Towards the beginning of the August of 1724, the Committee of Inquiry had finished their report on Wood’s patent.  Somehow, an advance notice of the contents of the report found its way, probably directed by Walpole himself, into the pages of a London journal, from whence it was reprinted in Dublin, in Harding’s Newspaper on the 1st of August.  The notice stated that the Committee had recommended a reduction in the amount of coin Wood was to issue to L40,000.  It informed the public that the report notified that Wood was willing to take goods in exchange for his coins, if enough silver were not to be had, and he agreed to restrict the amount of each payment to 5-1/2_d_.  But a pretty broad hint was given that a refusal to accept the compromise offered might possibly provoke the higher powers to an assertion of the prerogative.

Walpole also had already endeavoured to calm the situation by consenting to a minute examination of the coins themselves at the London Mint.  The Lords Commissioners had instructed Sir Isaac Newton, the Master of the Mint, Edward Southwell, and Thomas Scroope, to make an assay of Wood’s money.  The report of the assayists was issued on April 27th, 1724;[1] and certified that the coins submitted had been tested and found to be correct both as to weight and quality.  In addition to this evidence of good faith, Walpole had nominated Carteret in place of the Duke of Grafton to the Lord-Lieutenancy.  Carteret was a favourite with the best men in Ireland, and a man of culture as well as ability.  It was hoped that his influence would smooth down the members of the opposition by an acceptance of the altered measure.  He was in the way in London, and he might be of great service in Dublin; so to Dublin he went.

[Footnote 1:  A full reprint of this report is given in Appendix II.]

But Walpole had not reckoned with the Drapier.  In the paragraph in Harding’s sheet, Swift saw a diplomatist’s move to win the game by diplomatic methods.  Compromise was the one result Swift was determined to render impossible; and the Drapier’s second letter, “To Mr. Harding the Printer,” renews the conflict with yet stronger passion and with even more satirical force.  It is evident Swift was bent now on raising a deeper question than merely this of the acceptance or refusal of Wood’s halfpence and farthings.  There was a principle here that had to be insisted and a right to be safeguarded.  Mr. Churton Collins ably expresses Swift’s attitude at this juncture when he says:[2] “Nothing can be more certain than that it was Swift’s design from the very beginning to make the controversy with Wood the basis of far more extensive operations.  It had furnished him with the means of waking Ireland from long lethargy into fiery life.  He looked to it to furnish him with the means of elevating her from servitude to independence, from ignominy to honour.  His only fear was lest the spirit which he had kindled should burn itself out or be prematurely quenched.  And of this he must have felt that there was some danger, when it was announced that England had given way much more than it was expected she would give way, and much more than she had ever given way before.”