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 intrinsick value in the coinage of 10000l. in copper, under the management of such a society of gentlemen.
First, It is plain, that instead of somewhat more than 16 per cent, as demanded by Mr. McCulla, this society desires but 8 per cent.
Secondly, Whereas Mr. McCulla charges the expense of coinage at 30 per cent, I hope and believe this society will be able to perform it at 10.
Whereas it does not appear that Mr. McCulla 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. McCulla'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 pubiick, to give the 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 publick, 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 outweigh those of Mr. McCulla. And this advantage will arise in pro-
portion,
