From the description in the Catalogue of Prints and Drawings in the British Museum, Division I, Political and Personal Satires, dated 1740:
"An engraving, showing an entrance gateway, the road of which is stopped by a Colossus (Sir Robert Walpole) standing with his back to the spectator, bending down, and exposing his naked posteriors. Between his legs is seen a long arcade leading to St (James's) Place, The Treasury, The Exchequer, The Admiralty.
Between the legs of the giant a courtier is driving a hoop, inscribed, "Wealth Pride Vanity Folly Luxury Want Dependance Servility Venality Corruption Prostitution". In his hand he carries a 'Petition for', i.e. for anything. Such, it is intimated, is the courtier's object, and the course he pursues to obtain it. Another courtier has raised himself on a post in order that he may salute Sir Robert's posteriors."
The inscription underneath the engraving reads:
"And Henry the KING made unto himself a great IDOL, the likeness of which was not in Heaven above, nor in the Earth beneath; and he reared up his Head unto ye Clouds, & extended his Arm over all ye Land; His Legs also were as ye Posts of a Gate, or as an Arch stretched forth over ye Doors of all ye Publick Offices in ye Land, & whosoever went out, or whosoever came in, passed beneath, & with Idolatrous Reverence lift up their Eyes, & kissed ye Cheeks of ye Postern."
thanks Michael Gilleland.