In the mean-time I shall beg the favour of you, to keep a secret which no other per fon but my printer, my bookfeller, and the bearer knows. I am,

LET

A

TER

O N

Mr. M'CULLA's Project about HA LPPENCE, and a new one proposed.

SIR,

WRITTEN IN MDCC XXIX.

OU defire to know my opinion concern

You

ing Mr. M'Culla's project, of circulating notes ftamped on copper, that shall pass for the value of Halfpence and Pence. I have fome 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 houfe, 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 ftyle, with a great profeffion of zeal for the public-good; which is the common cant of all projectors in their bills, from a firt minifter of ftate down to a corn

cutter.

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cutter. But, I ftopped him fhort, as I would have done a better man; because it is too grofs a practice to pafs at any time, and especially in this age, where we all know one another fo 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 himfelf. It is certain, that, next to the want of filver, our greatest distress in point of coin is the want of small change, which may be fome poor relief for the defect of the former, fince 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, brafs, iron, or any other material (except gold and filver) as well as upon paper. The question is, whether I can fue him on a copper bond, where there is neither hand nor feal, nor witneffes to prove it. To fupply this, he hath propofed, that the materials upon which his note is written fhall be in fome degree of value equal to the debt. But that is one principal matter to be enquired into. His fcheme is this,

He gives you a piece of copper for a halfpenny or penny, ftampt with a promiffary note to pay you twenty pence for every pound of copper notes, whenever you fhall return them. Eight and forty of these halfpenny pieces are to weigh a pound, and he fells you that pound, coined and ftamped, for two fhillings; by which he clearly gains a little more than 16 per cent. that is to fay, two pence in every fhilling.

This will certainly arise to a great fum, if he should circulate as large a quantity of his notes as the kingdom, under the great dearth of filver, may very probably require: Enough indeed to make any Irish tradefman's fortune; which, however, I fhould not repine at in the leaft, if we could be fure of his fair dealing. It was obvious for me to raise the common objection, why Mr. M'Culla would not give fecurity to pay the whole fum to any man who returned him his copper notes, as my Lord Dartmouth and Colonel Moor were by their patents obliged to do. To which he gave me fome anfwers plaufible enough. First, he conceived that his coins were much nearer to the intrinfic value than any of those coined by patents, the bulk and goodness of the metal equalling the

best

best English halfpence made by the Crown. That he apprehended the ill-will of envious and defigning people, who, if they found him to have a great vent for his notes, fince he wanted the protection of a patent, might make a run upon him which he could not be able to fupport. And, laftly, that his copper, as is already said, being equal in value and bulk to the English halfpence, he did not apprehend they fhould ever be returned, unless a combination, proceeding from fpite and envy, might be formed against him.

But there are fome points in his propofal which I cannot well anfwer for, nor do I know whether he will be able to do it himself. The firft is, whether the copper he gives us will be as good as what the crown provided for the English halfpence and farthings? And, fecondly, 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 fhould be as forry to be 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 lofer by the coinage of any metal: For they fubtract

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