No. 50, Financial

I have had the honor of receiving Your Grace's Despatch No
137 of the 16th August last, alluding to the circumstances under which I had been compelled to resort to the expedient of issuing
promissory notes, and trusting that with the aid of the authorized
loan I should be enabled to withdraw such notes from circulation.

2. I have much pleasure in informing Your Grace that by the
issue of these Notes no inconvenience or embarrassment was
occasioned to this Government. The temporary purpose they were
designed to answer was attained. The notes were taken freely
in the upper Country, and indeed were sought after by Traders
and others who desired to remit; and as in no single instance
was there a failure in prompt payment upon presentation, the
public credit was inviolably sustained.

3. I have managed to withdraw nearly the whole of the notes
from circulation; about One Hundred Pounds worth only now remaining
unpaid, and these I hope to redeem before the close of the year.

4. I trust, therefore, notwithstanding that upon general
principles the expedient of the issue of these notes may be
deemed questionable, that Your Grace will feel satisfied that by
the proceeding no injury has been done to the credit of the
Colony, and that I did not resort to the measure without guarding
it in every way that the means at my command would permit against
evil consequences.