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one farthing for the expense of coinage, more than it shall really stand them in.
Thirdly, They will, for a limited term of seven or ten years, as shall be thought proper upon mature consideration, pay gold and silver, without any
defalcation, for all their own coin that shall be returned upon their hands.
Fourthly, They will take care that the coins shall have a deep impression, leaving a rising rim on both sides, to prevent their being defaced in a long time; and the edges shall be milled.
I suppose they need not be very apprehensive of counterfeits, which it will be difficult to make so as not to be discovered : for it is plain that those bad halfpence called raps, are so easily distinguished, even from the most worn genuine halfpenny, that nobody will now take them for a farthing, although under the great present want of change.
I shall here subjoin some computations relating to Mr. M'Culla's copper notes. They were sent to me by a person well skilled in such calculations : and therefore I refer them to the reader.
Mr. M‘Culla charges good copper at fourteenpence per pound; but I know not whether he means avoirdupois or Troy weight. avoirdupois is sixteen ounces to a pound 6960 grains. A pound Troy weight
5760 grains. Mr. M‘Culla's copper is fourteenpence per pound avoirdupois.
Two of Mr. M‘Culla's penny notes, one with another, weigh
By which computation, two shillings of
his notes, which he sells for one
pound weight, will weigh But one pound avoirdupois weighs, as above
6960 grains. This difference makes 10 per cent to Mr. M'Culla's profit, in point of weight.
The old Patrick and David halfpenny
weighs Mr. M‘Culla's halfpenny weighs
149 grains. 131 grains.
The difference is
167 grains. 131 grains.
The difference Which difference allowed, a fifth part is 20 per cent.
Mr. M'Culla allows his pound of copper (coinage included) to be worth twentypence; for which he demands two shillings.
His coinage he computes at sixpence per pound weight; therefore, laying out only twentypence, and gaining fourpence, he makes per cent profit The sixpence per pound weight, allowed for coinage, makes per cent
30 The want of weight in his halfpenny, com
pared as above, is per cent By all which (viz. coinage, profit, and want of weight) the publick loses per cent
If Mr. M'Culla’s coins will not pass, and he refuses to receive them back, the owner cannot sell them at above twelvepence per pound; whereby, with the defect of weight of 10 per cent he will lose 60
The scheme of the society, raised as high as it can possibly be, will be only thus :
For interest of their money per cent
For 300l. laid out for tools, a mint, and
house rent, charge 3 per cent upon the coinage of 10000l.
Charges in all, upon interest, coinage, &c.
Which, with all the advantages above-mentioned, of the goodness of the metal, the largeness of the coin, the deepness and fairness of the impression, the assurance of the society confining itself to such a sum as they undertake, or as the kingdom shall approve ; and lastly, their paying in gold or silver for all their coin returned upon their hands, without any defalcation, would be of mighty benefit to the kingdom ; and, with a little steadiness and activity, could, I doubt not, be easily compassed.
I would not in this scheme recommend the method of promissory notes, after Mr. M'Culla’s manner; but, as I have seen in old Irish coins, the words CIVITAS DVBlin. on one side, with the year of our Lord and the Irish harp on the reverse.
ALTHOUGH, in one of your papers, you declare an intention of turning them, during the dead season of the year, into accounts of domestick and foreign intelligence; yet, I think, we your correspondents should not understand your meaning so literally, as if you intended to reject insering any other paper, which might probably be useful for the publick. Neither indeed am I fully convinced, that this new course you resolve to take, will render you more secure than your former laudable practice, of inserting such speculations, as were sent you by several well-wishers to the good of the kingdom ; however grating such notices might be to some, who wanted neither power nor inclination to resent them at your cost: for, since there is a direct law against spreading false news, if you should venture to tell us in one of the Craftsmen
that the dey of Algiers had got the 'tooth-ach, or the king of Bantam had taken a purge ; and the facts should be contradicted in succeeding packets ; I do not see what plea you could offer, to avoid the utmost penalty of the law, because you are not supposed to be very gracious among those who are most able to
Besides, as I take your intentions to be sincerely meant for the publick service; so your original method of entertaining and instructing us, will be more general, and more useful in this season of the year, when people are retired to amusements more cool, more innocent, and much more reasonable, than those they have left; when their passions are subsided or suspended; when they have no occasions of inflaming themselves, or each other : where they will have opportunity of hearing common sense, every day in the week, from their tenants or neighbouring farmers ; and thereby be qualified, in hours of rain or leisure, to read and consider the advice or information you shall send them.
Another weighty reason why you should not alter your manner of writing, by dwindling to a newsmonger, is, because there is no suspension of arms agreed on between you and your adversaries; who fight with a sort of weapons which have two wonderful qualities, that they are never to be worn out, and are best wielded by the weakest hands, and which the poverty of our language forces me to call, by the trite appellations of scurrility, slander, and Billingsgate. I am far from thinking that these gentlemen, or rather their employers, (for the operators themselves are too obscure to be guessed ar) should be answered after their own way, although it were possible to drag them