Political Ravishment, or The Old Lady of Threadneedle-Street in Danger!

Description: 

Sitting atop a chest inscribed “Bank of England,” a wrinkled and thin woman dressed in paper one- pound notes throws her hands back as Prime Minister William Pitt (the Younger) reaches into her pocket with his left hand and wraps his right arm around her waste, his legs bent as he thrusts his upper body forward and his face into hers. On the cement behind him, his hat partially covers a list of loans. Pitt wears a Windsor coat and a bag-wig (protecting his clothes from the powder of the white wig). A few gold coins fall out of the pocket. The woman cries out, “Murder! Murder! Rape! Murder! O you Villain! What have I kept my honor untainted so long, to have it broken up by you at last? O Murder! Rape! Ravishment! Ruin! Ruin! Ruin!!!”

Accession Number: 

797.5.22.1

Printing Context: 

Political Ravishment, or the Old Lady of Threadneedle Street in Danger! was published at Hannah Humphrey’s print shop on St. James Street, London, May 27, 1797.

Associated Events: 

The alarm incited by a French landing at Pembrokeshire on February 25, 1797, representative and affirmative of more general concerns about French invasion, necessitated an immediate cabinet meeting. With the threat a gold drain on the Bank of England, an Order of Council that met the next day decreed a suspension of payments in coin. Parliament confirmed the move on May 3. The decision allowed the Bank of England to issue paper currency without limit. Almost two weeks after the confirmation in Parliament, opponents in both the House of Lords and the House of Commons suggested that foreign loans, advances on treasury bills, and bills of exchange from abroad had necessitated the suspension; the general Whig view believed Britain’s funds wasted on foreign wars. More informal criticism compared the paper currency to the French assignats, unsound notes that the revolutionaries issued on the security of land. On March 30, Sheridan joked that the Bank was “an old woman courted by Mr. Pitt,” referring to Pitt’s recently ended courtship of the relatively older Eleanor Eden. Both the Morning Post and the Morning Chronicle relayed Sheridan’s joke, and Gillray is normally credited with coining the term “Old Lady of Threadneedle Street" (D. Hill, Fashionable Contrasts).

Associated People: 

William Pitt the Younger was born to William Pitt, prime minister, and his wife Hester, at the family home in Kent, May 28, 1759. As an illness-prone child with the gout, William Pitt was tutored at home before entering Pembroke College in 1773. In 1776 he graduated and went on to attend Cambridge, where he met lifelong political comrades and opponents. In January 1781, Pitt took his seat in the House of Commons, where he continued in his late father’s political line, proved himself a capable orator, and stood his ground against the Fox-North coalitions. He was elected Prime Minister in 1783 at the age of twenty-four; his first Ministry ended in 1801. Pitt’s life outside his work was marked by personal debt. He had little interest in women and left his alleged engagement to Lady Eleanor Eden in 1797 on account of debts. Throughout his life, he drank heavily, a propensity perhaps initiated from early prescriptions of Port for his childhood gout. He was austere and practical and had few close friends. Among his small circle, however, he was more relaxed and warm-hearted (J. Erham and A. Smith, "Pitt, William" Oxford DNB).


Pitt, sometimes called a “New Tory,” did not consider himself a hard partisan, and ruled in a traditional style, making decisions with respect to his esteem for the Constitution, which he saw as a model that included a close functional relationship with the monarch. Rather than on a strict party line, Pitt governed on a belief in patriotism and loyalty to the crown. His only significant divergence came at the end of his first administration with Catholic Question, at which time he called himself an “independent Whig” (J. Derry, Politics 53-54). Pitt’s economic and domestic policies continued those of Shelburne, his early political mentor, and were generally conservative in his early peacetime years. War with France following the French Revolution, however, presented challenges that eventually affected his reputation. In the early years of war, Pitt enacted policies meant to increase recruitment and regulate volunteers and militia, such as the Quota Acts of 1795. Increased war expenditure (£8,137,000 in 1793, £16,837,000 in 1794, and £26,273,000—an unprecedented height—in 1795) led to increased government borrowing, but a new tax was introduced. However, Pitt borrowed and accumulated large sums on the presupposition of a short war. Achieving a clear victory in the general election of May 1796, the Pitt ministry gained strength and reduced the perception of the need for an alternative government.


With the increased expenditure, the national debt grew rapidly—£241.6 million in 1793 and £310.4 million in 1796. Concerned with overrunning the reserve, the Bank of England prohibited further advances as of July 1796. Pitt and the bank were not on good terms, and invasion scares put more pressure on the entire banking system. The Order of Council on February 26 suspended payments and coin to offset the shortage of currency for a set amount of time, although the low-denomination note came to stay with regular extensions of its terminal date. Pitt enacted these extremely influential changes in the monetary system with a history of reluctance to paper currency, and continued to generally embrace conservative policies with many judicious budgets (J. Derry, Politics 53).


