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C1964-212
THE GHOST of a DOLLAR or the BANKERS SURPRIZE
C1964-212

THE GHOST of a DOLLAR or the BANKERS SURPRIZE

Dateca. 1813
Artist/Maker William Charles (1776-1820)
OriginAmerica, Pennsylvania, Philadelphia
MediumEtching and line engraving
DimensionsOH: 12 3/4" x OW: 15 1/2"; Plate: H: 10 1/2" x W: 14 3/4".
Credit LineGift of Mr. Dunscombe H. Colt, Jr.
Object number1964-29
DescriptionStephen Girard: "Surely my eyes do not deceive me- It certainly must be a DOLLAR! ––/I declare I have not seen such a thing since I sold the last I had in my/ vaults at 18 percent premium __ If thou are a real DOLLAR/ do drop in my till and let me hear thee Chink__ As I have/ been sued for payment of part of my notes in SPECIE I/ must collect some to pay them for quietness sake or the/ game would be up at once ––"

Just behind him is a window with a sign reading: "STEPHEN/GRASPALL./ Banker & Shaver./ Paper Wholesale/ & Retail. / NB-No foreign Bank/ notes taken on/ Deposit except such/ as are about 5/ per cent above par: –– "

Lower margin reads: "W. Charles Del et Sculp/THE GHOST of a DOLLAR or the BANKERS SURPRIZE"


Label TextThough Charles had been working in Philadelphia since at least 1809, this print represents his first known local subject. Charles is said to have satirized the famous Philadelphia merchant and banker, Stephen Girard in this cartoon sometime after Girard established his bank on May 12, 1812. He is portrayed as being amazed at the appearance of a Spanish Dollar. Dressed in very old fashioned manner, with large buckle shoes and wig, he stands in back of his counter. Before him in a cloud of smoke is a dollar inscribed: Carolus III Dei Gratia, 1806.

For inspiration, Charles used George Woodward’s etching “The Ghost of a Guinea, and Little Pitt’s; or, the Country Banker’s Surprise!!” and J. Sidebotham’s copy of Woodward’s print “The Ghost of a Guinea; or, The Country Banker’s Surprise” which were both published in London in 1810. Woodward’s print satirized the disappearance of guineas (coinage) brought on by the depreciation of paper money in England around 1809 after which country bankers published their own notes.

Charles often adapted English prints by popular engravers to address contemporary American events. For this print, Charles used the structure and narrative of the English print to caricature wealthy Philadelphia merchant and banker Stephen Girard (1750-1831). Referring to Girard as “Stephen Graspall” or “Grasp all” Charles associated him with those country bankers in England who had decided to mint their own currency who were depicted in the Woodward print.

On May 12, 1812, Girard founded his own private bank in Philadelphia in the former space held by the First Bank of the United States, whose charter had just run out. Philadelphia banks viewed Girard’s private bank (there were no stockholders) as a major threat to their own enterprises and sought thwart its success. It is has been suggested that this print was created sometime after May 11, 1813 when Girard wrote a complaint to Secretary of the Treasury William Jones about the run on his bank by local competitors who attempted to drain his bank of specie by not acknowledging his banknotes.

For more see: Lorraine Welling Lannon, “American Caricature in the English Tradition: The Personal and Political Satires of William Charles,” Winterthur Portfolio, Vol. 11 (1076), pp. 1-51.