third of England; I mean in the view of money only.

To compute our want of small change by the number of souls in the kingdom, beside being perplexed, is, I think, by no means just. They have been reckoned at a million and a half: whereof a million at least are beggars in all circumstances except that of wandering about for alms, and that circumstance may arrive soon enough, when it will be time to add another ten thousand pounds in copper. But, without doubt, the families of Ireland, who lie chiefly under the difficulties of wanting small change, cannot be above forty or fifty thousand; which the sum of ten thousand pounds, with the addition of the fairest old halfpence, would tolerably supply: for, if we give too great a loose to any projector to pour in upon us what he pleases, the kingdom will be (how shall I express it under our present circumstances?) more than undone.

And hence appears, in a very strong light, the villany of Wood, who proposed the coinage of one hundred and eighty thousand pounds in copper, for the use of Ireland: whereby every family in the kingdom would be loaded with ten or a dozen shillings, although Wood might not transgress the bounds of his patent, and although no counterfeits, either at home or abroad, were added to the number; the contrary to both which would indubitably have arrived. So ill informed are great men on the other side, who talk of a million with as little ceremony as we do of half a crown!

But, to return to the proposal I have made: suppose ten gentlemen, lovers of their country, should raise 200l. apiece; and, from the time the money is

depo

deposited as they shall agree, should begin to charge it with seven per cent for their own use: that they should, as soon as possible, provide a mint and good workmen, and buy copper sufficient for coining two thousand pounds, subtracting a fifth part of the interest of ten thousand pounds for the charges of the tools, and fitting up a place for a mint; the other four parts of the same interest to be subtracted equally out of the four remaining coinages of 200cl. each, with a just allowance for other necessary incidents. Let the charge of coinage be fairly reckoned; and the kingdom informed of it, as well as of the price of copper. Let the coin be as well and deeply stamped as it ought. Let the metal be as pure as can consist to have it rightly coined (wherein I am wholly ignorant) and the bulk as large as that of king Charles II. And let this club of ten gentlemen give their joint security to receive all the coins they issue out for seven or ten years, and return gold and silver without any defalcation.

Let the same club, or company, when they have issued out the first two thousand pounds, go on the second year, if they find a demand, and that their scheme has answered to their own intention as well as to the satisfaction of the publick. And, if they find seven per cent not sufficient, let them subtract eight, beyond which I would not have them go. And when they have in two years, coined ten thousand pounds, let them give publick notice that they will proceed no farther, but shut up their mint, and dismiss their workmen; unless the real, universal, unsolicited declaration of the nobility and gentry of the kingdom shall signify a desire that they should go on for a cerin sum farther.

This company may enter into certain regulations. among themselves; one of which should be, to keep nothing concealed, and duly to give an account to the world of their whole methods of acting.

Give me leave to compute, wholly at random, what charge the kingdom will be at, by the loss of intrinsick value in the coinage of 10cccl. in copper, under the management of such a society of gentlemen.

First, It is plain, that instead of somewhat more than 16 per cent, as demanded by Mr. McCulla, this society desires but 8 per cent.

Secondly, Whereas Mr. M'Culla charges the expense of coinage at 30 per cent, I hope and believe this society will be able to perform it at 10.

Whereas it does not appear that Mr. M'Culla can give any security for the goodness of his copper, because not one in ten thousand have the skill to distinguish; the society will be all engaged that theirs shall be of the best standard.

Fourthly, That whereas Mr. M'Culla's halfpence are one fourth part lighter than that kind coined in the time of king Charles II, these gentlemen will oblige themselves to the publick, to give the coin of the same weight and goodness with those halfpence, unless they shall find they cannot afford it; and, in that case, they shall beforehand inform the publick, show their reasons, and signify how large they can make them without being losers; and so give over or pursue their scheme, as they find the opinion of the world to be. However, I do not doubt but they can afford them as large, and of as good metal, as the best English hal pence that have been coined in the three last reigns, which very much outweigh those of Mr. McCulla. And this advantage will arise in pro

portion,

portion, by lessening the charge of coinage from 30 per cent to 10 or 15, or 20 at most. But I confess myself in the dark on that article: only I think it impossible it should amount to any proportion near 30 per cent; otherwise the coiners of those counterfeit halfpence called raps would have little encouragement to follow their trade.

But the indubitable advantages, by having the management in such a society, would be the paying 8 per cent instead of 16, the being sure of the goodness and just weight of the coin, and the period to be put to any farther coinage than what was absolutely necessary to supply the wants and desires of the kingdom and all this under the security of ten gentlemen of credit and fortune, who would be ready to give the best security and satisfaction, that they had no design to turn the scheme into a job.

As to any mistakes I have made in computation, they are of little moment; and I shall not descend so low as to justify them against any caviller.

The strongest objections against what I offer, and which perhaps may make it appear visionary, is the difficulty to find half a score gentlemen, who, out of a publick spirit, will be at the trouble, for no more profit than one per cent above the legal interest, to be overseers of a mint for five years; and perhaps, without any justice, raise the clamour of the people against them. Besides, it is most certain that many a squire is as fond of a job, and as dextrous to make the best of it, as Mr. M'Culla himself, or any of his level. However, I do not doubt but there may be ten such persons in this town, if they had only some visible mark to know them at sight. Yet I just foresee another inconveniency; that knavish men are fitter

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fitter to deal with others of their own denomination; while those who are honest and best intentioned may be the instruments of as much mischief to the publick, for want of cunning, as the greatest knaves; and more, because of the charitable opinion which they are apt to have of others. Therefore, how to join the prudence of the serpent, with the innocency of the dove, in this affair, is the most difficult point. It is not so hard to find an honest man, as to make this honest man active, and vigilant, and skilful; which, I doubt, will require a spur of profit greater than my scheme will afford him, unless he will be contented with the honour of serving his country, and the reward of a good conscience.

After reviewing what I had written, I see very well that I have not given any allowance for the first charge of preparing all things necessary for coining, which, I am told, will amount to about 20cl., beside 201. per' annum for five years rent of a house to work in. I can only say, that, this making in all 300l., it will be an addition of no more than 3 per cent out of 100col.

But the great advantages to the publick, by having the coinage placed in the hands of ten gentlemen such as I have already described (if such are to be found) are these:

First, They propose no other gain to themselves than 1 per cent above the legal interest for the money they advance; which will hardly afford them coffee when they meet at their minthouse.

Secondly, They bind themselves to make their coins of as good copper as the best English halfpence, and as well coined, and of equal weight: and do likewise bind themselves to charge the publick with not

one