y
per cent., I hope and believe this society will be able to perform it at
ten.

Thirdly, Whereas it doth not appear that Mr. M'Culla 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. M'Culla'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 public, to give their 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 public, 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 outweighed those of Mr. M'Culla. And this advantage will arise in
proportion, by lessening the charge of coinage from thirty per cent. to
ten or fifteen, or twenty at most. But I confess myself in the dark on
that article; only I think it impossible it should amount to any
proportion near thirty per cent.; otherwise the coiners of those
counterfeit halfpence called raps[117] would have little encouragement
to follow their trade.

But the indubitable advantages, by having the management in such a
society, would be the paying eight per cent. instead of sixteen, the
being sure of the goodness and just weight of the coin, and the period
to be put to any further coinage than what was absolutely necessary to
supply the wants and desires of the kingdom; and all this under the
security of ten gentlemen of credit and fortune, who would be ready to
give the best security and satisfaction, that they had no design to turn
the scheme into a job.

As to any mistakes I have made in computation, they are of little
moment; and I shall not descend so low as to justify them against any
caviller.

The strongest objection against what I offer, and which perhaps may make
it appear visionary, is the difficulty to find half a score gentlemen,
who, out of a public spirit, will be at the trouble, for no more profit
than one per cent. above the legal interest, to be overseers of a mint
for five years; and perhaps, without any