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 certainl