Kirsty Parsons, Exhibitions Manager
James Gillray (1756-1815) was an 18th century caricaturist, best known for his satirical cartoons showing political and social life in Britain. He has been described as the father of the political cartoon. At the Bank of England Museum, we have a sizeable collection of his prints, covering topics relating to the UK economy at the time as well as the Bank of England specifically.
‘The Hand-Writing upon the Wall’, James Gillray, published 1803, print on paper. Bank of England Museum: 1995/065
In the print ‘The Hand-Writing on the Wall,’ Gillray used the story of the Feast of Belshazzar from the Bible as inspiration. In the biblical story, King Belshazzar is hosting a grand feast when he, literally, sees writing on the wall which is supposedly a message from God warning of the coming destruction of the city of Babylon. In Gillray’s version, Napolean is in the role of King Belshazzar. He has just started eating a dessert shaped like St James’ Palace when he notices the writing on the wall. In this case the writing refers to Napolean’s empire being on the brink of collapse. Other British institutions he was intending to consume include the Tower of London and the Bank of England. As a private institution acting as the government’s banker at this time, the Bank of England was both threatened by the economic instability of the Napoleonic Wars (1799-1815) and buoyed by its role in raising funds to support Britain’s involvement in it.
‘Midas Transmuting all into (Gold) Paper,’ James Gillray, published 1797, print on paper. Bank of England Museum: 0276
By 1797, government spending and public hoarding of coins in response to the French Revolutionary Wars (1792-1802) and the Napoleonic Wars meant the UK’s gold reserves had been severely reduced. When Parliament passed the Bank Restriction Act in 1797, the public were not happy. The Act allowed for the Bank of England to halt the exchange of banknotes for coins. Additionally, they were allowed to produce smaller value banknotes, such as the £1 banknote, to make up for the shortfall in gold and cash reserves. This was at a time when most of the population weren’t using banknotes daily, if at all, and so trust in this ‘paper money’ hadn’t been fully established.
In the print ‘Midas Transmuting all into (Gold) Paper’ Gillray shows the Prime Minister, William Pitt the Younger, as King Midas. In a reversal of the original tale, instead of turning everything he touches into gold, this version of Midas turns everything he touches into paper. Gillray even takes it one step further and shows ‘Midas’ eating all the gold reserves and spewing out banknotes.
‘Bank Note – Paper Money – French alarmists; or, The Devil, The Devil! Ah! Poor John Bull!!!,’ James Gillray, published in 1797, print on paper. Bank of England Museum: 0275 (i)
In another print about the Bank Restriction Act, ‘Bank Notes – Paper Money – French alarmists,’ Gillray shows Pitt handing out the new banknotes to John Bull, a personification of the UK. Under the counter are several large sacks of gold which are padlocked shut and behind Pitt, people are carrying in sacks of the new low value banknotes. The people around John Bull, including Charles James Fox and Richard Brinsley Sheridan (both Whig politicians), are urging him not to accept them and to demand he be paid in gold.
Sheridan was particularly vocal in accusing the Bank of England of falling under the influence of Pitt, describing the Bank as “An elderly lady in the City, of great credit and long standing who had unfortunately fallen into bad company”. This quote is said to have inspired another cartoon of Gillray’s…
‘Political Ravishment: or, The Old Lady of Threadneedle Street in Danger,’ James Gillray, published in 1797, print on paper. Bank of England Museum: 1983/161