Letter – John Erasmus Blackett to Charles Bowns – 6 Aug 1803

Charles Bowns Esq					Newcastle 6th. August 1803-

Banktop, near Barnsley, Yorkshire		



Dear Sir

       Since I saw you I have fully considered the Arrangements you have made with Messrs. Ransom Morland & Co. for the carrying on the Lead Concerns of Coln. & Mrs. Beaumont: I am of Opinion that the Mode you pointed out cannot be carried into Execution; neither the Bank of Sir Wm. Loraine & Co. nor any other Bank at this Place will on that Footing undertake the Business, as to discounting the Bills they are averse to the Measure at any time and will be particularly so at the present; in Case an Account is opened with two Banks, neither of them will think it an Object worth their Attention.    When the Pays are made, particularly the great Lead Pay, I have great Reason to believe that London Bank Notes would be objected to by the Workmen owing to the Difficulty of getting Change for them at any of the Banks and the Number of forged Notes of the Bank of England which have been in Circulation, have prejudiced the Country against the Receipt of them in Payment . – Since the Stop of the Bank of Surtees’s’ & Burdon & the Run on the other Banks, the Country People have rather inclined to keep the Notes of the N.Castle Banks than exchange them for those of the Bank of England: I don’t believe that the Agents of the Lead Co. or Mr. Walton would prefer making their Pay in Notes of the Bank of England to those of the Newcastle Banks. – In Case Coln. Beaumont should come to a Resolution of issuing his own Notes  it would require a separate Establishment and a Fund of 20 or £30,000 –s – d at least for carrying that Matter into Execution, for after a Lead Pay a sufficient Fund must be provided for taking up the greater part of those Notes.   I am &c.  - - J.E.B.



Should Coln & Mrs. Beaumont have an Inclination of trying the Experiment in making the Lead Pay in the Notes of the Bank of England & Cash from thence, it shall be done, but knowing how the Country was disposed at this Time I thought it advisable to give you my Opinion.