But being entirely at leisure, even at this season of the year, when I
used to have scarce time sufficient to perform the necessary offices of
life, I will endeavour to comply with your requests, cautioning you not
implicitly to rely upon what I say, excepting what belongs to that
branch of trade in which I am more immediately concerned.
The Irish trade is, at present, in the most deplorable condition that
can be imagined; to remedy it, the causes of its languishment must be
inquired into: But as those causes (you may assure yourself) will not be
removed, you may look upon it as a thing past hopes of recovery.
The first and greatest shock our trade received, was from an act passed
in the reign of King William, in the Parliament of England, prohibiting
the exportation of wool manufactured in Ireland. An act (as the event
plainly shews) fuller of greediness than good policy; an act as
beneficial to France and Spain, as it has been destructive to England
and Ireland.[103] At the passing of this fatal act, the condition of
our trade was glorious and flourishing, though no way interfering with
the English; we made no broad-cloths above _6s._ per yard; coarse
druggets, bays and shalloons, worsted damasks, strong draught works,
slight half-works, and gaudy stuffs, were the only product of our looms:
these were partly consumed by the meanest of our people, and partly
sent to the northern nations, from which we had in exchange, timber,
iron, hemp, flax, pitch, tar, and hard dollars. At the time the current
money of Ireland was foreign silver, a man could hardly receive _100l._,
without finding the coin of all the northern powers, and every prince of
the empire among it. This money was returned into England for fine
cloths, silks, &c. for our own wear, for rents, for coals, for hardware,
and all other English manufactures, and, in a great measure, supplied
the London merchants with foreign silver for exportation.
The repeated clamours of the English weavers produced this act, so
destructive to themselves and us. They looked with envious eyes upon our
prosperity, and complained of being undersold by us in those
commodities, which they themselves did not deal in. At their instances
the act was passed, and we lost our profitable northern trade. Have they
got it? No, surely, you have found they have ever since declined in the
trade they so happily possessed; you shall find (if I am rightly
informed) towns without one loom in them, which subsisted entirely upon
the woollen manufactory before the passing of this unhappy bill; and I
will try if I can give the true reasons for the decay of their trade,
and our calamities.
Three parts in four of the inhabitants of that district of the town
where I dwell were English manufacturers, whom either misfortunes in
trade, little petty debts, contracted through idleness, or the pressures
of a numerous family, had driven into our cheap country: These were
employed in working up our coarse wool, while the finest was sent into
England. Several of these had taken the children of the native Irish
apprentices to them, who being humbled by the forfeiture of upward of
three millions by the Revolution, were obliged to stoop to a mechanic
industry. Upon the passing of this bill, we were obliged to dismiss
thousands of these people from our service. Those who had settled their
affairs returned home, and overstocked England with workmen; those whose
debts were unsatisfied went to France, Spain, and the Netherlands, where
they met with good encouragement, whereby the natives, having got a firm
footing in the trade, being acute fellows, soon became as good workmen
as any we have, and supply the foreign manufactories with a constant
recruit of artisans; our island lying much more under pasture than any
in Europe. The foreigners (notwithstanding all the restrictions the
English Parliament has bound us up with) are furnished with the greatest
quantity of our choicest wool. I need not tell you, sir, that a
custom-house oath is held as little sacred here as in England, or that
it is common for masters of vessels to swear themselves bound for one of
the English wool ports, and unload in France or Spain. By this means the
trade in those parts is, in a great measure, destroyed, and we were
obliged to try our hands at finer works, having only our home
consumption to depend upon; and, I can assure you, we have, in several
kinds of narrow goods, even exceeded the English, and I believe we
shall, in a few years more, be able to equal them in broad cloths; but
this you may depend upon, that scarce the tenth part of English goods
are now imported, of what used to be before the famous act.
The only manufactured wares we are allowed to export, are linen cloth
and linen yarn, which are marketable only in England; the rest of our
commodities are wool, restrained to England, and raw hides, skins,
tallow, beef, and butter. Now, these are things for which the northern
nations have no occasion; we are therefore obliged, instead of carrying
woollen goods to their markets, and bringing home money, to purchase
their commodities.
