1653-78 Econ Flashcards
line of arg/thesis
Financial policies and issues made those possibility of a restored monarchy difficult. This is because parl used money to dictate Charles’ other policies which he had prerogative over, e.g. foreign policy and religion, but Charles added to these tensions through his overspending and deals made to improve revenue, which compromised on other issues like religion.
+ves early 60s
- Restoration settlement (Declaration of Breda, April 1660, to show initial terms for a restoration of monarchy): Parl granted the crown a fixed income of £1.2mill per year
-JPs granted jurisdiction over taxes levied on certain commodities in the ‘Excise Act’ 1663- made things more efficient.
-ve early 60s/clarendon
- Dunkirk sold to France for £400,000 – good money but this was the final English possession since the Hundred Years War- controversial – it was seen as a valuable asset in terms of its strategic location (ChII decision, Cl got the blame).
- ‘Hearth Tax’ 1662: to increase royal income based on how many fure places a person had in their property- V unpop and only raised 1/3 of expected rev of £250,000 in 1st year.
- Opportunity for royalists to reclaim land lost in CW- but those forced to sell land to pay Decimation taxes…had little chance of receiving compensation- issue: this seemed to punish the most loyal royalists but reward those who compromised their beliefs to suit Cromwell’s govt.
- Second Anglo-Dutch war: 1665-67: defeat came at a high financial (+psych.) cost—due to Charles’ fears of revolt he organised peace w/ Dutch, but this meant they secured a worldwide monopoly on nutmeg and the right to ship German goods to England (ChII to blame, but Cl got the blame)
SO FAR (early ‘60s): wholly unsatisfactory- left around £120,000 short a year, hard to predict accuracy on total balance of payments, MPs often overly optimistic regarding level of income expected from various sources + a lot of policies initiated created opposition (Dunkirk, Hearth, royalists reclaiming land)
+ves CABAL
- Custom duties exploited more effectively- colonial revenue from sugar and tobacco increased (Cabal success)
- Charles persuaded to abolish tax-farmers (members of PN who paid crown an amount to collect taxes in certain area) + in 1671 replaced them with paid commissioners (Cabal success)
- Application of the ‘Rule of Specific Sanction’ ensuring all revenue was controlled by Treasury- in the interests of greater examination (Cabal success).
-ve CABAL
- Finance used to restrict Charles granting more rel freedom to his subjects – i.e. it was made clear that no funds would be allocated from Parl if used to broaden the church doctrine- EG- commons refusal to give Ch £300,000 forced him to issue a more rigid Second Conventicle Act, 1670 – clamped down on secret religious meetings by imposing fines – contributed to lack of stability and crown-parl tensions (cabal to blame)
- Tension created in the secret clause in Treaty of Dover, 1670: Charles promised to declare himself a catholic (+VE: in return for £225,000 per year from Louis)- had the potential to create a rebellion against the crown + seemed like Charles was trying to eliminate the necessity to call Parl for money- opening possibility for absolute monarchy (ChII to blame)
+ve under Danby 1674-78
Danby (although aided by trade boom on Continent) as Lord Treasurer increased ordinary revenue from £840,000 in 1671 to average of £1.4 mill from 1674-7 (Danby success) -VE: This success was negated by ChII spending – royal debt ^ to £750,000 (ChII to blame)
(also fpol but) Danby guided a bill through Parl which raised £600,000 for Crown on condition that Charles would join alliance w/ Dutch to prove his intent to resist French aggression on the Continent (Danby success)
