File:Bank-notes, paper-money,-French-alarmists,-o, the devil, the devil!-Ah! poor John-Bull!!! (BM J,3.96).jpg
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Captions
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Summary
[edit]Bank-notes, paper-money,-French-alarmists,-o, the devil, the devil!-Ah! poor John-Bull!!!
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| Artist |
Print made by: James Gillray
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| Title |
Bank-notes, paper-money,-French-alarmists,-o, the devil, the devil!-Ah! poor John-Bull!!! |
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| Description |
English: Pitt (left) as a bank-clerk, very thin and much caricatured, a pen thrust through his wig, stands behind an L-shaped counter offering a handful of bank-notes to John Bull. In his right hand is a scoop with which he sweeps up notes from the counter. John is the yokel of BMSat 8141, but no longer bewildered; he stands stolidly, holding out his left hand for the notes, his right hand in his coat pocket. Fox (right), who wears a high cocked hat with tricolour cockade, bag-wig, and laced suit, says to him: "Dont take his damn'd Paper, John! insist upon having Gold, to make your Peace with the French, when they come". Sheridan bends towards John, saying, "Dont take his Notes! nobody takes Notes now! - they'll not even take Mine!" John answers: "I wool take it! - a' may as well let my Measter Billy hold the Gold to keep away you Frenchmen, as save it, to gee it you, when ye come over, with your domn'd invasion." Behind (right) hands of other Foxites are raised in warning, and on the extreme right is the profile of Stanhope.
Hand-coloured etching |
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| Depicted people | Associated with: Charles James Fox | |||||||||||||||||||||||
| Date | 1797 | |||||||||||||||||||||||
| Medium | paper | |||||||||||||||||||||||
| Dimensions |
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| Collection |
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| Current location |
Prints and Drawings |
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| Accession number |
J,3.96 |
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| Notes |
(Description and comment from M.Dorothy George, 'Catalogue of Political and Personal Satires in the British Museum', VII, 1942) On Sunday, 26 Feb. 1797, owing to the continued drain of gold and to a run on the Bank (due to the landing in Wales, see BMSat 8992), an Order in Council was issued for the Bank to refuse cash payments pending further orders by Parliament. There was then no legal-tender paper: Bank of England notes oi £10 and over circulated freely: outside London notes of £5 and upwards were issued by private banks. On 27 Feb. a reassuring statement was issued by the Directors, and the Lord Mayor presided at an influential meeting which decided to accept paper to any amount. On the same day Fox called the measure 'a scheme which no man could think of without shuddering', 'Parl. Hist.' 1519, and Sheridan (28 Feb.) 'reprobated the transaction as a step to associate the bankrupt government with the solvent bank', ibid., p. 1546. Fox considered it bankruptcy and dated a letter to Lord Holland 'the first day of our national bankruptcy'. 'Memoirs of the Whig Party', 1832, i. 84. Cf. Sir J. Mitford's opinion: 'Fox often commits himself in the House ... by speaking decidedly on subjects on which he has not informed himself. He did so on the Bank business and has since [20 Mar.] been obliged to concede.' Farington, 'Diary', i. 201. There was a series of heated debates, and the issue of £1 and £2 notes was authorized. See 'Ann. Reg.', 1797, chaps, vi, vii. An Act to allow the issue of notes down to £1 was passed on 30 Apr., and the Order in Council was confirmed by the Bank Restriction Act on 3 May, to continue till 24 June, but repeatedly extended. The position is lucidly explained, and compared with that of Aug. 1914, by E. Cannan, 'The Paper Pound of 1797-1821', 1919. See also BMSats 8994, 8995, 8998, 9016, 9017, 9046, 9281, 9287. Grego, 'Gillray', p. 219. Wright and Evans, No. 165. Reprinted, 'G.W.G.', 1830. |
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| Source/Photographer | https://www.britishmuseum.org/collection/object/P_J-3-96 | |||||||||||||||||||||||
| Permission (Reusing this file) |
© The Trustees of the British Museum, released as CC BY-NC-SA 4.0 | |||||||||||||||||||||||
Licensing
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