To compute our want of small change by the number of souls in the kingdom, besides 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 villainy of Wood, who proposed the coinage of one hundred and eight thousand pounds in copper, for the use of Ireland; whereby every family in the kingdom would be loaden 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. a-piece; and, from the time the money is 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 2,000l. 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 hath answered to their own intention, as well as to the satisfaction of the public. 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 five years coined ten thousand pounds, let them give public notice that they will proceed no further, 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 shall go on for a certain 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 intrinsic value in the coinage of 10,000l. in copper, under the management of such a society of gentlemen.
First, It is plain that instead of somewhat more than sixteen per cent. as demanded by Mr. M'Culla, this society desires but eight per cent.
Secondly, Whereas Mr. M'Culla charges the expense of coinage at thirty per cent., I hope and believe this society will be able to perform it at ten.
Thirdly, Whereas it doth 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 public, to give their 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 public, 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 halfpence that have been coined in the three last reigns, which very much outweighed those of Mr. M'Culla. And this advantage will arise in proportion, by lessening the charge of coinage from thirty per cent. to ten or fifteen, or twenty at most. But I confess myself in the dark on that article; only I think it impossible it should amount to any proportion near thirty per cent.; otherwise the coiners of those counterfeit halfpence called raps[117] would have little encouragement to follow their trade.