Letter – John Erasmus Blackett to Thomas Richard Beaumont – 10 Apr 1790

Document Type: Letter
Date: 10 Apr 1790
Correspondent: John Erasmus Blackett
Recipient: Thomas Richard Beaumont
Archive Source: NRO 672 E 1E 5
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Thos Richard Beaumont Esqr                                                        Newcastle 10th April 1790

Dear Sir	Since I wrote to you on Monday the run on the four Banks was so very great that they were under a Necessity of stopping Payment Yesterday Morning a Meeting of the Gentlemn Merchts & Tradesmen was immediately held for the purpose of taking this very serious Matter into Considera[tio]n, a Committee was appointed which had a Conference with the Proprietors of the four Banks when they laid before us a fair & explicid state of their Affairs the result of which afforded us the greatest Satisfaction for it appear[e]d that the Notes in Circulation at this Time of these four Banks does not exceed the Sum of £230,000 & that the Effects of these four Banks far exceeds that Sum exclusive of their private Property Real & Personal which they made an Offer of Assigning over to Trustees as a further Security to the Publick which Offer was accepted of, I was detained at the Committee till past one oClock this Morning drawing up our Report to be laid before a General Meeting this Morning which prevented me writing to you by the last post; There was a very numerous Meeting & the Report gave them the highest Satisfaction & Pleasure & Subscription was immediately entered into as a Guarantee to the several holders of the Notes amounting to £230,000 & in a few Hours the Sum of £      was Subscribed, this has already had a wonderful Good Effect & I have no doubt that Confidence & Credit will be in a very few days be restored to the Country & that Surtees & Burdon & Ridley Cookson & Cos Banks be opened early next Week & very probably the other two Banks; Sir M.W.Ridley Mr Burdon Mr Brandling are on the Road down & after their arrival there will be a General Meeting of the Gentlemn Merchts & Co of this place & the Neighbourhood for the purpose of taking this Matter into further Consideration,  The Agreement entered into by of the Gentln Merchts & Co of this place & Neighbourhood to take the Notes of the four Banks in Payment has been signed by vast Numbers & I believe will be almost General.

	How far we may be under the very disagreeable Necessity of Postponing the Lead pay for a Fortnight or a Month owing to this very unfortunate Affair I cannot at present be a Judge of, but what Money there will be an occasion for it will be necessary that Messrs Ransom Morland & Co should send by the Waggon from London & possible there may be occasion for London Bank Notes but I hope before that Time that those of this Place may pass currently.

	When the Report of the Committee and the Subscription is published it shall be sent you & you shall hear further from me.                                    I am etc          J.E.B

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The Dukesfield Smelters and Carriers Project aimed to celebrate and discover the heritage of the Dukesfield Arches & lead carriers' routes between Blaydon and the lead mines of Allendale and Weardale. A two year community project, it was led by the Friends of the North Pennines in partnership with Hexhamshire and Slaley Parish Councils and the active support of Allendale Estates. It was funded by the Heritage Lottery Fund and the generous support of other sponsors. Friends of the North Pennines: Charity No:1137467