I have said enough of it in my former letter, and it hath
likewise been considered by others. It is certain that by his own first
computation, we were to pay three shillings for what was intrinsically
worth but one,[9] although it had been of the true weight and standard
for which he pretended to have contracted; but there is so great a
difference both in weight and badness in several of his coins that some
of them have been nine in ten below the intrinsic value, and most of
them six or seven.[10]

[Footnote 9: The report of the Committee of the Privy Council which sat
on Wood's coinage, stated that copper ready for minting cost eighteen
pence per pound before it was brought into the Mint at the Tower of
London. See the Report prefixed to Letter III. and Appendix II., in
which it is also stated that Wood's copper was worth thirteen pence per
pound. [T.S.]]

[Footnote 10: Newton's assay report says that Wood's pieces were of
unequal weight. [T.S.]]

His last proposal being of a peculiar strain and nature, deserves to be
very particularly considered, both on account of the matter and the
style. It is as follows.

"Lastly, in consideration of the direful apprehensions which prevail in
Ireland, that Mr. Wood will by such coinage drain them of their gold and
silver, he proposes to take their manufactures in exchange, and that no
person be obliged to receive more than fivepence halfpenny at one
payment."

First, Observe this little impudent hardwareman turning into ridicule
"the direful apprehensions of a whole kingdom," priding himself as the
cause of them, and daring to prescribe what no King of England ever
attempted, how far a whole nation shall be obliged to take his brass
coin. And he has reason to insult; for sure there was never an example
in history, of a great kingdom kept in awe for above a year in daily
dread of utter destruction, not by a powerful invader at the head of
twenty thousand men, not by a plague or a famine, not by a tyrannical
prince (for we never had one more gracious) or a corrupt administration,
but by one single, diminutive, insignificant, mechanic.

But to go on. To remove our "direful apprehensions that he will drain us
of our gold and silver by his coinage:" This little arbitrary
mock-monarch most graciously offers to "take our manufactures in
exchange." Are our Irish understandings indeed so low in his opinion? Is
not this the very misery we complain of? That his cursed project will
p