It is known enough that the crown is supposed to be neither gainer nor loser by coinage of any metal: for they subtract, or ought to subtract, no more from the intrinsick value than what will just pay the charges of the mint; and how much that will amount to is the question. By what I could gather from Mr. M'Culla, good copper is worth fourteen pence per pound. By this computation, if he sells his copper notes for two shillings the pound, and will pay twenty pence back, then the expense of coinage for one pound of copper must be sixpence, which is 30 per cent. The world should be particularly satisfied on this article, before he vends notes; for the discount of 30 per cent is prodigious, and vastly more than I can conceive it ought to be. For, if we add to that proportion the 16 per cent, which he avows to keep for his own profit, there will be a discount of about 46 per cent. Or, to reckon, I think, a fairer way: whoever buys a pound of Mr. M'Culla's coin, at two shillings per pound, carries home only the real value of fourteen pence, which is a pound of copper; and thus he is a loser of 411. 13s. 4d. per cent. But, however, this high discount of 30 per cent will be no objection against M'Culla's proposal; because, if the charge of coinage will honestly amount to so much, and we suppose his copper notes may be returned upon him, he will be the greater sufferer of the two; because the buyer can lose but fourpence in a pound, and M'Culla must lose sixpence, which was the charge of the coinage.

Upon the whole, there are some points which must be settled to the general satisfaction, before we can safely take Mr. M'Culla's copper notes for value received; and how he will give that satisfaction, is not

within my knowledge or conjecture. The first point is, that we shall be always sure of receiving good copper, equal in bulk and fineness to the best English halfpence.

The second point is, to know what allowance he makes to himself, either out of the weight or mixture of his copper, or both, for the charge of coinage. As to the weight, the matter is easy by his own scheme; for, as I have said before, he proposes fortyeight to weigh a pound, which he gives you for two shillings, and receives it by the pound at twentypence: so that, supposing pure copper to be fourteenpence a pound, he makes you pay 30 per cent for the labour of coining, as I have already observed, beside 16 per cent when he sells it. But if to this he adds any alloy, to debase the metal, although it be not above 10 per cent; then Mr. M'Culla's promissory notes will, to the intrinsick value of the metal, be above 47 per cent discount.

For, subtracting 10 per cent off sixty pounds worth of copper, it will (to avoid fractions) be about five and a half per cent in the whole 100l., which, added

to

41 13 4

5 10 о

will be per cent 47

47 3 4

That we are under great distress for change; and that Mr. M'Culla's copper notes, on supposition of the metal being pure, are less liable to objection than the project of Wood, may be granted: but such a discount, where we are not sure even of our twentypence a pound, appears hitherto a dead weight on his scheme.

Since I writ this, calling to mind that I had some copper halfpence by me, I weighed them with those of Mr. M'Culla, and observed as follows.

First, I weighed Mr. M'Culla's halfpenny against an English one of king Charles II; which outweighed Mr. Mc Culla's a fourth part, or 25 per cent.

I likewise weighed an Irish Patrick and David halfpenny, which outweighed Mr. McCulla's 12 per cent. It had a very fair and deep impression, and milled very skilfully round.

I found that even a common harp halfpenny, well preserved, weighed equal to Mr. M'Culla's. And even some of Wood's halfpence were near equal in weight to his. Therefore, if it be true that he does not think Wood's copper to have been faulty, he may probably give us no better.

I have laid these loose thoughts together with little order, to give you, and others who may read them, an opportunity of digesting them better. I am no enemy to Mr. M'Culla's project; but I would have it put upon a better foot. I own that this halfpenny of king Charles II, which I weighed against Mr. M'Culla's, was of the fairest kind I had seen. However, it is plain, the crown could afford it without being a loser. But it is probable that the officers of the mint were then more honest than they have since thought fit to be; for I confess not to have met those of any other year so weighty, or in appearance of so good metal, among all the copper coins of the three last reigns; yet these, however, did much outweigh those of Mr. McCulla; for I have tried the experiment on a hundred of them. I have indeed seen accidentally one or two very light: but it must certainly have been done by chance; or rather I suppose them to

be

be counterfeits. Be that as it will, it is allowed on all hands, that good copper was never known to be cheaper than it is at present. I am ignorant of the price, farther than by his informing me that it is only fourteen pence a pound; by which, I observe, he charges the coinage at 30 per cent; and therefore I cannot but think his demands are exorbitant. But, to say the truth, the dearness or cheapness of the metal does not properly enter into the question. What we desire is, that it should be of the best kind, and as weighty as can be afforded; that the profit of the contriver should be reduced from 16 to 8 per cent, and the charge of coinage, if possible, from 30 to 10, or 15 at most.

Mr. McCulla must also give good security that he will coin only a determinate sum, not exceeding twenty thousand pounds; by which, although he should deal with all uprightness imaginable, and make his coin as good as that I weighed of king Charles II, he will, at 16 per cent, gain three thousand two hundred pounds: a very good additional job to a private tradesman's fortune!

I must advise him also to employ better workmen, and make his impressions deeper and plainer; by which a rising rim may be left about the edge of his coin, to preserve the letter from wearing out too He has no wardens, or masters, or other officers of the mint, to suck up his profit; and, therefore, can afford to coin cheaper than the crown, if he will but find good materials, proper implements, and skilful workmen.

soon.

Whether this project will succeed in Mr. M'Culla's hands (which, if it be honestly executed, I should be glad to see) one thing I am confident of, that it

might be easily brought to perfection by a society of nine or ten honest gentlemen of fortune, who wish well to their country, and would be content to be neither gainers nor losers, farther than the bare interest of their money. And Mr. M'Culla, as being the first starter of the scheme, might be considered and rewarded by such a society; whereof, although I am not a man of fortune, I should think it an honour and happiness to be one, even with borrowed money upon the best security I could give. And, first, I am confident, without any skill but by general reason, that the charge of coining copper would be very much less than 30 per cent. Secondly, I believe ten thousand pounds, in halfpence and farthings, would be sufficient for the whole kingdom, even under our great and most unnecessary distress for the want of silver; and that, without such a distress, half the sum would suffice. For, I compute and reason thus the city of Dublin, by a gross computation, contains ten thousand families; and I am told by shopkeepers, " That, if silver were as plenty as "usual, two shillings in copper would be sufficient, "in the course of business, for each family." But, in consideration of the want of silver, I would allow five shillings to each family, which would amount to 2500l.; and, to help this, I would recommend a currency of all the genuine undefaced harp halfpence, which are left of lord Dartmouth's and Moor's patents under king Charles II; and the small Patrick and David for farthings. To the rest of the kingdom, I would assign the 7500l. remaining; reckoning Dublin to answer one fourth of the kingdom, as London is judged to answer (if I mistake not) one