Mr. M’Culla must also give good security that he will coin only a determinate sum, not exceeding twenty thousand pounds; by which, although he should deal with all uprightness imaginable, and make his coin as good as that I weighed of King Charles II., he will, at sixteen per cent., gain three thousand two hundred pounds; a very good additional job to a private tradesman’s fortune!

I must advise him also to employ better workmen, and make his impressions deeper and plainer; by which a rising rim may be left about the edge of his coin, to preserve the letter from wearing out too soon.  He hath no wardens nor masters, or other officers of the mint, to suck up his profit; and therefore can afford to coin cheaper than the Crown, if he will but find good materials, proper implements, and skilful workmen.

Whether this project will succeed in Mr. M’Culla’s hands, (which, if it be honestly executed, I should be glad to see,) one thing I am confident of, that it might be easily brought to perfection by a society of nine or ten honest gentlemen of fortune, who wish well to their country, and would be content to be neither gainers nor losers, further than the bare interest of their money.  And Mr. M’Culla, as being the first starter of the scheme, might be considered and rewarded by such a society; whereof, although I am not a man of fortune, I should think it an honour and happiness to be one, even with borrowed money upon the best security I could give.  And, first, I am confident, without any skill, but by general reason, that the charge of coining copper would be very much less than thirty per cent.  Secondly, I believe ten thousand pounds, in halfpence and farthings, would be sufficient for the whole kingdom, even under our great and most unnecessary distress for the want of silver; and that, without such a distress, half the sum would suffice.  For, I compute and reason thus:  the city of Dublin, by a gross computation, contains ten thousand families; and I am told by shopkeepers, “That if silver were as plenty as usual, two shillings in copper would be sufficient, in the course of business, for each family.”  But, in consideration of the want of silver, I would allow five shillings to each family, which would amount to 2,500l.; and, to help this, I would recommend a currency of all the genuine undefaced harp-halfpence, which are left, of Lord Dartmouth’s and Moor’s patents under King Charles II.; and the small Patrick and David for farthings.  To the rest of the kingdom, I would assign the 7,50l. remaining; reckoning Dublin to answer one-fourth of the kingdom, as London is judged to answer (if I mistake not) one-third of England; I mean in the view of money only.