Letter – Henry Richmond to Walter Blackett – 12 Jan 1762

To Sir Wr Blackett Bt MP at the Cocoa tree in Pall mall London                     12th January 1762

Hon[ou]rd Sir   

At Mayday next you will have had Mr Fenwicks £2000 four years the int[e]r[es]t paid him at first was 4 p[er] c[en]t; but f[ro]m Mayday 1760 it was advanced to 4 ¼ & f[ro]m Mayday last to 4 ½. The pres[en]t situation of affairs < & ray> make it prudent to comply with the further advance to 4 ¾ p[er] c[en]t provided he will let it remain quietly for the term of 5 years. but his requiring you to be bound for so long a time & himself at Liberty to call for his money or a further advance of int[e]r[es]t is very unreasonable. And yet there is no way to pay him off that I know of, except you were to defer paying Weardale mines. 

Inclosed herewith is a copy of Mr Halheads Lre when he returned me the depositions; by wch it appears that nothing less will satisfy him than your admitting that all the Mines in the Inclosures in Weardale are held under the Lease for years. If you were to admit what Mr Halhead here requires, then I am very sure you co[ul]d not afford to pay the £150 a y[ea]r certain rent for the mines that would remain to you as Moorma[ste]r and if his L[or]ds[hi]p was only to require you to admit that all antient inclosures, i.e. such as were inclosures at the time of granting Halls Lease were held under this Lease for Years, then so many difficulties & disputes would arise about what were antient & what modern inclosures, as would render both Leases of less value than they are at present both to his Lords[hi]p & you. I thought it right to set the matter in this light before Mr Halhead, & inclosed is a copy of the Lre I wrote him. While the pretensions on acco[un]t of this Lease for y[ea]rs are so Exorbitant I doubt it will signify little to propose giving up any particular inclosures, & fear that whatever might be so proposed to his L[or]ds[hi]p would only serve as certain ground for Mr Halhead to stand on while he disputed for the Rest. besides I cannot discover from the depositions what Inclosures ought to be admitted to belong to the Lease for years. Indeed if his Lords[hi]p would agree to the sinking of this Lease into the Moor ma[ster]s Lease by virtue of an Act of Parliament, upon reasonable terms, it would put an End to these difficulties & might be an advantage to both you & him. But I apprehend the affair will not admit of such a Conclusion while his L[or]ds[hi]p seems to consider this Lease for Years as the principal Lease by wch you hold Weardale mines. It would become so in Effect if Mr Halhead was to obtain what he is claiming for It. I am etc     HR