JEW —— DEPRECIATING BANK NOTES.
(Published July, 1811, by S. W. Fores.)
This gave rise to a pictorial jeu d'esprit entitled "Jew King," depreciating Bank notes. A farmer, of the then typical John Bull type, has called on Lord King to pay his rent, and says to him, "I be come to pay you some money! but I cannot get Guineas for love nor money! so you must take Bank Notes.—Why! no person ever refused them before." To which Lord King replies, "I tell you I will have Guineas. If I take Bank Notes I will have 20 per cent. I like good profit." With one hand he points to some Guineas, and, on the table, are the "Laws of Landlord and Tenant," and "Tables of Interest."
Earl Stanhope, on the 27th of June, in consequence of Lord King's action, introduced a Bill into the House of Lords to prevent the Gold coin from being paid or received for more than its nominal value, or the Bank paper for less. In the course of the debate he stated that guineas were publicly bought at Manchester, at an advance of twenty per cent. by persons from Ireland, for the purpose of paying their landlords, who insisted on gold: and the Earl of Lauderdale declared that he knew an instance, where a landlord called upon his tenants to pay in gold; and the latter having represented to the steward the impossibility of procuring gold, they were each told that there were 100 guineas at a Chandler's shop in the neighbourhood, which might be purchased; and it was a fact, that with those 100 guineas, passing from one to another, a rent of £7,000 was actually paid. The Bill passed both Houses, and received the royal assent on the 24th of July.
In The Morning Chronicle of the 11th of July we find: "It has been for several weeks a known and common practice, at one shop in the City, for a man to have a twenty-shilling note, and a dish of fish, for a guinea." And so it was after the passing of Earl Stanhope's Act, the guineas were still bought at an advanced price, and the first Commitment under the Act is recorded in the same paper of Monday, the 9th of September, 1811: "On Friday sen'night Adkins, the Bow Street officer, arrived at Worcester, in pursuit of one Thomas Woodford, who was known to have dealt pretty largely in guineas; having found him, Adkins offered him eight guineas, and three half-guineas, for which Woodford gave him £10 18s. 6d. in Bank of England Notes.—He was immediately apprehended, and committed to gaol."
It was no use trying to fight the purchase of these precious coins: every plan possible was put in force—How is this? "Lost—Eight Guineas—Whoever may have found the same, and will bring them to —— shall receive ten pounds reward." It was all of no use, the guineas used to be smuggled out of the Country as much as ever, and on July 3rd, in the Court of King's Bench, in the case of De Yonge, who had been convicted of purchasing guineas for more than 21 shillings, and whose case had been reserved for the opinion of the twelve judges, it was decided that such purchase was not an offence punishable under the existing laws.
