A view of the deluge of Scotch paper currency for English gold
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Titel
A view of the deluge of Scotch paper currency for English gold
Beskrivelse
English: A Scotsman in the air astride a broom is carrying off six large money-bags, three being inscribed "£2,000", "£10,000", and "£50,000". He scatters banknotes or bills; men on the ground, some sinking into a bog. exclaim in horror at his action. In the centre Britannia is seated, she says: "This Scotch paper diet has brought me to a consumption". In the foreground (r.) Lord North seated, his back to the other figures, writes on a paper inscribed: "Scheme for paying off the National Debt"; he says: "I will not at present promise to pay 17 Millions in ten Years". The scene is the sea-shore; three Scotsmen (l.) row out to sea in a boat loaded with money-bags, saying: "We'll over the Water to Charly". The Scotsman on the broom, who resembles caricatures of Bute, says: "The deel away wi ye all ye English Pudding-bags ken ye nae that Paper is lighter of digestion than Gold". A man sinking in a bog-hole says: "Oh I am Sunk for ever". Another, covering his face, says: "Let me hide my Face, how can I now shew my self to my Creditors". 1 August 1772
Etching
(Description and comment from M.Dorothy George, 'Catalogue of Political and Personal Satires in the British Museum', V, 1935)
>From the 'Oxford Magazine', vs.. 1.
A financial crisis in 1772, following the collapse of a speculative mania in Scotland, largely due to the Ayr Bank (see 'Letters of Hume', 1932, ii. 263-4) was precipitated by the failure of Alexander Fordyce, a Scot, and the leading partner in an important London bank, see BMSat 5016. There was a panic in the City, and the clamour against the Scots was revived. Walpole, 'Last Journals', 1920, i. 117 f. See BMSat 4947. North in his budget speech of 1 May 1772 estimated that if peace continued for ten years, the National Debt would be reduced by £17,000,000. 'Parl. Hist.', xvii. 489. See also BMSat 4969.
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