Pitt, seeking greater control over Ireland, supported a union between Britain and Ireland that was to be facilitated in part by relaxed regulation of restrictions against Catholicism, the majority religion in Ireland. However, George III antagonized Catholicism, and Pitt faced division in the Cabinet. His position on the Catholic Question led to his resignation in 1801, which was counted as a victory for George III and brought in the short-term Addington ministry, which lasted until Pitt took up the seat for a second time in 1804. However, the stresses of the Napoleonic Wars weakened his health and ruined his domestic and international plans. He died on January 23, 1806 at his villa in Putney Heath (J. Ehrman and A. Smith, "Pitt, William" Oxford DNB).


Associated Places: 

The Bank of England is the national bank of the United Kingdom. It was founded in 1694 during the reign of William and Mary and moved to its current location (though it has necessarily expanded) on Threadneedle Street in 1734. In its first two centuries of its existence, the Bank had commercial operations but eventually established itself as the central bank to the government and the ultimate reserve for the growing network of commercial banks. The bank was not nationalized until 1946, but has always acted out of strictly national interest.


Subject: 

Sitting atop a chest inscribed “Bank of England,” a wrinkled and thin woman dressed in paper one- pound notes throws her hands back as Prime Minister William Pitt (the Younger) reaches into her pocket with his left hand and wraps his right arm around her waste, his legs bent as he thrusts his upper body forward and his face into hers. On the cement behind him, his hat partially covers a list of loans. Pitt wears a Windsor coat and a bag-wig (protecting his clothes from the powder of the white wig). A few gold coins fall out of the pocket. The woman cries out, “Murder! Murder! Rape! Murder! O you Villain! What have I kept my honor untainted so long, to have it broken up by you at last? O Murder! Rape! Ravishment! Ruin! Ruin! Ruin!!!”

Theme: 

Pitt’s long, pointed nose and wiry limbs were conventional exaggerations of his figure in Gillray’s caricature. The vagina-shaped pocket is a sexually explicit visual symbol, supported by the textual references to rape and ravishment (K. Hart, James Gillray 27).


The personification of the Bank of England as “The Old Woman of Threadneedle Street” owes its origins to this print. Threadneedle Street is an actual street in London on which the Bank was located at this time. The woman's dress composed of one-pound notes identifies the contemporary political issue at hand, here related as a "rape": the suspension of payments in gold and the introduction of paper currency, meant to compensate for the reduced specie.


Significance: 

This print marks an important moment for British politics and its social implications for all classes. The introduction of paper currency and the doubts it raised about the power of the specie and the national bank forced a comparison to the French revolutionaries, which was especially unwelcome and uncomfortable for a culture dedicated to national order (a dedication which was seen explicitly contrary to French culture).


The subjugation of the Bank to Pitt’s political prerogatives conveyed in terms of sexual dominance is also a significant view into romantic culture: the vulnerability of the Bank of England reflects the vulnerability and lack of independence of British women, compounded in economic, political, and sexual dimensions. Despite this legal political subordination, however, women were expected to foment social order from their circumscribed position within the domestic sphere. Note how the woman representative of a national institution is depicted by this print: both horribly ugly and comparatively weak to the prime minister. In this sense, Gillray conveys the problems in the paradoxical expectations of women at the turn of the nineteenth century.


Function: 

As a piece of political satire, Political Ravishment, or, The Old Lady of Threadneedle Street in Danger! brought viewers’ attention to recent political movements, in this case both national and personal affiars involving Prime Minister William Pitt. At this point, Gillray’s services were not purchased by the Tory government, but his clever layering of antitheses and ironies generally defy a unidirectional political critique and a resultant “propaganda” status.

Bibliography: 

George, M. Dorothy. Catalogue of political and personal satires preserved in the Dept. of Prints and Drawings in the British Museum, vol. 7. London: British Museum Dept. of Prints and Drawings, 1870-1954.


Hart, Katherine W. James Gillray: Prints by the Eighteenth Master of Caricature. Hanover: Hood Museum of Art, Dartmouth College, 2004.


Derry, John W. Politics in the Age of Fox, Pitt and Liverpool: Continuation and Transformation. New York: St Martin’s Press, 1990.


Ehrman, J.P. W., and Smith, Anthony. “Pitt, William.” Oxford Dictionary of National Biography. 2004-2009. Oxford University Press. 29 March 2009 .




England. “History.” Bank of England. 29 March 2009 .


Hill, Draper. Fashionable Contrasts: Caricatures by James Gillray. London: Phaidon Press, 1966.


Long Title: 

Political Ravishment, or The Old Lady of Threadneedle-Street in Danger!
 
 

Engraver: 

 

Delineator: 

 

Image Date: 

22 May 1797
 

Publisher: 

Hannah Humphrey
 

Person: