against him the said Dean, and as a reflection on the Right Hon. the
Lord Mayor, aldermen, and commons, for their decreeing unanimously, and
in full assembly, the freedom of this city to the said Dean, in an
honourable manner, on account of an opinion they had conceived of some
services done by him the said Dean to this city, and to the kingdom in
general,--the said Dean doth declare, That the said words, or words to
the like effect, are insolent, false, scandalous, malicious, and, in a
particular manner, perfidious; the said person, who is reported to have
spoken the said or the like words, having, for some years past, and even
within some few days, professed a great friendship for the said Dean;
and, what is hardly credible, sending a common friend of the Dean and
himself, not many hours after the said or the like words had been
spoken, to renew his profession of friendship to the said Dean, but
concealing the oratory; whereof the said Dean had no account till the
following day, and then told it to all his friends."
A
LETTER
ON
MR. M'CULLA'S PROJECT ABOUT HALFPENCE,
AND A NEW ONE PROPOSED.
WRITTEN IN 1729.
NOTE.
The matter of this tract explains itself. M'Culla's project was to
put in circulation notes stamped on copper to supply the deficiency
in copper coins which Wood attempted. Swift, apparently, took a
mild tone towards M'Culla's plan, but thought that M'Culla would
make too much out of it for himself. He made a counter proposal
which is fully entered into here. Nothing came either of M'Culla's
proposal or Swift's counter-suggestion.
* * * * *
The present text is based on that given in the eighth volume of the
edition of 1765, and compared with that of Faulkner's edition of
1772. Faulkner's edition differs in many details from that given by
Scott. The first sheet only of the original autograph manuscript is
in the Forster Collection at South Kensington.
[T. S.]
A LETTER ON MR. M'CULLA'S PROJECT ABOUT HALFPENCE, AND A NEW ONE
PROPOSED.
SIR,
You desire to know my opinion concerning Mr. M'Culla's project, of
circulating notes stamped on copper, that shall pass for the value of
halfpence and pence. I have some knowledge of the man; and about a month
ago he brought me his book, with a couple of his halfpenny notes: but I
was then out of order, and he could not be admitted. Since that time I
called at his house; where I discoursed, the whole affair with him as
thoroughly as I could. I am altogether a stranger to his character. He
talked to me in the usual style, with a great profession of zeal for the
public good, which is the common cant of all projectors in their Bills,
from a First Minister of State down to a corn-cutter. But I stopped him
short, as I would have done a better man; because it is too gross a
pretence to pass at any time, and especially in this age, where we all
know one another so well. Yet, whoever proposeth any scheme which may
prove to be a public benefit, I shall not quarrel if it prove likewise
very beneficial to the contriver. It is certain, that next to the want
of silver, our greatest distress in point of coin is the want of small
change, which may be some poor relief for the defect of the former,
since the Crown will not please to take that work upon them here as they
do in England. One thing in Mr. M'Culla's book is certainly right, that
no law hinders me from giving a payable note upon leather, wood, copper,
brass, iron, or any other material (except gold and silver) as well as
upon paper. The question is, whether I can sue him on a copper bond,
when there is neither his hand nor seal, nor witnesses to prove it? To
supply this, he hath proposed, that the materials upon which his note is
written, shall be in some degree of value equal to the debt. But that is
one principal matter to be enquired into. His scheme is this:
He gives you a piece of copper for a halfpenny or penny, stamped with a
promissory note to pay you twentypence for every pound of the said
copper notes, whenever you shall return them. Eight and forty of the
halfpenny pieces are to weigh a pound, and he sells you that pound
coined and stamped for two shillings: by which he clearly gains a little
more than sixteen _per cent._; that is to say, twopence in every
shilling. This will certainly arise to a great sum, if he should
circulate as large a quantity of his notes, as the kingdom, under the
great dearth of silver, may very probably require: enough indeed to make
any Irish tradesman's fortune; which, however, I should not repine at in
the least, if we could be sure of his fair-dealing.
It was obvious for me to raise the common objection, why Mr. M'Culla
would not give security to pay the whole sum to any man who returned him
his copper notes, as my Lord Dartmouth and Colonel Moor were, by their
patents, obliged to do.[113] To which he gave some answers plausible
enough. First, "He conceived that his coins were much nearer to the
intrinsic value than any of those coined by patents, the bulk and
goodness of the metal fully equalling the best English halfpence made by
the crown: That he apprehended the ill-will of envious and designing
people, who, if they found him to have a great vent for his notes, since
he wanted the protection of a patent, might make a run upon him, which
he could not be able to support: And lastly, that his copper, (as is
already said,) being equal in value and bulk to the English halfpence,
he did not apprehend they should ever be returned, unless a combination,
proceeding from spite and envy, might be formed against him."
But there are some points in his proposals which I cannot well answer
for; nor do I know whether he would be able to do it himself. The first
is, whether the copper he gives us will be as good as what the crown
provided for the English halfpence and farthings; and, secondly, whether
he will always continue to give us as good; and, thirdly, when he will
think fit to stop his hand, and give us no more; for I should be as
sorry to lie at the mercy of Mr. M'Culla, as of Mr. Wood.
