For, subtracting ten per cent. off sixty pound’s worth of copper, it will (to avoid fractions) be about five and a half per cent. in the whole 100l., which, added to

41 13 4
5 10 0
-------
will be per cent. 47 3 4

That we are under great distress for change, and that Mr. M’Culla’s copper notes, on supposition of the metal being pure, is less liable to objection than the project of Wood, may be granted:  but such a discount, where we are not sure even of our twentypence a pound, appears hitherto a dead weight on his scheme.

Since I writ this, calling to mind that I had some copper halfpence by me, I weighed them with those of Mr. M’Culla, and observed as follows: 

First, I weighed Mr. M’Culla’s halfpenny against an English one of King Charles II., which outweighed Mr. M’Culla’s a fourth part, or twenty-five per cent.

I likewise weighed an Irish Patrick and David halfpenny, which outweighed Mr. M’Culla’s twelve and a half per cent.  It had a very fair and deep impression, and milled very skilfully round.

I found that even a common halfpenny, well-preserved, weighed equal to Mr. M’Culla’s.  And even some of Wood’s halfpence were near equal in weight to his.  Therefore, if it be true that he does not think Wood’s copper to have been faulty, he may probably give us no better.

I have laid these loose thoughts together with little order, to give you, and others who may read them, an opportunity of digesting them better.  I am no enemy to Mr. M’Culla’s project; but I would have it put upon a better foot.  I own that this halfpenny of King Charles II., which I weighed against Mr. M’Culla’s, was of the fairest kind I had seen.  However, it is plain the Crown could afford it without being a loser.[116] But it is probable that the officers of the mint were then more honest than they have since thought fit to be; for I confess not to have met those of any other year so weighty, or in appearance of so good metal, among all the copper coins of the three last reigns; yet these, however, did much outweigh those of Mr. M’Culla; for I have tried the experiment on a hundred of them.  I have indeed seen accidentally one or two very light; but it must certainly have been done by chance, or rather I suppose them to be counterfeits.  Be that as it will, it is allowed on all hands, that good copper was never known to be cheaper than it is at present.  I am ignorant of the price, further than by his informing me that it is only fourteenpence a pound; by which, I observe, he charges the coinage at thirty per cent.; and therefore I cannot but think his demands are exorbitant.  But, to say the truth, the dearness or cheapness of the metal do not properly enter into the question.  What we desire is, that it should be of the best kind, and as weighty as can be afforded; that the profit of the contriver should be reduced from sixteen to eight per cent.; and the charge of coinage, if possible, from thirty to ten, or fifteen at most.