| 41 | 13 | 4 | |
| 5 | 10 | 0 | |
| — | — | — | |
| will be per cent. | 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, is 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 out-weighed Mr. M'Culla's a fourth part, or twenty-five per cent.
I likewise weighed an Irish Patrick and David halfpenny, which outweighed Mr. M'Culla's twelve and a half per cent. It had a very fair and deep impression, and milled very skilfully round.
I found that even a common 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.[116] 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. M'Culla; 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 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, further than by his informing me that it is only fourteenpence a pound; by which, I observe, he charges the coinage at thirty per cent.; and therefore I cannot but think his demands are exorbitant. But, to say the truth, the dearness or cheapness of the metal do 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 sixteen to eight per cent.; and the charge of coinage, if possible, from thirty to ten, or fifteen at most.
Mr. M'Culla 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 sixteen 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 soon. He hath no wardens nor 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.
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, further 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 thirty 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 2,500l.; 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 7,500l. remaining; reckoning Dublin to answer one-fourth of the kingdom, as London is judged to answer (if I mistake not) one-third of England; I mean in the view of money only.