AMANDA LAHIKAINEN “British Asignats”: Debt, Caricature and Romantic Subjectivity in 1797 It would be ofgreat theoretical interest to establish the conceptual link between this genesis of self-consciousness and the modern notion of paper money. —Slavoj Zizek, Tarrying with the Negative, 1993 I N LIGHT OF ITS PARADOXICAL DEFINITION AS BOTH A MATERIAL AND AN immaterial thing, debt is continually subject to a crisis of definition and representation.1 This made for an interesting visual problem in the eight eenth century for graphic satirists who, in search of a suitable visual lan guage, often thought about debt in terms of credit or belief, trust, and faith in either a person or an institution. In 1797 Isaac Cruikshank, following a print designed by Gillray two months prior, etched “British Asignats [sic]” into the print Billy a cock-horse or the Modern Colossus amusing himself(fig. 1). In so doing, he envisioned that William Pitt, tasked with funding the war against Revolutionary France, replaced Britain’s material wealth with spu rious immaterial wealth. That is, Pitt had usurped the remains ofreal physi cal money in Britain and replaced it with paper money. Perhaps some viewers might have been reminded of the forged assignats produced by Britain between 1793 and 1795 as a furtive means of further debasing France’s economy, but in this print Cruikshank reveals the fear that British I wish to thank the Paul Mellon Centre for a travel grant to the UK. While at the British Museum I was able to work with the rich collection of imitation bank notes in the depart ment ofcoins and medals. Catherine Eagleton’s support ofthe project proved essential, as did several discussions with Jack Mockford. Further, I am indebted to K. Dian Kriz, Douglas Fordham, Amelia Rauser and Eitan Sayag for helpful comments. Funding from the Kluge Center at the Library of Congress enabled me to complete the article. 1. “debt, n. ia. a sum ofmoney or a material thing lb. a thing immaterial,” OED Online, June 2013, http://www.oed.com/view/Entry/47935?rskey=bcxEK3&result= 1, accessed 11 July 2013. SiR, 53 (Winter 2014) 509 510 AMANDA LAHIKAINEN Figure i: Isaac Cruikshank, Billy a cock-horse or the Modern Colossus amusing himself (8 March 1797). Hand-colored etching. © Trustees of the British Museum. DEBT, CARICATURE, ROMANTIC SUBJECTIVITY, 1797 511 bank notes might meet with the same desperate fate as French paper money.2 The public’s faith in Pitt to repay this paper debt in specie remains doubtful. Tied to his lack of creditworthiness lurks the fear offinancial col lapse. Much like our current debates about financial crises, fiscal cliffs, and quantitative easing, debt was frequently the subject of heated debate throughout the eighteenth century, notably during the South Sea crisis in 1720 and the Bank Restriction Act of 1797.3 The fact that money and pub lic credit were based on both faith in government institutions and individu als created a deep sense ofanxiety that graphic satirists, Gillray in particular, exploited in representation. This anxiety stemmed from the fact that money in all its variants maintains its value due purely to human agree ment. Money is an “institutional fact” (existing within human institutions) and not a “brute fact” (existing independently ofhuman institutions).4 That is, money carries what Georg Simmel called “the psychological fact of ob jective value” and not objective value itself.5 In late eighteenth-century Europe paper currency made this structure of belief ever more apparent because the difference between coin and paper remained a crucial distinc tion (even though this very structure also maintained the value of coin). Britons were particularly fixated on the negative example set by Revolu tionary France since the failure of assignats had recently laid bare the fragil ity of a system based on trust and agreement.6 The groundwork for this trust and agreement, or the culture of paper money, much like the topic offinancial forgery, has been overlooked in re cent scholarship and deserves further attention in relation to the graphic arts as well as Romanticism (despite Kevin Barry’s pronouncement that on “February 26, 1797, a run on the Bank of England precipitated English 2. Peter Isaac, “Sir...
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