Manuscript letter, in which Reynolds writes at length regarding rumours of problems at the Bank of England. If the rumoured "restriction" goes ahead Reynolds fears that paper-money will then be at a discount, thus causing commodities to have two separate prices - a coin one and a paper one. Reynolds believes this will "destroy our paper-money system" as the notes will depreciate in value.
Owen is advised to "secure" any money he may have personally or through the Social Fund in gold as this will be of greater value once the "restriction" takes place.