They say Squire Conolly has sixteen thousand pounds a year; now if he sends for his rent to town, as it is likely he does, he must have two hundred and fifty horses to bring up his half-year's rent, and two or three great cellars in his house for stowage. But what the bankers will do I cannot tell. For I am assured that some great bankers keep by them forty thousand pounds in ready cash, to answer all payments, which sum, in Mr. Wood's money, would require twelve hundred horses to carry it.
For my own part, I am already resolved what to do; I have a pretty good shop of Irish stuffs and silks, and instead of taking Mr. Wood's bad copper, I intend to truck with my neighbours the butchers, and bakers, and brewers, and the rest, goods for goods, and the little gold and silver I have I will keep by me like my heart's blood till better times, or till I am just ready to starve, and then I will buy Mr. Wood's money, as my father did the brass money in K. James's time, who could buy ten pound of it with a guinea, and I hope to get as much for a pistole, and so purchase bread from those who will be such fools as to sell it me.
These half-pence, if they once pass, will soon be counterfeit, because it may be cheaply done, the stuff is so base. The Dutch likewise will probably do the same thing, and send them over to us to pay for our goods; and Mr. Wood will never be at rest but coin on: so that in some years we shall have at least five times fourscore and ten thousand pounds of this lumber. Now the current money of this kingdom is not reckoned to be above four hundred thousand pounds in all; and while there is a silver sixpence left, these blood-suckers will never be quiet.
When once the kingdom is reduced to such a condition I will tell you what must be the end: the gentlemen of estates will all turn off their tenants for want of payment, because, as I told you before, the tenants are obliged by their leases to pay sterling, which is lawful current money of England; then they will turn their own farmers, as too many of them do already, run all into sheep where they can, keeping only such other cattle as are necessary; then they will be their own merchants, and send their wool and butter and hides and linen beyond sea for ready money and wine and spices and silks. They will keep only a few miserable cottiers. The farmers must rob or beg, or leave their country. The shop-keepers in this and every other town must break and starve: for it is the landed man that maintains the merchant, and shop-keeper, and handicraftsman.
But when the squire turns farmer and merchant himself, all the good money he gets from abroad he will hoard up to send for England, and keep some poor tailor or weaver and the like in his own house, who will be glad to get bread at any rate.
I should never have done, if I were to tell you all the miseries that we shall undergo if we be so foolish and wicked as to take this cursed coin. It would be very hard if all Ireland should be put into one scale, and this sorry fellow Wood into the other, that Mr. Wood should weigh down this whole kingdom, by which England gets above a million of good money every year clear into their pockets, and that is more than the English do by all the world besides.
But your great comfort is, that, as his majesty's patent does not oblige you to take this money, so the laws have not given the Crown a power of forcing the subjects to take what money the king pleases: for then, by the same reason, we might be bound to take pebble-stones or cockle-shells, or stamped leather for current coin, if ever we should happen to live under an ill prince, who might likewise by the same power make a guinea pass for ten pounds, a shilling for twenty shillings, and so on, by which he would in a short time get all the silver and gold of the kingdom into his own hands, and leave us nothing but brass or leather or what he pleased. Neither is anything reckoned more cruel or oppressive in the French Government than their common practice of calling in all their money after they have sunk it very low, and then coining it a-new at a much higher value, which however is not the thousandth part so wicked as this abominable project of Mr. Wood. For the French give their subjects silver for silver, and gold for gold; but this fellow will not so much as give us good brass or copper for our gold and silver, nor even a twelfth part of their worth.
Having said this much, I will now go on to tell you the judgments of some great lawyers in this matter, whom I fee'd on purpose for your sakes, and got their opinions under their hands, that I might be sure I went upon good grounds.
A famous law-book call'd the Mirrour of Justice, discoursing of the articles (or laws) ordained by our ancient kings, declares the law to be as follows: It was ordained that no king of this realm should change, impair, or amend the money or make any other money than of gold or silver without the assent of all the counties, that is, as my Lord Coke says, without the assent of Parliament.
This book is very ancient, and of great authority for the time in which it was wrote, and with that character is often quoted by that great lawyer my Lord Coke. By the laws of England, several metals are divided into lawful or true metal and unlawful or false metal; the former comprehends silver or gold, the latter all baser metals: that the former is only to pass in payments appears by an Act of Parliament made the twentieth year of Edward the First, called the statute concerning the passing of pence, which I give you here as I got it translated into English; for some of our laws at that time were, as I am told, writ in Latin: Whoever in buying or selling presumeth to refuse an half-penny or farthing of lawful money, bearing the stamp which it ought to have, let him be seized on as a contemner of the king's majesty, and cast to prison.