The old lady is the 18th-century nickname for the Bank of England which originates in 1797 in James Gillary political cartoon. The cartoon, “The Old Lady of Threadneedle Street in Danger!” or “Political Ravishment” portray a female in the costume of one and two-pound notes sitting on a chest marked “Bank of England.” A man in the costume of Prime Minister William Pit, by force, kisses the lady while reaching for the gold coin in her pocket. The lady shouts, “Murder! Murder! Rape! Murder! O, you Villain! What have I kept my honour untainted so long, to have it broke up by you at last? O Murder! Rape! Ravishment! Ruin! Ruin! Ruin!!!”
The cartoon remarks by Prime Minister William Pitt that the Bank of England would initiate making disbursements in paper money instead of coins but William Pitt himself would carry on to obtain loans from the bank’s gold reserves to fund the battle against France. The historic moment signified an experiment of public self-reliance in paper money and radical control of Prime Minister to execute his prerogatives on the banks regardless of its decision.
The Bank of England was established in 1694, which now act as the central bank of the United Kingdom and role model on which most modern banks are based. It is 8th world oldest bank privately owned from its foundation and was nationalized in 1946. It has an authority to issue banknotes in the United Kingdom, and has a control on the issue of currency in England and Wales and also controls the subject of money by commercial banks in Northern Ireland and Scotland.
The Bank of England suffered its 1st financial crisis in 1720 when the South Sea Company-sponsored some debt to Britain’s national and attained rights in what is now South America. A price heave in South Sea Company stock arose. The stock ultimately worn-out, and many go their prosperities. In 1734 the Bank of England finally moved to its original location on the Walbrook.
In 1825 another financial crisis drove the Bank of England to open subdivisions through the country to exercise more control over the money. In 1866, the Bank of England, the “Old Lady” rejected to bailout price cut house Overend Gurney after its failure under the heft of depraved loans.
The Old Lady of Threadneedle Street reappeared in a politically aware cartoon that presented her chastising a group of children for not considering after their finances better. The disaster ultimately extended the character of the Old Lady as a creditor to deteriorating financial institutions.