterations as may be found necessary, we can safety calculate on an annual income of above 500l.;  whilst the interest of the States’ debt, on the 1st of September, 1829, will be only 300l.

“ Nothing can be more satisfactory;  for if the Market represents half of the debt, the other revenues of the State, for two years only, suffice to pay off the other half.

“ It may therefore be doubted whether it will be necessary, on the 1st of September, 1829, to apply part of the revenue to the diminution of the debt;  nevertheless, the parishes having expressed a wish to apply to it 1,000l. per annum, I shall make my calculations accordingly, and show to the States, that independently of 1,000l. per annum for the reduction of the debt, they will have it in their power to adopt every proposition, and still have 2,560l. per annum at their disposal.

have made use of it with prudence.  Without acting imprudently, and without having more than twenty thousand notes in circulation at once, the sum of 5,000l. may be raised in this manner, from the present time to the expiration of the actual impost ;  for there remains only about eighteen thousand notes in circulation, and the Market Committee will take up and destroy more than three thousand before that period.

“ I think I have now shewn that the States have means to meet every thing, and I beg them to observe that all this will neither stop nor impede any other public work — that it takes nothing from what is at the disposal of the States upon the present impost;  and that were the erection of the College not to take place, they would not be in better circumstances on the 1st of September, 1829.  They will have then, at their entire disposal, the sum of 5,650l. and they will be at liberty to apply whatever portion of it they think proper towards the reduction of the debt.  If they are of opinion to apply to this object the sum of 1,000l. already mentioned, perhaps they will perceive the possibility of making it answer two purposes ;  that is, to create a revenue for the States, and to effect some considerable improvement.  The market furnishes a proof of this possibility;  the money spent in erecting it has procured to the public its enjoyment, and to the States a greater interest than could have been obtained in any other manner.  What is there to prevent the States from doing something of the kind with Fountain-street ? to place the 1,000l. per annum at the disposal of the Market Committee, who have so well discharged the task committed to them, and who would perhaps undertake to purchase for the States all the lower part of Fountain Street, and open a street of 22 or 24 feet wide, the land bordering of which might afterwards be sold to profit.

“ I merely offer these observations to prove that the States have it in their power to fulfil the views of his Majesty in Council, in a way at once honorable and advantageous to the island.  One might certainly build a College less spacious and less splendid, at a smaller expense, if the object of the States were to save two or three thousand pounds and erect a school for ten or twelve scholars ;  but we might as well satisfy ourselves with the old building formerly made use of, as to do things badly and by halves;  and, in that case, we shall have no College—nor one hundred and fifty or two hundred students—nor respectable professors—and thus our object will be defeated, and the confidence of his Majesty’s Government, and of his Excellency Sir John Colborne, cruelly disappointed.

“ If there are numerous classes where different branches of knowledge are taught, large rooms proportioned to the number of students composing these classes, which must be taught separately, are required, and as many rooms are wanted as there are classes.  The dwelling of the Principal can be no where so advantageously situated, both for the College and for himself, as well as for economy, as within the College building;  but all this cannot be procured unless the building be sufficiently spacious.

“ In adopting the plan upon a wide scale, the States will retain and attract one hundred and fifty or two hundred students, and the sums necessary for their maintenance, and for the maintenance of respectable families, who, in consequence of the advantages presented by this establishment for the education of their children, will be induced to come over and reside in this island.  I know that it is not for the good of strangers that we are bound to lay out much expense upon Elizabeth College;  but this expense will all turn to the benefit of the island, and the greater part of it will remain here ;  the remainder is well repaid by the sums spent in the island in consequence of the College, and which are distributed among all classes in town as well as in the country.

“ I wish the members of the States would call at the Greffe to see the plans which are lodged there, and to assure themselves that these plans, without going beyond their object are worthy of it.  Before the erection of the Market, it is surprising how opposed to it several persons were, and with what obstinacy they endeavoured to persuade the States that meat could never be kept fresh in the new slaughterhouse, although as large again, and twenty times more airy than the old one—and alleged a hundred such absurdities.  These persons by thus sounding the alarm, retarded the work for a considerable time, but as soon as the members of the States consulted their own good sense and sound judgment, truth triumphed, as I trust it always will.

