British Financial
London, England, ca. 1819
1819 Satirical British Broadside "The Bank Restriction Barometer"
Broadside

An 1819 satirical broadside commenting on the British banking system. 1p, measuring 9.25" x 15.5", London, dated ca. 1819. Created by Abraham Franklin and published by William Hone. Entitled "The Bank Restriction Barometer; Or, Scale of Effects on Society of the Bank Note System, and Payments in Gold." With flattened folds, creases, and some minor separations. Repaired tears at the right edge. Light toning and soiling throughout. Very good.

The chart shows two ends of the scale, with "National Prosperity Promoted" on one end and "General Distress Increased" on the other. The arrow at the central point of the barometer points to "The Bank Restriction." A sequence of the good "Consequences, if taken off" is given, numbered 1-10, reads upwards, while the "Consequences of its Operation", numbered 1 to 10, reads downwards. With two woodcut medallions at the top and bottom. In the upper circle, Britannia sits beside her lion, holding a cornucopia and bee hive as emblems of plenty and industry. At the bottom, a tempest-tossed Britannia weeps beside a muzzled lion, the cornucopia is empty, and a hanging is seen in the background.

During the eighteenth century, the Bank of England monopolized the issuing of banknotes, which could be converted upon request to gold and silver coins from the Bank's bullion reserves. In 1795, the Bank began experiencing a significant drain on its reserve due to the government?s need for gold to finance the war with France and also to pay for imported grain after a succession of bad harvests. Several runs on banks in 1796 and economic panic resulted in the Bank?s bullion reserve dwindling to less than ?1,000,000, forcing the Bank to suspend conversion payments altogether.

To prevent economic failure, the Bank Restriction Act was passed in 1797, authorizing the use of Bank of England notes as de facto currency. However, the smaller denomination notes were very poorly produced and could be forged with little difficulty. The crime of banknote forgery, which was a capital offense, did not distinguish between the production, distribution, and/or handling of counterfeit notes, and hundreds of people were either executed or transported for unknowingly accepting and using forged banknotes. For many within England, the forcing of an easily forged paper currency on the population, coupled with such severe punishment, was an unacceptable use of legislative power that prioritized commercial interests over human life. The Banks would not resume convertibility again until 1821.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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9.25" x 15.5"