However, I do not doubt but there may be ten such persons in this town, if they had only some visible mark to know them at sight.  Yet I just foresee another inconveniency; That knavish men are fitter to deal with others of their own denomination; while those who are honest and best-intentioned may be the instruments of as much mischief to the public, for want of cunning, as the greatest knaves; and more, because of the charitable opinion which they are apt to have of others.  Therefore, how to join the prudence of the serpent with the innocency of the dove, in this affair, is the most difficult point.  It is not so hard to find an honest man, as to make this honest man active, and vigilant, and skilful; which, I doubt, will require a spur of profit greater than my scheme will afford him, unless he will be contented with the honour of serving his country, and the reward of a good conscience.

After reviewing what I had written, I see very well that I have not given any allowance for the first charge of preparing all things necessary for coining, which, I am told, will amount to about 200l. besides 20l. per annum for five years rent of a house to work in.  I can only say, that, this making in all 300l., it will be an addition of no more than three per cent. out of 10,000l.

But the great advantages to the public, by having the coinage placed in the hands of ten gentlemen such as I have already described, (if such are to be found,) are these:—­

First, They propose no other gain to themselves than one per cent. above the legal interest for the money they advance; which will hardly afford them coffee when they meet at their mint-house.

Secondly, They bind themselves to make their coins of as good copper as the best English halfpence, and as well coined, and of equal weight; and do likewise bind themselves to charge the public with not one farthing for the expense of coinage, more than it shall really stand them in.

Thirdly, They will, for a limited term of seven or ten years, as shall be thought proper upon mature consideration, pay gold and silver, without any defalcation, for all their own coin that shall be returned upon their hands.

Fourthly, They will take care that the coins shall have a deep impression, leaving a rising rim on both sides, to prevent being defaced in a long time; and the edges shall be milled.

I suppose they need not be very apprehensive of counterfeits, which it will be difficult to make so as not to be discovered; for it is plain that those bad halfpence called raps are so easily distinguished, even from the most worn genuine halfpenny, that nobody will now take them for a farthing, although under the great present want of change.

I shall here subjoin some computations relating to Mr. M’Culla’s copper notes.  They were sent to me by a person well skilled in such calculations; and therefore I refer them to the reader.[118]