“ I appeal this day to that sense and judgment.  We are not now called upon to discuss the advantage of public instruction : that question is already decided.  The States have recognized these advantages, have acknowledged the necessity of building a College, and of improving the public schools : they have asked for means, and his Majesty has graciously given these means;  what else remains to be done ? It is to act consistently, and to do that which is dictated by self-interest, honour, and gratitude, and to fulfil the obligations which the States have imposed upon themselves, cheerfully and loyally.

“ The States will deliberate on the following propositions :—

“ 1.  Whether they are of opinion to reserve 1,400l. per annum on the produce of the next impost, which will commence on the 1st of September, 1829, for the use of Elizabeth College and the parochial schools, which sum will include all that is demanded for the erection of the said College, its present and future wants, and the amelioration of the said schools, and will he disposed of as follows :—

To payoff the 10,000l. required for the erection of the College, and other immediate wants ........................................... £666
To create a fund for the College which will pay the repairs, the interest due on the money, and every species of expense ;  and to improve the state of the parochial schools, to which purpose one-third, at least of the said sum of £734 shall be applied ....................... 734
…………………………………………..£1,400

“ 2.  Whether they are of opinion to raise by anticipation the sum of 8,000l., on the said sum of 1,400l. annually reserved from the produce of the next impost;  the said sum of 8,000l. to be raised gradually, as it may be wanted, and placed at the disposal of the Directors of Elizabeth College, for the erection of a suitable building, conformably to the plans lodged at the Greffe.

“ 3.  Whether they are of opinion to raise in the same manner, on the 1,400l. reserved as above, the sum of 600l., to be placed at the disposal of the Directors, to be applied to the levelling and walling in of the College land.

“ 4.  Whether they are of opinion to raise in the same manner, on the 1,400l. reserved as above, the sum of 700l., to be placed at the disposal of the Directors, to meet the current expenses of the College, from this time to the 1st of September, 1829.

“ 5.  Whether they are of opinion to raise in the same manner, on the 1,400l. reserved as above, the sum of 700l., to be placed at the disposal of the Directors, for the improvement of the parochial schools.

“ 6.  Whether they are of opinion to authorise the Finance Committee, conjointly with the Supervisor of the Harbour, to carry into effect all such measures as shall be thought necessary for the raising and paying of the said sums;  authorising them to issue for this purpose as many twenty shilling State notes as they can, without however permitting the total number of notes in circulation at any time to exceed 20,000;  which said notes to be issued shall be signed by Nicholas Maingy, John Lucas, and Daniel De Lisle, Esqrs., if these gentlemen are still willing to lend their valuable services to the States for this purpose;  and should one of them be prevented, either through sickness or absence from the island, then to authorise the remaining two, together with the Finance Committee and the said Supervisor, to choose a third gentleman to sign the said notes;  and also to authorise the said Committee to make arrangements with the Savings’ Bank, for such sums as shall be wanted over and above the said notes.

“ 7.  Name auditors to audit the accounts of William Collings, Esq., Jurat, Supervisor of the Harbour for 1825, who, through the solicitations of the Royal Court and the Finance Committee, has kindly undertaken the office for the present year.

At the above meeting of the States, the proposition for the erection of a College having been agreed upon, after much discussion, by a majority of 13 votes out of 29, and all the remaining propositions having been carried by a majority of the States, the College was ordered to be erected;  and the ceremony of laying the foundation-stone of the building took place on Thursday, October 19, 1826, in presence of a numerous assemblage of persons.

At half past nine o’clock in the morning, the flank companies of each regiment of militia were marched to the Government-house, whence they formed a line to the Court-house;  shortly after which, the Bailiff, the Dean, his Majesty’s Prevost, and several other gentlemen waited upon his Excellency Sir John Colborne, and accompanied him to the Royal Court, to join the States of the island.  The procession then moved, in the following order, to the Town Church, where prayers suited to the occasion were read by the Rev. H. Durand.