“But the true state of the case, as to coin, is more circumstantially developed in the following letter of the same prelate to Mr. Southwell, which was written a few months before, viz., on the 9th June, 1724.

“’...  And yet, after all, we want change, and I will take leave to acquaint you with the state of this kingdom as to coin.  We used to have hardly any money passing here, but foreign ducatoons, plate pieces, perns, dollars, etc. but, when the East India Company were forbid sending the coin of England abroad, they continued to buy up all our foreign coin, and give us English money in lieu of some part of it; by which we lost twopence in every ounce, the consequence of this was, that in two years there was not to be seen in Ireland a piece of foreign silver.

“’If any be brought, it is immediately sent away, the two, or as I am informed, the three pence in the ounce, given by the East India Company, being a temptation not to be resisted; but, the truth is, very little is brought in, for the merchants that carry our commodities to foreign markets, find it more to their advantage to carry directly to London whatever they receive in cash; and whereas formerly they used, when they had disposed of their cargo, to load their vessels with such commodities as there was a demand for in Ireland, and bring the rest in cash, they bring now only the commodities, and send the silver to London; and when they have got the twopence in every ounce from the East India Company, the rest serves to answer the returns we are obliged to make to England, for the rents we are obliged to pay to noblemen and gentlemen who have estates in Ireland and live in England, and for the pensions, and other occasions which are many; by this means they gain likewise the exchange, which is commonly four or five per cent, better to them than if they sent cash.

“’It Is farther to be observed, that 21 shillings, which is the value of a guinea in England, makes in Ireland 22 shillings and 9 pence, whereas a guinea passes for 23 shillings with us, therefore, he who sends silver into England, gains three pence more by it than if he sent guineas; this advantage, though it may seem little, yet in a manner has entirely drained us of our English money which was given in lieu of foreign silver.

“’But farther, if any carry foreign gold to England, they cannot easily pass it, and if they do, it is at a greater loss than there is in the guineas, this has taken away our guineas, so that there is hardly one to be seen; we have hardly any coin left but a few moydores and pistoles, which can, by no means, serve the inland trade of the kingdom.