James and finance Flashcards
(15 cards)
What was James inherited financial problems?
- The Crown’s income was falling, largely because of Elizabeth’s failure to reform the Crown’s major sources of income.
-The political nation, due to Elizabeth’s failure to update tax assessments the political nation were taxed very little. Thus MP’s were unwilling to change a system that advantages them and helps them to keep their own wealth
-e.g Buckingham was assessed to be worth £400 although his income was £1500
-£800,000 in crown land sold by Elizabeth
-so this means that a continuous income of tax
cant be gained through
crown land
-debt of £420,000
-systemic issues
What are some usual sources of income for the monarch?
-wardship
-custom revenue
-crown land
-purveyance
-monopolies
-tonnage and poundage
Why was Parliament necessary for financing the crown?
-taxes could only be issued and collected by Parliament
-they could grant taxes such as ship money, subsidies, poll tax and 10ths and 15ths
What was the Goodwin case and when?
-1604
-elected as an mp but he was a criminal
-James demanded he be removed and replaced
-he backs down but the case creates animosity towards him
-parliament issues the form of apology in 1604 that states that the ‘privileges of the subject (MP’s) are for the most part ever lasting’
-just reinstates their privileges as parliament
What are examples of James extravagance and reasons why he spent so much money?
-saw England’s wealth as limitless especially having come from Scotland that was much poorer
-saw everyday as Christmas
-very generous and for patronage
-to buy the loyalty of English mps’s
-had to pay for 2 extra households
-by 1610, nearly £90,000 would be given out to Scots in gifts and an addition of £10,000 in pensions
-James saw it as acceptable to pay off their debts and pensions
-Scottish followers received £40,000 and English equivalents got £10,000
-increased the spending on royal clothing to £36,000 by 1610
-set aside £25,000 p.a after the birth of his son Henry
-masques, balls, food
-Court spending during 1603–25 was double what it had been under Elizabeth.
What was the bates case, when and its significance?
-1606
-merchant who refused to pay the duty on currants because it wasn’t sanctioned by parliament
-James won and created the path for the book of rates in 1608
-it demonstrated the royal prerogative of the crown and how it could overturn parliament
What as the book of rates/ why was it important?
-1608
-new impositions on 14000 items
-increased revenue to £70,000 a year from impositions
-condemned by parliament
Who was Robert Cecil?
-came up with the great contract
-became the lord treasurer in 1608
When was the book of bounty, what was it and why was it significant?
-1608
-issued to prevent James from giving away land, customs or impositions
-But instead James gave away £36,000 in the first 4 months of 1610
What was the great contract and what was its significance?
-1610
-cecil
-a scheme of a one off payment of £600,000 then an annual grant of £200,000
-in return the crown will give up wardship and purveyance
Why did Parliament reject it?
-ultimately rejected by parliament because:
-they didn’t trust James to spend the money responsibly- extravagance
-fear that financial independence would let him overstep parliament
-parliament would lose power and they would become useless
-fearful of an absolute state
Who replaced Cecil and when?
-Cranfield
-1621- lord treasurer
What was Cranfield’s aims?
- a mass as much money he personally can
-reform royal finances
-decrease James’ spending
When and why did he fall from grace?
-his reforms became useless by the Madrid trip in 1625
-may 1624, he was also found guilty of corruption
Why was parliament important in finance?
-parliament could issue taxation that would supply the crown with money
-James couldn’t issue taxation himself
-parliament sued this as a way to constitutionally constrain the crown
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