Dean Swift And His Writings
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In the year 1722 Irish industry became much incon- venienced by a deficiency of copper coin. No mint was allowed in Ireland by the English Government ; when money was wanted, the latter used to grant patents to private persons authorising them to coin the required The Dean of St. Patrick's. 209 sums. It was impossible for the English ministry to lose so excellent an opportunity for a job. After a short delay the privilege was granted to a certain Birmingham iron- master named William Wood, whos...e recommendation consisted of a bribe of £10,000 paid to the Duchess of Kendal, the king's mistress. The copper money to be coined was to be equal in nominal value to £108,000.
Each pound avoirdupois of copper, worth -i2d. bullion price, was to be turned into farthings and halfpence valuing half-a-crown.
From the financial point of view there was much to be said against the arrangement. The low intrinsic value of the coins mattered little. Copper coins being only legal tender up to s£d., they were merely counters, and the only qualities they required were durability and dis- tinctness.
What to read after Dean Swift And His Writings?
You can find similar books in the "Read Also" column, or choose other free books by Moriarty, Gerald P. (Gerald Patrick), B. 1863 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In the year 1722 Irish industry became much incon- venienced by a deficiency of copper coin. No mint was allowed in Ireland by the English Government ; when money was wanted, the latter used to grant patents to private persons authorising them to coin the required The Dean of St. Patrick's. 209 sums. It was impossible for the English ministry to lose so excellent an opportunity for a job. After a short delay the privilege was granted to a certain Birmingham iron- master named William Wood, whos...e recommendation consisted of a bribe of £10,000 paid to the Duchess of Kendal, the king's mistress. The copper money to be coined was to be equal in nominal value to £108,000.
Each pound avoirdupois of copper, worth -i2d. bullion price, was to be turned into farthings and halfpence valuing half-a-crown.
From the financial point of view there was much to be said against the arrangement. The low intrinsic value of the coins mattered little. Copper coins being only legal tender up to s£d., they were merely counters, and the only qualities they required were durability and dis- tinctness.
What to read after Dean Swift And His Writings?
You can find similar books in the "Read Also" column, or choose other free books by Moriarty, Gerald P. (Gerald Patrick), B. 1863 to read onlineMoreLess
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