This company may enter into certain regulations among themselves; one of which should be, to keep nothing concealed, and duly to give an account to the world of their whole methods of acting.

Give me leave to compute, wholly at random, what charge the kingdom will be at, by the loss of intrinsic value in the coinage of 10,000l. in copper, under the management of such a society of gentlemen.

First, It is plain that instead of somewhat more than sixteen per cent. as demanded by Mr. M’Culla, this society desires but eight per cent.

Secondly, Whereas Mr. M’Culla charges the expense of coinage at thirty per cent., I hope and believe this society will be able to perform it at ten.

Thirdly, Whereas it doth not appear that Mr. M’Culla can give any security for the goodness of his copper, because not one in ten thousand have the skill to distinguish, the society will be all engaged that theirs shall be of the best standard.

Fourthly, That whereas Mr. M’Culla’s halfpence are one-fourth part lighter than that kind coined in the time of King Charles II., these gentlemen will oblige themselves to the public, to give their coin of the same weight and goodness with those halfpence, unless they shall find they cannot afford it; and, in that case, they shall beforehand inform the public, show their reasons, and signify how large they can make them without being losers; and so give over or pursue their scheme, as they find the opinion of the world to be.  However, I do not doubt but they can afford them as large, and of as good metal, as the best English halfpence that have been coined in the three last reigns, which very much outweighed those of Mr. M’Culla.  And this advantage will arise in proportion, by lessening the charge of coinage from thirty per cent. to ten or fifteen, or twenty at most.  But I confess myself in the dark on that article; only I think it impossible it should amount to any proportion near thirty per cent.; otherwise the coiners of those counterfeit halfpence called raps[117] would have little encouragement to follow their trade.

But the indubitable advantages, by having the management in such a society, would be the paying eight per cent. instead of sixteen, the being sure of the goodness and just weight of the coin, and the period to be put to any further coinage than what was absolutely necessary to supply the wants and desires of the kingdom; and all this under the security of ten gentlemen of credit and fortune, who would be ready to give the best security and satisfaction, that they had no design to turn the scheme into a job.

As to any mistakes I have made in computation, they are of little moment; and I shall not descend so low as to justify them against any caviller.

The strongest objection against what I offer, and which perhaps may make it appear visionary, is the difficulty to find half a score gentlemen, who, out of a public spirit, will be at the trouble, for no more profit than one per cent. above the legal interest, to be overseers of a mint for five years; and perhaps, without any justice, raise the clamour of the people against them.  Besides, it is most certain that many a squire is as fond of a job, and as dexterous to make the best of it, as Mr. M’Culla himself, or any of his level.