BANK RESTRICTIONS IN THE NAPOLEONIC WAR GEORGE III (1738-1820, King of Great Britain) and the Third Duke of PORTLAND (William H. Cavendish Bentinck, 1738-1809, Prime Minister)

Fine document signed at the head addressed to Messrs William and Thomas Raikes & Co., printed with manuscript details, giving “Our Royal Licence, authorizjng them to pay two Bills of Exchange for the respective sums of £290 & £473.19.10, the former drawn on themselves the other on Messrs Boyd Benfield & Co drawn at Leghorn...”, the printed side states that “by these Presents and by the Powers vested in us by the Act passed in the Thirty-fourth Year of Our Reign, intitled ‘An Act for preventing Money or Effects in the Hands of His Majesty’s Subjects, belonging to, or disposable by, Persons resident in France, being applied to the Use of the Persons exercising the Powers of Government in France, and for preserving the Property thereof’...”, countersigned by Portland, 1 side folio with papered seal, Court at St James’s, 1st April

Thomas RAIKES the Elder (1741-1813) was a British merchant particularly trading from London with Russia, a banker and newspaper proprietor. Notably, he was Governor of the Bank of England during the 1797 currency crisis, when the Bank was prohibited by the British Government from paying out in gold. Walter BOYD (1754-1837) was a financier. In March 1793 the firm of Boyd, Benfield, & Co. was established in London. Boyd, as the principal partner, contributed £60,000 to the common stock.
The Bank Restriction Act of 1797 was an Act of Parliament which removed the requirement for the Bank of England to convert banknotes into gold. The period lasted until 1821, when convertibility was restored. The period between these two dates is known as the Restriction period.

Item Date:  1799

Stock No:  42237      £675

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