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 neit