SD821. John F. Badley to Richard Barrett (1789–1839)
Published in The Brownings’ Correspondence, 3, 333 (in part).
Receiver General’s Office
20th May 1837.
My dear Sir,
On the other side is a sketch of your account with me, which I hope will be quite dear to you.
In my letter to you last past I omitted to answer your question respecting the Local Bank. The advertisement for thirty shares, I understand was no puff. The whole of this bank’s shares have long since been taken, and are held at a premium of 10 p.cent—I mean to say that they are valued at that rate; nor, do I know that there are any sellers at it—but, I believe not. —This Colonial Bank has issued a few notes; and verily a few. There are persons in town ready to snap them up immediately, and carry them to other persons, who will give them one p.cent prem: for the dollars which they command at the bank, to be used for other than banking purposes—perhaps, to supply at a considerable gain, the almost indescribable want of money in the United States. —I think if all the dollars in Kingston (leaving the commissary’s which are for export out of the question) were ordered to be heaped together not $140.000 or £46.000 |bz|. could be gathered in, just now.– What a glorious prospect for Issuers of Paper, payable in dollars!– There was a great deal of talk at the Board of Accts: yesterday; but after all, I think the Body came to a right resolution, which, will bother the Colonial. That bank, yesterday, to prove the dilemma they are in, fearful of issuing their notes, which are payable in dollars, as well they might be, discounted acceptances with the Local Bank notes, giving them a decided consequence over their own.– If the Local Bank had any of theirs, of course, they would require Dollars for them—and of course make 1 p.cent by the transaction. I do not think that they can go on under the dollar system;—but, I suppose they will endeavour to make an interchange of notes, when the House meets, as they have just now done, with the Island Treasury, and which, I do not know upon what principle, the Legislature—unless, it is for the destruction of that Establishment, will grant. I told you in Spa: Tn: and I tell you again, the Colonial Bank has no head in Jamaica, in carrying on the very extensive operations which they give out.
I remain, yours very faithfully–
Jno F. Badley
Address, on integral page: The Honble: / Richard Barrett / &c &c &c / The Rumble, Moneague P/O / Saint Ann’s.
Publication: None traced.
Manuscript: Eton College Library.
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