Page:The Works of the Rev. Jonathan Swift, Volume 9.djvu/62

52 men; who, upon several trials on many of these halfpence, have found them to be at least one fourth part below the real value, not including the raps or counterfeits that he, or his accomplices, have already made of his own coin, and scattered about. Now the coinage of three hundred and sixty tons of copper, coined by the weight of the fourth or lightest sort of his halfpence, will amount to one hundred twenty-two thousand four hundred eighty-eight pounds, sixteen shillings; and if we subtract a fourth part of the real value, by the base mixture in the metal, we must add to the publick loss one fourth part to be subtracted from the intrinsick value of the copper; which in three hundred and sixty tons amounts to ten thousand and eighty pounds; and this, added to the former sum of eighty-two thousand one hundred sixty-eight pounds, sixteen shillings, will make in all ninety-two thousand two hundred forty-eight pounds loss to the publick: beside the raps or counterfeits that he may at any time hereafter think fit to coin. Nor do I know whether he reckons the dross exclusive, or inclusive, with his three hundred and sixty tons of copper; which, however, will make a considerable difference in the account.

You will here please to observe, that the profit allowed to Wood by the patent, is twelve pence out of every pound of copper valued at 1s. 6d. whereas 5d. only is allowed for coinage of a pound weight for the English halfpence; and this difference is almost 25 per cent, which is double to the highest exchange of money, even under all the additional pressures and obstructions to trade, that this