In France, Spain, and Portugal, our wares are more valuable, though it
must be owned, our fraudulent trade in wool is the best branch of our
commerce; from hence we get wines, brandy, and fruit, very cheap, and
in great perfection; so that though England has constrained us to be
poor, they have given us leave to be merry. From these countries we
bring home moydores, pistoles, and louisdores, without which we should
scarce have a penny to turn upon.
To England we are allowed to send nothing but linen cloth, yarn, raw
hides, skins, tallow, and wool. From thence we have coals, for which we
always pay ready money, India goods, English woollen and silks, tobacco,
hardware, earthenware, salt, and several other commodities. Our
exportations to England are very much overbalanced by our importations;
so that the course of exchange is generally too high, and people choose
rather to make their remittances to England in specie, than by a bill,
and our nation is perpetually drained of its little running cash.
Another cause of the decay of trade, scarcity of money, and swelling of
exchange, is the unnatural affectation of our gentry to reside in and
about London.[104] Their rents are remitted to them, and spent there.
The countryman wants employment from them; the country shopkeeper wants
their custom. For this reason he can't pay his Dublin correspondent
readily, nor take off a great quantity of his wares. Therefore, the
Dublin merchant can't employ the artisan, nor keep up his credit in
foreign markets.
I have discoursed some of these gentlemen, persons esteemed for good
sense, and demanded a reason for this their so unaccountable
proceeding,--expensive to them for the present, ruinous to their
country, and destructive to the future value of their estates,--and find
all their answers summed up under three heads, curiosity, pleasure, and
loyalty to King George. The two first excuses deserve no answer; let us
try the validity of the third. Would not loyalty be much better
expressed by gentlemen staying in their respective countries,
influencing their dependents by their examples, saving their own wealth,
and letting their neighbours profit by their necessary expenses, thereby
keeping them from misery, and its unavoidable consequence, discontent?
Or is it better to flock to London, be lost in a crowd, kiss the King's
hand, and take a view of the royal family? The seeing of the royal house
may animate their zeal for it; but other advantages I know not. What
employment have any of our gentlemen got by their attendance at Court,
to make up to them their expenses? Why, about forty of them have been
created peers, and a little less than a hundred of them baronets and
knights. For these excellent advantages, thousands of our gentry have
squeezed their tenants, impoverished the trader, and impaired their own
fortunes!
Another great calamity, is the exorbitant raising of the rents of lands.
Upon the determination of all leases made before the year 1690, a
gentleman thinks he has but indifferently improved his estate if he has
only doubled his rent-roll. Farms are screwed up to a rack-rent, leases
granted but for a small term of years, tenants tied down to hard
conditions, and discouraged from cultivating the lands they occupy to
the best advantage, by the certainty they have of the rent being raised,
on the expiration of their lease, proportionably to the improvements
they shall make. Thus is honest industry restrained; the farmer is a
slave to his landlord; 'tis well if he can cover his family with a
coarse home-spun frieze. The artisan has little dealings with him; yet
he is obliged to take his provisions from him at an extravagant price,
otherwise the farmer cannot pay his rent.
The proprietors of lands keep great part of them in their own hands for
sheep-pasture; and there are thousands of poor wretches who think
themselves blessed, if they can obtain a hut worse than the squire's
dog-kennel, and an acre of ground for a potato-plantation, on condition
of being as very slaves as any in America. What can be more deplorable,
than to behold wretches starving in the midst of plenty!
We are apt to charge the Irish with laziness, because we seldom find
them employed; but then we don't consider they have nothing to do. Sir
William Temple, in his excellent remarks on the United Provinces,
inquires why Holland, which has the fewest and worst ports and
commodities of any nation in Europe, should abound in trade, and
Ireland, which has the most and best of both, should have none? This
great man attributes this surprising accident to the natural aversion
man has for labour; who will not be persuaded to toil and fatigue
himself for the superfluities of life throughout the week, when he may
provide himself with all necessary subsistence by the labour of a day or
two. But, with due submission to Sir William's profound judgment, the
want of trade with us is rather owing to the cruel restraints we lie
under, than to any disqualification whatsoever in our inhabitants.
