hundred and twenty thousand pounds; besides as much more by stealth and counterfeits:  I desire to know from you, whether the Parliament might not have addressed upon such an occasion; what success they probably would have had; and how many Drapiers would have risen to pester the world with pamphlets:  Yet that kingdom would not be so great a sufferer as ours in the like case; because their cash would not be conveyed into foreign countries, but lie hid in the chests of cautious, thrifty men, until better times.  Then I desire, for the satisfaction of the public, that you will please to inform me why this country is treated in so very different a manner, in a point of such high importance; whether it be on account of Poining’s act; of subordination; dependence; or any other term of art; which I shall not contest, but am too dull to understand.

I am very sensible, that the good or ill success of Mr. Wood, will affect you less than any person of consequence in the kingdom; because I hear you are so prudent as to make all your purchases in England; and truly so would I, if I had money, although I were to pay a hundred years’ purchase; because I should be glad to possess a freehold that could not be taken from me by any law to which I did not give my own consent; and where I should never be in danger of receiving my rents in mixed copper, at the loss of sixteen shillings in the pound.  You can live in ease and plenty at Pepper-harrow, in Surrey; and therefore I thought it extremely generous and public-spirited in you to be of the kingdom’s side in this dispute, by shewing, without reserve, your disapprobation of Mr. Wood’s design; at least if you have been so frank to others as you were to me; which indeed I could not but wonder at, considering how much we differ in other points; and therefore I could get but few believers, when I attempted to justify you in this article from your own words.

I would humbly offer another thought, which I do not remember to have fallen under the Drapier’s observation.  If these halfpence should once gain admittance; it is agreed, that in no long space of time, what by the clandestine practices of the coiner, what by his own counterfeits, and those of others, either from abroad or at home; his limited quantity would be trebled upon us, until there would not be a grain of gold or silver visible in the nation.  This, in my opinion would lay a heavy charge upon the crown, by creating a necessity of transmitting money from England to pay the salaries at least of the principal civil officers:  For I do not conceive how a judge (for instance) could support his dignity with a thousand pounds a year in Wood’s coin; which would not intrinsically be worth near two hundred.  To argue that these halfpence, if no other coin were current, would answer the general ends of commerce among ourselves, is a great mistake; and the Drapier hath made that matter too clear to admit an answer; by shewing us what every owner of land must be forced to do with the products of it in such a distress.  You may read his remarks at large in his second and third letter; to which I refer you.