The great acquisition of esteem and influence was made by the “Drapier's Letters” in 1724. One Wood of Wolverhampton in Staffordshire, a man enterprising and rapacious, had, as is said, by a present to the Duchess of Munster, obtained a patent, empowering him to coin one hundred and eighty thousand pounds of halfpence and farthings for the kingdom of Ireland, in which there was a very inconvenient and embarrassing scarcity of copper coin; so that it was impossible to run in debt upon the credit of a piece of money; for the cook or keeper of an alehouse could not refuse to supply a man that had silver in his hand, and the buyer would not leave his money without change.
The projećt was therefore plausible. The scarcity which was already great, Wood took care to make greater, by agents who gathered up the old half-pence; and was about to turn his brass into gold, by pouring the treasures of his new mint upon Ireland, when Swift, finding that the metal was debased to an enormous degree, wrote Letters, under the name of M. B. Drapier, to shew the folly of receiving, and the mischief that must ensue by giving, gold