I have not, sir, for these thirty years past, since I was concerned in
trade, (the greatest part of which time distresses have been flowing in
upon us,) ever observed them to swell so suddenly to such a height as
they have done within these few months. Our present calamities are not
to be represented; you can have no notion of them without beholding
them. Numbers of miserable objects crowd our doors, begging us to take
their wares at any price, to prevent their families from immediate
starving. We cannot part with our money to them, both because we know
not when we shall have vent for their goods; and, as there are no debts
paid, we are afraid of reducing ourselves to their lamentable
circumstances. The dismal time of trade we had during Marr's Troubles in
Scotland, are looked upon as happy days when compared with the
present.[105]
I need not tell you, sir, that this griping want, this dismal poverty,
this additional woe, must be put to the accursed stocks, which have
desolated our country more effectually than England. Stockjobbing was a
kind of traffic we were utterly unacquainted with. We went late to the
South Sea market, and bore a great share in the losses of it, without
having tasted any of its profits.
If many in England have been ruined by stocks, some have been advanced.
The English have a free and open trade to repair their losses; but,
above all, a wise, vigilant, and uncorrupted Parliament and ministry,
strenuously endeavouring to restore public trade to its former happy
state. Whilst we, having lost the greatest part of our cash, without any
probability of its returning, must despair of retrieving our losses by
trade, and have before our eyes the dismal prospect of universal poverty
and desolation.
I believe, sir, you are by this time heartily tired with this indigested
letter, and are firmly persuaded of the truth of what I said in the
beginning of it, that you had much better have imposed this task on some
of our citizens of greater abilities. But perhaps, sir, such a letter as
this may be, for the singularity of it, entertaining to you, who
correspond with the politest and most learned men in Europe. But I am
satisfied you will excuse its want of exactness and perspicuity, when
you consider my education, my being unaccustomed to writings of this
nature, and, above all, those calamitous objects which constantly
surround us, sufficient to disturb the cleanest imagination, and the
soundest judgment.
Whatever cause I have given you, by this letter, to think worse of my
sense and judgment, I fancy I have given you a manifest proof that I am,
sir,
Your most obedient humble servant,
J. S.
THE SUBSTANCE
OF WHAT WAS SAID BY
THE DEAN OF ST. PATRICK'S
TO
THE LORD MAYOR AND SOME OF THE ALDERMEN,
WHEN HIS LORDSHIP CAME TO PRESENT THE SAID
DEAN WITH HIS FREEDOM IN A GOLD BOX.
NOTE.
It was only proper and fitting that the citizens and freemen of the
City of Dublin should express their sense of the high appreciation
in which they held the writer of the "Drapier's Letters," and the
man who had fought and was still fighting for an alleviation of the
grievances under which their country suffered. The Dublin
Corporation, in 1729, presented Swift with the freedom of the city,
an honour rarely bestowed, and only on men in high position and
power. To Swift the honour was welcome. It was a public act of
justification of what he had done, and it came gratefully to the
man who had at one time been abused and reviled by the people of
the very city which was now honouring him. Furthermore, such a
confirmation of his acts set the seal of public authority which was
desirable, even if not necessary, to a man of Swift's temper. He
could save himself much trouble by merely pointing to the gold box
which was presented to him with the freedom. Even in this last
moment, however, of public recognition, he was not allowed to
receive it without a snarl from one of the crowd of the many
slanderers who found it safer to backbite him. Lord Allen may have
been wrong in his head, or ill-advised, or foolishly over-zealous,
but his ill-tempered upbraiding of the Dublin Corporation for what
he called their treasonable extravagance in thus honouring Swift,
whom he deemed an enemy of the King, was the act of a fool. Swift
was not the man to let the occasion slip by without advantage. In
the substance of what he said to the Lord Mayor and Aldermen of
Dublin in accepting their gift, he replied to the charges made by
Lord Allen, and also issued a special advertisement by way of
defence against what the lord had thought fit to say.
