Is the Public Treasury system in operation anywhere today?

United States Treasury DepartmentYes. In Guernsey. It’s part of the Channel Islands of Great Britain. It’s where those famous cows come from. Their money is denominated in Pounds, drawn by the States of Guernsey. Their public treasury system started right after the Napoleonic Wars, around 1820. Legend has it that the islanders needed a local covered market at the port in order to sell their cows. The islanders did not want to borrow the money, so they issued their own notes. They printed up the notes and spent them for the market’s construction. When the covered market was completed, they rented out stalls, accepting the Guernsey notes back as payment for stall rental. Every time they took in a Guernsey note, they would burn it. Within ten years, the notes were all burned, there was no interest paid to banks, and the building continued to generate income for the island government. The building is still there, to this day.

Leave a comment

Your email address will not be published.