Pitt Street, George Town have lived here for centuries. Pitt Street was named after William Pitt the Younger, who was the Prime Minister of Great Britain between 1783 and 1801. When Captain Francis Light founded Penang Island in 1786, he renamed the island the "Prince of Wales Island" in honour of the Prince of Wales, the new settlement of George Town after King George III and the first street within the settlement after himself. Worried that Prime Minister William Pitt may have felt offended as nothing was named after him, Light felt compelled to name Pitt Street after him. Pitt Street, created soon after
William Pitt the Younger for gold. Great Britain would continue to use paper money for over two decades. Pitt was also forced to introduce Great Britain's first ever income tax. The new tax helped offset losses in indirect tax revenue, which had been caused by a decline in trade. In May 1798, the long simmering unrest in Ireland exploded into outright rebellion with the United Irishmen Society launching a revolt to win independence for Ireland. Pitt took an extremely repressive approach to the United Irishmen with the Crown executing about 1, 500 United Irishmen after the revolt. The United Irishmen revolt of 1798 destroyed