The full effect of these measures in destroying credit and paralysing trade was not felt at once. Within a month of the first proclamation Avaux reported that the copper coins were everywhere taken as ready money, and that this was a great relief to King James. The precious metals soon disappeared from circulation. Even copper ran short, and the ambassador applied to the French King for at least fifty tons. Steel to make dies was also wanted, and men who could use it; for the whole supply of money depended on a single Protestant engraver who might go away at any moment. When French troops were expected, it was decided, after much discussion, to pay them in French money, and this made matters worse. Prices rose to an undreamed-of height in anticipation of brass having to compete with gold and silver. Cannon were converted into coin, and the total issue ultimately reached a million or more. Every sort of rubbish was used to make up for the want of good brass or copper. Half-crowns were converted by re-stamping into crowns, and at last a guinea, which at the beginning of 1689 was worth 24_s._ Irish, became exchangeable for base metal to the nominal value of 5_l._ As in the old Greek tale, gold made its way in spite of brass. The Protestants hoarded it or smuggled it to England. Writing to the exiled Queen on December 12/22, Tyrconnel says, 'Not a farthing of silver or gold is now to be seen in this whole nation.' All attempts to arrest the depreciation of course failed. By one proclamation the Government undertook to receive any quantity of currency by way of loan, to be repaid in specie when it was decried, interest being fixed at six per cent., and afterwards at ten; but the public liked not the security. All the exceptions made in favour of creditors were abrogated, and brass or pewter money was declared universal legal tender. To counterfeit it was high treason, and to refuse it contempt of the prerogative. Only a fortnight before the Boyne a guinea was officially rated at 38_s._, and no one was to give more on pain of death. When William gained possession of Dublin he lost no time in crying down the base money. The best of the crowns and half-crowns were made legal tender for one penny, and the smaller pieces in proportion.'[253] [Sidenote: Fight at Newry.] [Sidenote: Wolseley takes Belturbet] [Sidenote: and Cavan.]