, shillings, half-crowns, and crowns; our silver and our
guineas being almost gone; and the general current coin of the kingdom
is now moydores, which are thirty shillings a-piece; at least nine pence
above the value in silver: now, they would have us change these for
halfpence, and so the whole cash of the kingdom would be these
halfpence.' ...

"But the true state of the case, as to coin, is more circumstantially
developed in the following letter of the same prelate to Mr. Southwell,
which was written a few months before, viz., on the 9th June, 1724.

"'... And yet, after all, we want change, and I will take leave to
acquaint you with the state of this kingdom as to coin. We used to have
hardly any money passing here, but foreign ducatoons, plate pieces,
perns, dollars, etc. but, when the East India Company were forbid
sending the coin of England abroad, they continued to buy up all our
foreign coin, and give us English money in lieu of some part of it; by
which we lost twopence in every ounce, the consequence of this was, that
in two years there was not to be seen in Ireland a piece of foreign
silver.

"'If any be brought, it is immediately sent away, the two, or as I am
informed, the three pence in the ounce, given by the East India Company,
being a temptation not to be resisted; but, the truth is, very little is
brought in, for the merchants that carry our commodities to foreign
markets, find it more to their advantage to carry directly to London
whatever they receive in cash; and whereas formerly they used, when they
had disposed of their cargo, to load their vessels with such commodities
as there was a demand for in Ireland, and bring the rest in cash, they
bring now only the commodities, and send the silver to London; and when
they have got the twopence in every ounce from the East India Company,
the rest serves to answer the returns we are obliged to make to England,
for the rents we are obliged to pay to noblemen and gentlemen who have
estates in Ireland and live in England, and for the pensions, and other
occasions which are many; by this means they gain likewise the exchange,
which is commonly four or five per cent, better to them than if they
sent cash.

"'It Is farther to be observed, that 21 shillings, which is the value of
a guinea in England, makes in Ireland 22 shillings and 9 pence, whereas
a guinea passes for 23 shillings with us, therefore, he who sends silver
into England, gains three pence mor