y have been done by chance, or
rather I suppose them to be counterfeits. Be that as it will, it is
allowed on all hands, that good copper was never known to be cheaper
than it is at present. I am ignorant of the price, further than by his
informing me that it is only fourteenpence a pound; by which, I observe,
he charges the coinage at thirty per cent.; and therefore I cannot but
think his demands are exorbitant. But, to say the truth, the dearness or
cheapness of the metal do not properly enter into the question. What we
desire is, that it should be of the best kind, and as weighty as can be
afforded; that the profit of the contriver should be reduced from
sixteen to eight per cent.; and the charge of coinage, if possible, from
thirty to ten, or fifteen at most.

Mr. M'Culla must also give good security that he will coin only a
determinate sum, not exceeding twenty thousand pounds; by which,
although he should deal with all uprightness imaginable, and make his
coin as good as that I weighed of King Charles II., he will, at sixteen
per cent., gain three thousand two hundred pounds; a very good
additional job to a private tradesman's fortune!

I must advise him also to employ better workmen, and make his
impressions deeper and plainer; by which a rising rim may be left about
the edge of his coin, to preserve the letter from wearing out too soon.
He hath no wardens nor masters, or other officers of the mint, to suck
up his profit; and therefore can afford to coin cheaper than the Crown,
if he will but find good materials, proper implements, and skilful
workmen.

Whether this project will succeed in Mr. M'Culla's hands, (which, if it
be honestly executed, I should be glad to see,) one thing I am confident
of, that it might be easily brought to perfection by a society of nine
or ten honest gentlemen of fortune, who wish well to their country, and
would be content to be neither gainers nor losers, further than the bare
interest of their money. And Mr. M'Culla, as being the first starter of
the scheme, might be considered and rewarded by such a society; whereof,
although I am not a man of fortune, I should think it an honour and
happiness to be one, even with borrowed money upon the best security I
could give. And, first, I am confident, without any skill, but by
general reason, that the charge of coining copper would be very much
less than thirty per cent. Secondly, I believe ten thousand pounds, in
halfpence and farthing