* * * * *
Both these pieces are here reprinted; the first from a broadside in
the British Museum, and the second from a manuscript copy in the
Forster Collection at South Kensington.
[T. S.]
THE SUBSTANCE OF WHAT WAS SAID BY THE DEAN OF ST. PATRICK'S
TO THE LORD MAYOR AND SOME OF THE ALDERMEN, WHEN HIS
LORDSHIP CAME TO PRESENT THE SAID DEAN WITH HIS FREEDOM
IN A GOLD BOX.
When his Lordship had said a few words, and presented the instrument,
the Dean gently put it back, and desired first to be heard. He said, "He
was much obliged to his lordship and the city for the honour they were
going to do him, and which, as he was informed, they had long intended
him. That it was true, this honour was mingled with a little
mortification by the delay which attended it, but which, however, he did
not impute to his lordship or the city; and that the mortification was
the less, because he would willingly hope the delay was founded on a
mistake;--for which opinion he would tell his reason."
He said, "It was well known, that, some time ago, a person with a
title[106] was pleased, in two great assemblies, to rattle bitterly
somebody without a name, under the injurious appellations of a Tory, a
Jacobite, an enemy to King George, and a libeller of the government;
which character," the Dean said that, "many people thought was applied
to him. But he was unwilling to be of that opinion, because the person
who had delivered those abusive words, had, for several years, caressed,
and courted, and solicited his friendship more than any man in either
kingdom had ever done,--by inviting him to his house in town and
country,--by coming to the Deanery often, and calling or sending almost
every day when the Dean was sick,--with many other particulars of the
same nature, which continued even to a day or two of the time when the
said person made those invectives in the council and House of Lords.
Therefore, that the Dean would by no means think those scurrilous words
could be intended against him; because such a proceeding would overthrow
all the principles of honour, justice, religion, truth, and even common
humanity. Therefore the Dean will endeavour to believe, that the said
person had some other object in his thoughts, and it was only the
uncharitable custom of the world that applied this character to him.
However, that he would insist on this argument no longer. But one thing
he would affirm and declare, without assigning any name, or making any
exception, that whoever either did, or does, or shall hereafter, at any
time, charge him with the character of a Jacobite, an enemy to King
George, or a libeller of the government, the said accusation was, is,
and will be, false, malicious, slanderous, and altogether groundless.
And he would take the freedom to tell his lordship, and the rest that
stood by, that he had done more service to the Hanover title, and more
disservice to the Pretender's cause, than forty thousand of those noisy,
railing, malicious, empty zealots, to whom nature hath denied any talent
that could be of use to God or their country, and left them only the
gift of reviling, and spitting their venom, against all who differ from
them in their destructive principles, both in church and state. That he
confessed, it was sometimes his misfortune to dislike some things in
public proceedings in both kingdoms, wherein he had often the honour to
agree with wise and good men; but this did by no means affect either his
loyalty to his prince, or love to his country. But, on the contrary, he
protested, that such dislikes never arose in him from any other
principles than the duty he owed to the king, and his affection to the
kingdom. That he had been acquainted with courts and ministers long
enough, and knew too well that the best ministers might mistake in
points of great importance; and that he had the honour to know many more
able, and at least full as honest, as any can be at present."
The Dean further said, "That since he had been so falsely represented,
he thought it became him to give some account of himself for about
twenty years, if it were only to justify his lordship and the city for
the honour they were going to do him." He related briefly, how, "merely
by his own personal credit, without other assistance, and in two
journeys at his own expense, he had procured a grant of the first-fruits
to the clergy, in the late Queen's time, for which he thought he
deserved some gentle treatment from his brethren.[107] That, during all
the administration of the said ministry, he had been a constant advocate
for those who are called the Whigs,--and kept many of them in their
employments both in England and here,--and some who were afterwards the
first to lift up their heels against him." He reflected a little upon
the severe treatment he had met with upon his return to Ireland after
her Majesty's death, and for some years after. "That being forced to
live retired, he could think of no better way to do public service, than
by employing all the little money he could save, and lending it, without
interest, in small sums to poor industrious tradesmen, without examining
their party or their faith. And God had so far pleased to bless his
endeavours, that his managers tell him he hath recovered above two
hundred families in this city from ruin, and placed most of them in a
comfortable way of life."
