SIR,  

Not having an Opportunity to end my Discourse with you about Settling of Guineas, I am bold thus to give you my Thoughts thereon, and that very briefly, not too much to interrupt your other Affairs.   
FOR above Twenty Years past Guineas have been commonly Received and Paid at 21s. 6d. a small matter more or less, till of late, and within a Year last past, by the Evil Designs of the Enemies to the Kingdom, and for Private Interest, the Silver Moneys were clipped above One Third Part less, and the Gold raised above One Third Part more in value, than what it was coined for, which hath notoriously brought the present Inconveniency upon us, in respect to our coin.  
Therefore I humbly conceive it absolutely Necessary, and not beyond the Wisdom and Power of the Nation, speedily to remedy this Evil; which, with Submission, I am apt to believe is easily done, by settling Guineas at 21s. 6d. without any such dangerous Consequences as by some are Objected. As, 

1. The People will not bear it.  
2. It will be all Carried away. And,  
3. Not lent to the King.    
For my Opinion, I offer the following Reasons, and Answer to those Three Objections.  
1. And say, The People will bear it. If Guineas are settled by Act of Parliament at 21s. 6d. for Currant and Lawful Money of England, with a Liberty for the King or Subject voluntarily to accept or receive them in Payment, or Purchase them with Silver, at any Price not exceeding 22s. upon severe Penalties, it will be so near the intrinsic and Proportionable Value of our Broad Silver and milled Money, that it will immediately restore to us the use of all our Gold and good Silver coin in the Nation; which in a great measure will supply the Occasions of the King, and satisfy the People: And till they are settled, some keep up the Gold, and others the Silver Unclipp'd and milled Money, and so leave no Money at all to supply the Necessities of the Poor. I have heard the Pretences on all sides, and conclude, That not One Man of a Thousand will be any considerable sufferer in this matter throughout the Kingdom. There may be Five Hundred or One Thousand Men that have above Five Hundred or One Thousand Guineas each; which are the Men that may or will make most noise against it, and endeavour to keep them up to 26s. or higher: And many of them may have gotten as much by the Rise, as they will lose by the Fall; and the Fall cannot undo them: They are best able to bear it. I most pity the middling sort of People, tradesman, Farmers, Tenants, &c. both in City and Country: But for them in our present Exigency, and in this General Calamity, which is like a Fire in a City or Town, which affects not but where it falls; I can see no better Remedy than to prevent the farther Increase of it. The General Cry of the Poor and middling People, is for to have Guineas settled at any Rate: And it is better for every Man to bear his present Loss, than to be Undone for want of Trade, which is like to come to a full stop. And therefore I conclude, The People will bear it.  
2. It will not be all Carried away. For the Dutch, or Jews in Holland, cannot make a better Interest of their Money, nor on better Security than they can here: For there they have usually Moneys at 3 or 4 per Cent. and here they receive 6, 7 or 8, it may be more. And though its commonly said, That Guineas are more worth there than here; They have never yet been so, nor indeed can they be, unless Holland will Clip and Debase their Silver coins as we have done, and so start their Gold as we have done. But many take these things in a wrong Nation▪ for Gold and Silver are of the same Value in England; as in Holland, or any other part of the World, even in Mexico and Peru. A Pound or Piece of Gold or Silver coin, can be worth no more( the Charge of coinage excepted) than the Gold or Silver that is in it▪ Therefore that's no Inducement to Carry it away.  
3. It will be Lent to the King.( And be better for His Majesty and the Nation by a Fifth Part of all the Supplies given Him, and they will go a Fifth Part farther than at 26s.) For during the Wars, People will not be forward to Trade with it: Nor will they be so angry at the Fall of Guineas,( because they cannot pay them at 26s.) as to make no use of them And as long as there are good Funds, they will not keep their Money in a Chest, and make nothing of it. But if they are not content with 6, 7 or 8, per Cent. Interest, all Considering Men will grant, I hat in case of Necessity, it's better for the King, or Government, to allow 10 or or 12 per Cent. Interest, or to allow 3 or 4 per Cent. for an Inducement, rather than to take Guineas at 26s. which is full 20 per Cent. above their Real Worth, or intrinsic Value, besides the Interest. And therefore I conclude, It will be Lent to the King.  
I shall only add, That if Guineas be settled, in their Proportional Value to our Silver, which is at 21s. 6d. as aforesaid, the Country will not want so much New Money to Change their clipped. And if they be not so settled, or some other Methods taken, the clipped Money cannot be taken in in time. I am also of Opinion, That if the Gold were so settled, we should need no other Mints to be Erected in England; And the coining of Gold might be encouraged, if not Guineas, Pieces of 15 or 30s. But I am loathe to trouble you by Prolixity, therefore conclude and remain,  
SIR, March 20th, 1695/ 6.  
GUINEAS at 21s. 6d. will make Money Plenty: The People will bear it: Not Carry it to Holland, but Lend it to the KING.