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

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