The Dean related, how much he had suffered in his purse, and with what
hazard to his liberty, by a most iniquitous judge[108]; who, to gratify
his ambition and rage of party, had condemned an innocent book, written
with no worse a design, than to persuade the people of this kingdom to
wear their own manufactures.[109] How the said judge had endeavoured to
get a jury to his mind; but they proved so honest, that he was forced to
keep them eleven hours, and send them back nine times; until, at last,
they were compelled to leave the printer[110] to the mercy of the court,
and the Dean was forced to procure a _noli prosequi_ from a noble
person, then secretary of state, who had been his old friend.
The Dean then freely confessed himself to be the author of those books
called "The Drapier's Letters;" spoke gently of the proclamation,
offering three hundred pounds to discover the writer.[111] He said,
"That although a certain person was pleased to mention those books in a
slight manner at a public assembly, yet he (the Dean) had learned to
believe, that there were ten thousand to one in the kingdom who differed
from that person; and the people of England, who had ever heard of the
matter, as well as in France, were all of the same opinion."
The Dean mentioned several other particulars, some of which those from
whom I had the account could not recollect; and others, although of
great consequence, perhaps his enemies would not allow him.
The Dean concluded, with acknowledging to have expressed his wishes,
that an inscription might have been graven on the box, shewing some
reason why the city thought fit to do him that honour, which was much
out of the common forms to a person in a private station;--those
distinctions being usually made only to chief governors, or persons in
very high employments.
ADVERTISEMENT BY DR. SWIFT,
IN HIS
DEFENCE AGAINST JOSHUA, LORD ALLEN,
_Feb. 18, 1729._
ADVERTISEMENT BY DR. SWIFT, IN HIS DEFENCE AGAINST JOSHUA, LORD
ALLEN.[112]
"Whereas Dr. Jonathan Swift, Dean of St. Patrick's, Dublin, hath been
credibly informed, that, on Friday the 13th of this instant February, a
certain person did, in a public place, and in the hearing of a great
number, apply himself to the Right Honourable the Lord Mayor of this
city, and some of his brethren, in the following reproachful manner: 'My
lord, you and your city can squander away the public money, in giving a
gold box to a fellow who hath libelled the government!' or words to that
effect.
"Now, if the said words, or words to the like effect, were intended
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.
Mr. M'Culla allows his pound of copper (coinage included) to be worth
twentypence; for which he demands two shillings.
His coinage he computes at sixpence per pound weight; therefore,
he laying out only twentypence, and gaining fourpence,
he makes per cent. profit, 20
The sixpence per pound weight, allowed for coinage,
makes per cent. 30
The want of weight in his halfpenny, compared as above,
is per cent. 10
By all which (viz. coinage, profit, and want of weight)
--the public loses per cent. 60
If Mr. M'Culla's coins will not pass, and he refuses to receive them
back, the owner cannot sell them at above twelvepence per pound weight;
whereby, with the defect of weight of 10 per cent., he will lose 60 per
cent.
The scheme of the society, raised as high as it can possibly be, will be
only thus:
For interest of their money, per cent. 8
For coinage, instead of 10, suppose at most per cent. 20
For _l.300_ laid out for tools, a mint, and house-rent,
charge 3 per cent. upon the coinage of _l.10,000_, 3
----
Charges in all upon interest, coinage, &c. per cent., 31
Which, with all the advantages above-mentioned, of the goodness of the
metal, the largeness of the coin, the deepness and fairness of the
impression, the assurance of the society confining itself to such a sum
as they undertake, or as the kingdom shall approve; and lastly, their
paying in gold or silver for all their coin returned upon their hands
without any defalcation, would be of mighty benefit to the kingdom; and,
with a little steadiness and activity, could, I doubt not, be easily
compassed.
