sal I have made: Suppose ten gentlemen, lovers
of their country, should raise _200l._ a-piece; and, from the time the
money is deposited as they shall agree, should begin to charge it with
seven per cent. for their own use; that they should, as soon as
possible, provide a mint and good workmen, and buy copper sufficient for
coining two thousand pounds, subtracting a fifth part of the interest of
ten thousand pounds for the charges of the tools, and fitting up a place
for a mint; the other four parts of the same interest to be subtracted
equally out of the four remaining coinages of _2,000l._ each, with a
just allowance for other necessary incidents. Let the charge of coinage
be fairly reckoned, and the kingdom informed of it, as well as of the
price of copper. Let the coin be as well and deeply stamped as it ought.
Let the metal be as pure as can consist to have it rightly coined,
(wherein I am wholly ignorant,) and the bulk as large as that of King
Charles II. And let this club of ten gentlemen give their joint security
to receive all the coins they issue out for seven or ten years, and
return gold and silver without any defalcation.

Let the same club, or company, when they have issued out the first two
thousand pounds, go on the second year, if they find a demand, and that
their scheme hath answered to their own intention, as well as to the
satisfaction of the public. And, if they find seven per cent. not
sufficient, let them subtract eight, beyond which I would not have them
go. And when they have in five years coined ten thousand pounds, let
them give public notice that they will proceed no further, but shut up
their mint, and dismiss their workmen; unless the real, universal,
unsolicited, declaration of the nobility and gentry of the kingdom shall
signify a desire that they shall go on for a certain sum farther.

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 intrinsic value in the coinage of _10,000l._ in
copper, under the management of such a society of gentlemen.

First, It is plain that instead of somewhat more than sixteen per cent.
as demanded by Mr. M'Culla, this society desires but eight per cent.

Secondly, Whereas Mr. M'Culla charges the expense of coinage at thirt