But however disinterested Oldknow's original scheme of supply may have been, the crisis gave quite a different turn to it. The method of payment in kind was now applied to the whole of the wages of his employés instead of to a mere fraction of them. In effect it was an appeal to the community at Mellor and Marple, in whose midst he had set up his new enterprise and who might be presumed to have a deep interest in its success, to provide the credit which alone could save it from collapse. In form the shop-notes were cheques drawn on his own shop for payment in kind at sight. Most of those who received them would, however, not care to spend all their wages in Oldknow's shop, but would try to get cash or other goods elsewhere for the balance. In this case the notes became promissory notes of uncertain date, which the workers who received them, or the shopkeepers who honoured or discounted them, must hold till Oldknow was able to provide cash or an equivalent. Sometimes the holder of a bundle of the notes received at once a two months' bill drawn on one of Oldknow's London customers; sometimes he got cash after waiting two months. In this curious way a score of the villagers became involuntary and amateur bankers in support of Oldknow's enterprise, though the bulk of the business was under-taken by four or five, presumably tradesmen. The leading banker in the village was John Downes, who kept Oldknow's shop and acted in his private capacity as money-lender to the workpeople.
What evidence is there, it may be asked, as to the extent to which Oldknow made use of these credit notes and of the relief which they afforded to his financial troubles? Fortunately the documents that have survived afford some answer to these questions. Whilst building operations were in full progress, during 1791 and 1792, the fortnightly totals of wages and other expenses had averaged between £250 and £300. On 31 March 1792 they were £340, on 1 September 1792 £285; but by the latter date a portion of the mill was at work and about £70 of the £285 consisted of wages paid to factory workers and cotton pickers. On 27 April 1793, when the structure must have been practically completed, though the plumbers and glaziers were still at work and the millwrights were erecting machinery, the fortnightly wages bill came to £184, of which two-thirds were due to mill hands and the remaining £60 to colliers and other outside workers. From these wages £38 12s. 8d. was deducted for rents and other goods already received by the workers, and £129 16s. 9½d. was paid in shop-notes, leaving only about £16 which was paid in some other form. More than nine-tenths of the wages therefore were paid, in the first instance, in kind. But in order to meet the case of those who demanded cash, the further sum of £27 2s. 0d.
