This image relates to the Bank Restriction Act .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”.
Engraving after the original caricature by James Gillray. Re-engraved on a smaller copper plate by John Miller.
Gillray was one of five children, and the only one to survive to maturity. In 1770 he was apprenticed to Harry Ashby, a London writing in engraver, and five years later W. Humphrey published a few of Gillray's illustrations including satirical works. By the time Gillray commenced his career satire was old, but personal caricature was in its infancy. Other exponents in this form of art were soon overshadowed by Gillray's superior craftsmanship. His figures were full of vitality, titillating and reflective of some political crisis or private scandal. As his popularity increased so did demand by the public to see more of his work. In the rapidly changing politics of the late 18th century he would produce a plate in twenty-four hours. Although sometimes overlooked his speech bubbles were elaborate and Gillray would spend considerable time composing and redrafting the text.
Between 1791 to 1807 his career continued successfully in association with William and Hannah Humphrey. There after Gillray's health began to suffer. He eventually slipped into madness and died shortly before the Battle of Waterloo on June 1st 1815.
After Gillray's death, Miller and his Edinburgh-based publishing partner, William Blackwood, produced one of the major posthumous editions of Gillray's prints. The nine-volume set, titled The Caricatures of Gillray, was published between 1824 and 1827.
The Miller and Blackwood edition is unique because it was produced using new engravings rather than Gillray's original copper plates, a distinction from other posthumous collections.
The publisher offered different hand-coloring options for the prints, ranging from basic color washes to more detailed colouring.
