Most of the accounts of this transaction and its consequent agitation in Ireland, particularly those given by Sir W. Scott and Earl Stanhope, are taken from Coxe’s “Life of Walpole.”  Monck Mason, however, in his various notes appended to his life of Swift, has once and for all placed Coxe’s narrative in its true light, and exposed the specious special pleading on behalf of his hero, Walpole.  But even Coxe cannot hide the fact that the granting of the patent and the circumstances under which it was granted, amounted to a disgraceful job, by which an opportunity was seized to benefit a “noble person” in England at the expense of Ireland.  The patent was really granted to the King’s mistress, the Duchess of Kendal, who sold it to William Wood for the sum of L10,000, and (as it was reported with, probably, much truth) for a share in the profits of the coining.  The job was alluded to by Swift when he wrote: 

“When late a feminine magician,
Join’d with a brazen politician,
Expos’d, to blind a nation’s eyes,
A parchment of prodigious size.”

Coxe endeavors to exonerate Walpole from the disgrace attached to this business, by expatiating on Carteret’s opposition to Walpole, an opposition which went so far as to attempt to injure the financial minister’s reputation by fomenting jealousies and using the Wood patent agitation to arouse against him the popular indignation; but this does not explain away the fact itself.  He lays some blame for the agitation on Wood’s indiscretion in flaunting his rights and publicly boasting of what the great minister would do for him.  At the same time he takes care to censure the government for its misconduct in not consulting with the Lord Lieutenant and his Privy Council before granting the patent.  His censure, however, is founded on the consideration that this want of attention was injudicious and was the cause of the spread of exaggerated rumours of the patent’s evil tendency.  He has nothing to say of the rights and liberties of a people which had thereby been infringed and ignored.

The English parliament had rarely shown much consideration for Irish feelings or Irish rights.  Its attitude towards the Irish Houses of Legislation had been high-handed and even dictatorial; so that constitutional struggles were not at all infrequent towards the end of the seventeenth and during the first quarter of the eighteenth century.  The efforts of Sir Constantine Phipps towards a non-parliamentary government,[3] and the reversal by the English House of Lords of the decision given by the Irish House of Lords in the famous Annesley case, had prepared the Irish people for a revolt against any further attempts to dictate to its properly elected representatives assembled in parliament.  Moreover, the wretched material condition of the people, as it largely had been brought about by a selfish, persecuting legislation that practically isolated Ireland commercially in prohibiting the exportation of its industrial products, was a danger and a menace to the governing country.  The two nations were facing each other threateningly.  When, therefore, Wood began to import his coin, suspicion was immediately aroused.