because the buyer can lose but fourpence in the pound, and M'Culla must lose sixpence, which was the charge of the coinage.[115] Upon the whole, there are some points which must be settled to the general satisfaction, before we can safely take Mr. M'Culla's copper notes for value received; and how he will give that satisfaction, is not within my knowledge or conjecture. The first point is, that we shall be always sure of receiving good copper, equal in bulk and fineness to the best English halfpence. The second point is, to know what allowance he makes to himself, either out of the weight or mixture of his copper, or both, for the charge of his coinage. As to the weight, the matter is easy by his own scheme; for, as I have said before, he proposes forty-eight to weigh a pound, which he gives you for two shillings, and receives it by the pound at twentypence: so that, supposing pure copper to be fourteenpence a pound, he makes you pay thirty per cent. for the labour of coining, as I have already observed, besides sixteen per cent. when he sells it. But if to this he adds any alloy, to debase the metal, although it be not above ten per cent.; then Mr. M'Culla's promissory notes will, as to the intrinsic value of the metal, be above forty-seven per cent. discount. For, subtracting ten per cent. off sixty pound's worth of copper, it will (to avoid fractions) be about five and a half per cent. in the whole _100l._, which, added to 41 13 4 5 10 0 ------- will be per cent. 47 3 4 That we are under great distress for change, and that Mr. M'Culla's copper notes, on supposition of the metal being pure, is less liable to objection than the project of Wood, may be granted: but such a discount, where we are not sure even of our twentypence a pound, appears hitherto a dead weight on his scheme. Since I writ this, calling to mind that I had some copper halfpence by me, I weighed them with those of Mr. M'Culla, and observed as follows: First, I weighed Mr. M'Culla's halfpenny against an English one of King Charles II., which outweighed Mr. M'Culla's a fourth part, or twenty-five per cent. I likewise weighed an Irish Patrick and David halfpenny, which outweighed Mr. M'Culla's twelve and a half per cent. It had a very fair and deep impression, and milled very skilfully round. I found that even a common halfpenny, well-preserved, weighed equal to Mr. M'Culla's. And even some of Wood's halfpence were near equal in weight to his. Therefore, if it be true that he does not think Wood's copper to have been faulty, he may probably give us no better.