The Prose Works of Jonathan Swift, D. D., Vol. VI | Page 9

applications were made to
England, that we might have liberty to coin new ones, as in former
times we did; but they did not succeed. At last one Mr. Wood,[13] a
mean ordinary man, a hardware dealer, procured a patent[14]under his
Majesty's broad seal to coin fourscore and ten thousand pounds[15] in
copper for this kingdom, which patent however did not oblige any one
here to take them, unless they pleased. Now you must know, that the
halfpence and farthings in England pass for very little more than they
are worth. And if you should beat them to pieces, and sell them to the
brazier you would not lose above a penny in a shilling. But Mr. Wood
made his halfpence of such base metal, and so much smaller than the
English ones, that the brazier would not give you above a penny of
good money for a shilling of his; so that this sum of fourscore and ten
thousand pounds in good gold and silver, must be given for trash that
will not be worth above eight or nine thousand pounds real value. But
this is not the worst, for Mr. Wood when he pleases may by stealth
send over another and another fourscore and ten thousand pounds, and
buy all our goods for eleven parts in twelve, under the value. For
example, if a hatter sells a dozen of hats for five shillings a-piece,
which amounts to three pounds, and receives the payment in Mr.
Wood's coin, he really receives only the value of five shillings.
[Footnote 12: They had become scarce because they had been
undervalued, and therefore sent out of the country in payment of goods
bought. See Prior's "Observations on Coin," issued in 1729, where it is
stated that this scarcity had occurred only within the last twenty years.
[T.S.]]
[Footnote 13: William Wood (1671-1730) was an ironmaster of
Wolverhampton. In addition to the patent for coining copper halfpence
which he obtained for Ireland, and to which full reference is made in
the introductory note to this first Drapier's Letter, Wood also obtained a
patent, in 1722, for coining halfpence, pence and twopence for the
English colonies in America. This latter patent fared no better than the
Irish one. The coins introduced in America bear the dates 1722 and
1723, and are now much sought after by collectors. They are known as

the Rosa American coinage. A list of the poems and pamphlets on
Wood, during the excitement in Dublin, attending on the Drapier's
Letters, will be found in the bibliography of Swift's works to be given
in vol. xi. of this edition. See also Monck Mason's "History of St.
Patrick's Cathedral." In the original edition of the Letter, Wood's name
is mis-spelt Woods. [T. S.]]
[Footnote 14: See the introductory note for the manner in which this
patent was obtained. [T.S.]]
[Footnote 15: This is how the amount is named in the first edition; but
the amount in reality was £100,800 (the value of 360 tons of copper, as
stated by the patent). Sir W. Scott prints this as £108,000. Coxe, in his
"Memoirs of Sir Robert Walpole" gives the amount as £100,000. Lecky
states it as £108,000. [T.S.]]
Perhaps you will wonder how such an ordinary fellow as this Mr.
Wood could have so much interest as to get His Majesty's broad seal
for so great a sum of bad money, to be sent to this poor country, and
that all the nobility and gentry here could not obtain the same favour,
and let us make our own halfpence, as we used to do. Now I will make
that matter very plain. We are at a great distance from the King's court,
and have nobody there to solicit for us, although a great number of
lords and squires, whose estates are here, and are our countrymen,
spending all their lives and fortunes there. But this same Mr. Wood was
able to attend constantly for his own interest; he is an Englishman and
had great friends, and it seems knew very well where to give money, to
those that would speak to others that could speak to the King and could
tell a fair story. And His Majesty, and perhaps the great lord or lords
who advised him, might think it was for our country's good; and so, as
the lawyers express it, "the King was deceived in his grant," which
often happens in all reigns. And I am sure if His Majesty knew that
such a patent, if it should take effect according to the desire of Mr.
Wood, would utterly ruin this kingdom, which hath given such great
proofs of its loyalty, he would immediately recall it, and perhaps shew
his displeasure to somebody or other. But "a word to the wise is