And that your Majesty’s royal predecessors have exercised this undoubted prerogative of granting to private persons the power and privilege of coining copper halfpence and farthings for the kingdom of Ireland, was proved to this Committee by several precedents of such patents granted to private persons by King Charles II. and King James II. none of which were equally beneficial to your kingdom of Ireland, nor so well guarded with proper covenants and conditions for the due execution of the powers thereby granted, although the power and validity of those patents, and a due compliance with them, was never in any one instance, till this time, disputed or controverted.

By these former patents, the sole power of coining copper money for Ireland, was granted to the patentees for the term of 21 years, to be coined in such place as they should think convenient, and “such quantities as they could conveniently issue within the term of 21 years,” without any restriction of the quantity to be coined within the whole term, or any provision of a certain quantity, only to be coined annually to prevent the ill consequences of too great a quantity to be poured in at once, at the will and pleasure of the patentees; no provision was made for the goodness and fineness of the copper, no comptroller appointed to inspect the copper in bars and fillets, before coined, and take constant assays of the money when coined, and the power of issuing not limited “to such as would voluntarily accept the same”; but by the patent granted to John Knox, the money coined by virtue of the patent, “is made and declared to be the current coin of the kingdom of Ireland,” and a pound weight of copper was allowed to be coined into 2 shillings and 8 pence, and whatever quantity should be coined, a rent of 16_l_ per annum only was reserved to the crown, and 700 tons of copper were computed to be coined within the 21 years, without any complaint.

The term granted to Mr. Wood for coining copper money is for 14 years only, the quantity for the whole term limited to 360 tons, 100 ton only to be issued within one year, and 20 tons each year for the 13 remaining years; a comptroller is appointed by the authority of the crown to inspect, comptrol, and assay the copper, as well not coined as coined; the copper to be fine British copper, cast into bars or fillets, which when heated red hot would spread thin under the hammer; a pound weight of copper to be coined into 2 shillings and sixpence, and without any compulsion on currency enforced, to be received by such only as would voluntarily and wilfully accept the same”; a rent of 800_l_ per annum is reserved unto your Majesty,[3] and 200_l per annum_ to your Majesty’s clerk comptroller, to be paid annually by the patentee, for the full term of the fourteen years, which for 13 years when 20 tons of copper only are coined, is not inconsiderable; these great and essential differences in the several patents, that have been granted for coining copper money for the kingdom of Ireland, seemed sufficiently to justify the care and caution that was used in granting the letters-patent to Mr. Wood.