There is another difficulty of the last importance. It is known enough
that the Crown is supposed to be neither gainer nor loser by the coinage
of any metal; for they subtract, or ought to subtract, no more from the
intrinsic value than what will just pay all the charges of the mint; and
how much that will amount to, is the question. By what I could gather
from Mr. M'Culla, good copper is worth fourteenpence per pound. By this
computation, if he sells his copper notes for two shillings the pound,
and will pay twentypence back, then the expense of coinage for one pound
of copper must be sixpence, which is thirty per cent. The world should
be particularly satisfied on this article before he vends his notes; for
the discount of thirty per cent. is prodigious, and vastly more than I
can conceive it ought to be. For, if we add to that proportion the
sixteen per cent. which he avows to keep for his own profit, there will
be a discount of about forty-six per cent. Or, to reckon, I think, a
fairer way: Whoever buys a pound of Mr. M'Culla's coin, at two shillings
per pound, carries home only the real value of fourteenpence, which is a
pound of copper; and thus he is a loser of _41l. 13s. 4d._ per
cent.[114] But, however, this high discount of thirty per cent. will be
no objection against M'Culla's proposals; because, if the charge of
coinage will honestly amount to so much, and we suppose his copper notes
may be returned upon him, he will be the greater sufferer of the two;
because the buyer can lose but fourpence in the pound, and M'Culla must
lose sixpence, which was the charge of the coinage.[115]
Upon the whole, there are some points which must be settled to the
general satisfaction, before we can safely take Mr. M'Culla's copper
notes for value received; and how he will give that satisfaction, is not
within my knowledge or conjecture. The first point is, that we shall be
always sure of receiving good copper, equal in bulk and fineness to the
best English halfpence.
The second point is, to know what allowance he makes to himself, either
out of the weight or mixture of his copper, or both, for the charge of
his coinage. As to the weight, the matter is easy by his own scheme;
for, as I have said before, he proposes forty-eight to weigh a pound,
which he gives you for two shillings, and receives it by the pound at
twentypence: so that, supposing pure copper to be fourteenpence a pound,
he makes you pay thirty per cent. for the labour of coining, as I have
already observed, besides sixteen per cent. when he sells it. But if to
this he adds any alloy, to debase the metal, although it be not above
ten per cent.; then Mr. M'Culla's promissory notes will, as to the
intrinsic value of the metal, be above forty-seven per cent. discount.
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.
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.
To compute our want of small change by the number of souls in the
kingdom, besides being perplexed, is, I think, by no means just. They
have been reckoned at a million and a half; whereof a million at least
are beggars in all circumstances, except that of wandering about for
alms; and that circumstance may arrive soon enough, when it will be time
to add another ten thousand pounds in copper. But, without doubt, the
families of Ireland, who lie chiefly under the difficulties of wanting
small change, cannot be above forty or fifty thousand, which the sum of
ten thousand pounds, with the addition of the fairest old halfpence,
would tolerably supply; for, if we give too great a loose to any
projector to pour in upon us what he pleases, the kingdom will be, (how
shall I express it under our present circumstances?) more than undone.
And hence appears, in a very strong light, the villainy of Wood, who
proposed the coinage of one hundred and eight thousand pounds in copper,
for the use of Ireland; whereby every family in the kingdom would be
loaden with ten or a dozen shillings, although Wood might not transgress
the bounds of his patent, and although no counterfeits, either at home
or abroad, were added to the number; the contrary to both which would
indubitably have arrived. So ill informed are great men on the other
side, who talk of a million with as little ceremony as we do of
half-a-crown!
But to return to the proposal I have made: Suppose ten gentlemen, lovers
of their country, should raise _200l._ a-piece; and, from the time the
money is deposited as they shall agree, should begin to charge it with
seven per cent. for their own use; that they should, as soon as
possible, provide a mint and good workmen, and buy copper sufficient for
coining two thousand pounds, subtracting a fifth part of the interest of
ten thousand pounds for the charges of the tools, and fitting up a place
for a mint; the other four parts of the same interest to be subtracted
equally out of the four remaining coinages of _2,000l._ each, with a
just allowance for other necessary incidents. Let the charge of coinage
be fairly reckoned, and the kingdom informed of it, as well as of the
price of copper. Let the coin be as well and deeply stamped as it ought.
Let the metal be as pure as can consist to have it rightly coined,
(wherein I am wholly ignorant,) and the bulk as large as that of King
Charles II. And let this club of ten gentlemen give their joint security
to receive all the coins they issue out for seven or ten years, and
return gold and silver without any defalcation.
Let the same club, or company, when they have issued out the first two
thousand pounds, go on the second year, if they find a demand, and that
their scheme hath answered to their own intention, as well as to the
satisfaction of the public. And, if they find seven per cent. not
sufficient, let them subtract eight, beyond which I would not have them
go. And when they have in five years coined ten thousand pounds, let
them give public notice that they will proceed no further, but shut up
their mint, and dismiss their workmen; unless the real, universal,
unsolicited, declaration of the nobility and gentry of the kingdom shall
signify a desire that they shall go on for a certain sum farther.
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.
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]
Mr. M'Culla charges good copper at fourteenpence per pound: but I know
not whether he means avoirdupois or troy weight.
Avoirdupois is sixteen ounces to a pound, 6960 grains.
A pound troy weight, 5760 grains.
Mr. M'Culla's copper is fourteenpence per pound avoirdupois.
Two of Mr. M'Culla's penny notes, one with another, weigh 524 grains.
By which computation, two shillings of his notes, which he
sells for one pound weight, will weigh 6288 grains.
But one pound avoirdupois weighs, as above, 6960 grains.
This difference makes 10 per cent.
to Mr. M'Culla's profit, in point of weight.
The old Patrick and David halfpenny weighs 149 grains.
Mr. M'Culla's halfpenny weighs 131 grains.
------
The difference is 18
Which is equal to 10-1/2 per cent.
The English halfpenny of King Charles II. weighs 167 grains.
M'Culla's halfpenny weighs 131 grains.
------
The difference 36
Which difference, allowed a fifth part, is 20 per cent.
ANOTHER COMPUTATION.