3:The Finances of the Crown and attempts at reform Flashcards
(36 cards)
Why were the Political Nation worried about the Crown raising it’s income?
Since money came predominately from them, the more the monarch because financially independent the closer the monarch could move to absolutism.
What happened in the 16th Century?
A century of rising inflation between 1502 and 1623.
Why was the Crowns income falling?
Elizabeth failed to reform the Crowns major sources of income.
Name two consequences of the Crowns financial weaknesses.
It was difficult for the Crown to govern efficiently such as conducting aggressive foreign policy.
The Crowns weakness was becoming a serious political problem.
When was the Treaty of London?
1604-James made peace with Spain
What was James’ expenditure between 1603-25?
Court spending doubled what it had been under Elizabeth.
What did James do in 1606?
Parliament granted 3 subsidies to help James with his debts, but straight away he gave £44,000 to his three Scottish friends.
What positive effects did James’ expenditure have?
Patronage was crucial to the political system, and James bought goodwill for himself with this supporters.
What was the ante-supper?
An extravagant preparation of two huge feasts, the first was simply displayed then thrown away.
What was the Cockayne project?
- 1614
- A plan to reorganise the cloth trade by granting a monopoly to a London businessman caked William Cockayne
- The Dutch refused to purchase finished cloth resulting in a slump
What was the royal debt in 1617 and 1620?
1617- £726,000
1620- £900,000
What did Parliament grant James in 1621?
Two subsidies, totalling about £140,000
How many monopolies were there by 1621?
By 1621, there were more than 100 monopolies, granted by James to raise money.
Who was Giles Mompesson?
A relative of the Duke of Buckingham who abused his monopoly for the licensing of inns and had to flee abroad.
What happened in 1623 and 1624?
Bad harvests
What happened at the 1624 Parliament?
Parliament passed the Subsidy Act (granting a subsidy of £300,000 to the Crown for warfare which would be supervised by parliamentary officials) and the Statute of Monopolies (this limited the Crown’s right to grant monopolies)
What did Charles’ foreign policy need expenditure for? (4 points)
- Financial backing for his uncle, the King of Denmark to attack Catholics
- Financial backing for the Protestant Dutch
- A naval attack on Spain
- An army of Englishmen to be led by the German mercenary Count Mansfield
How much money did Charles need for his foreign policy?
£1 million.
Why was Charles not granted the money?
He failed to explain his position or ask for a specific amount, so was only granted two subsidies totalling £140,000.
What happened with Charles and tonnage and poundage?
A monarch is usually granted the right to collect tonnage and poundage, but Charles was only given this for one year.
Why was Charles only granted tonnage/poundage for 1 year?
Tonnage/Poundage normally contributed to naval protection, so it wasn’t granted to Charles for life as a move against Buckingham who was Lord High Admiral.
What was the impact of the limited tonnage/poundage grant?
Charles viewed the limited grant as an attack on his prerogative and this furthered strain between Crown/Parliament.
When was the Treaty of London and what was it’s impact on finance?
The Treaty of London made peace between England and Spain and significantly reduced Crown expenditure.
What happened to the Crowns debt by 1608?
It had increased to £600,000 due to James’ lavish spending at court.
