3 - James' financial issues

Question 1

How much did elizabeth spend in peace time compared to james?

Answer 1

she spent £300,000 a year
expenditure under james peaked at £522,000 in 1614

Question 2

Example of james’ extravegance

Answer 2

He held a 12 day long banquet, using 30 chefs and the food cost £2200 alone

Question 3

Robert cecil

Answer 3

Lord treasurer, issued to book of bounty to restrain crown spending

Question 4

Book of bounty

Answer 4

Prevented the crown from giving away lands, customs or impositions

Question 5

Failures of the book of bounty

Answer 5

James gave cash instead, persuaded to give away £36000 in 1610
nobody can afford to oppose the king

Question 6

Structural weaknesses

Answer 6

Despite peace with Spain, military expenditure was high
in 1605-08 £600,000 spent on the army

Question 7

Opinion of parliament about the poor financial state

Answer 7

Believed the crown should survive off of ordinary revenue
ignored inflation and the falling value of the subsidy

Question 8

Official self interest

Answer 8

Earl of Salisbury earned £1400 from warships that only earned the crown £370

Question 9

Taxation

Answer 9

Taxation was based on the value of the person, assessments were underestimated
Buckingham, the richest non royal, only paid £400 in tax

Question 10

What lead the king to believe parliament would always pay his debts?

Answer 10

First parliament were wary of granting subsidies, but following the gunpowder plot, granted £400,000
in reality was only granted by a majority of one vote

Question 11

When was james’ first parliament

Answer 11

1604-1610

Question 12

The great contract

Answer 12

Proposed by salisbury
In return for an annual grant of £200,000 and a £600,000 one off payment to clear debts in exchange for an end to warships, purveyance and feudal tenures

Question 13

What was agreed by commons and james in the great contract>

Answer 13

They would pay the annual grant and would give £100,00
James agreed to a bill preventing him from making new impositions without parliamentary sanction

Question 14

Failure of the great contract

Answer 14

Mps didnt want to fund extravagance
There were also concerns about how that money would be raised

James would only gain £85,000, which wouldnt increase with inflation, but the revenues he lost could be exploted profitably
felt his freedom of action was impeded
the removal of wardships would remove a good source of patronage from the crown

Question 15

Years of drift 1612-18

Answer 15

Salisbury died in 1612
James didnt want to replace him and couldnt do the job himself so a comitee took over

Question 16

Selling titles

Answer 16

After parliament of 1614 woudlnt grant subsidies, james began to sell titiles
The market saturated and prices fell for barony from £1095 to £220 by 1622

Question 17

Cockayne’s scheme

Answer 17

Merchant advernturers had teh monopoly on unfinished coth
convinced james to prohibit exports of unfinished cloths to generate employment to finish it and increase value to increase customs revenue

Question 18

Failure of cockaynes scheme

Answer 18

The dutch found new suppliers
cockayne and his backers didn’t have the resources to finish the cloth
unemployment soared in textiles districts
exports sent through London fell by 1/3

Question 19

Earl of suffolk

Answer 19

Became treasurer in 1614
crowns debts nearly doubled from £500,000 to £900,000

Question 20

Earl of suffolk

Answer 20

Became treasurer in 1614
crowns debts nearly doubled from £500,000 to £900,000

Question 21

Cranifield as master of the wardobe

Answer 21

set to reduce the kings expenditure
saw success by cutting waste , such as insisting candles be used more than once
also budgeted and eliminated corrupt officials
costs fell in the navy from £34,000 to £14,000
later promoted to treasurer to control generosity and stop payment of pensions, but james cant resist

Question 22

Fall of cranfield

Answer 22

Attempted to promote his nephew, arthur as favourite while buckingham and charles were in madrid.
they insisted he be impeached for corruption