You desire to know my opinion concerning Mr. M'Culla's project, of circulating notes stamped on copper, that shall pass for the value of halfpence and pence. I have some knowledge of the man; and about a month ago he brought me his book, with a couple of his halfpenny notes: but I was then out of order, and he could not be admitted. Since that time I called at his house; where I discoursed, the whole affair with him as thoroughly as I could. I am altogether a stranger to his character. He talked to me in the usual style, with a great profession of zeal for the public good, which is the common cant of all projectors in their Bills, from a First Minister of State down to a corn-cutter. But I stopped him short, as I would have done a better man; because it is too gross a pretence to pass at any time, and especially in this age, where we all know one another so well. Yet, whoever proposeth any scheme which may prove to be a public benefit, I shall not quarrel if it prove likewise very beneficial to the contriver. It is certain, that next to the want of silver, our greatest distress in point of coin is the want of small change, which may be some poor relief for the defect of the former, since the Crown will not please to take that work upon them here as they do in England. One thing in Mr. M'Culla's book is certainly right, that no law hinders me from giving a payable note upon leather, wood, copper, brass, iron, or any other material (except gold and silver) as well as upon paper. The question is, whether I can sue him on a copper bond, when there is neither his hand nor seal, nor witnesses to prove it? To supply this, he hath proposed, that the materials upon which his note is written, shall be in some degree of value equal to the debt. But that is one principal matter to be enquired into. His scheme is this: He gives you a piece of copper for a halfpenny or penny, stamped with a promissory note to pay you twentypence for every pound of the said copper notes, whenever you shall return them. Eight and forty of the halfpenny pieces are to weigh a pound, and he sells you that pound coined and stamped for two shillings: by which he clearly gains a little more than sixteen _per cent._; that is to say, twopence in every shilling. This will certainly arise to a great sum, if he should circulate as large a quantity of his notes, as the kingdom, under the great dearth of silver, may very probably require: enough indeed to make any Irish tradesman's fortune; which, however, I should not repine at in the least, if we could be sure of his fair-dealing.