3:The Finances of the Crown and attempts at reform

Question 1

Why were the Political Nation worried about the Crown raising it’s income?

Answer 1

Since money came predominately from them, the more the monarch because financially independent the closer the monarch could move to absolutism.

Question 2

What happened in the 16th Century?

Answer 2

A century of rising inflation between 1502 and 1623.

Question 3

Why was the Crowns income falling?

Answer 3

Elizabeth failed to reform the Crowns major sources of income.

Question 4

Name two consequences of the Crowns financial weaknesses.

Answer 4

It was difficult for the Crown to govern efficiently such as conducting aggressive foreign policy.

The Crowns weakness was becoming a serious political problem.

Question 5

When was the Treaty of London?

Answer 5

1604-James made peace with Spain

Question 6

What was James’ expenditure between 1603-25?

Answer 6

Court spending doubled what it had been under Elizabeth.

Question 7

What did James do in 1606?

Answer 7

Parliament granted 3 subsidies to help James with his debts, but straight away he gave £44,000 to his three Scottish friends.

Question 8

What positive effects did James’ expenditure have?

Answer 8

Patronage was crucial to the political system, and James bought goodwill for himself with this supporters.

Question 9

What was the ante-supper?

Answer 9

An extravagant preparation of two huge feasts, the first was simply displayed then thrown away.

Question 10

What was the Cockayne project?

Answer 10

• 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

Question 11

What was the royal debt in 1617 and 1620?

Answer 11

1617- £726,000

1620- £900,000

Question 12

What did Parliament grant James in 1621?

Answer 12

Two subsidies, totalling about £140,000

Question 13

How many monopolies were there by 1621?

Answer 13

By 1621, there were more than 100 monopolies, granted by James to raise money.

Question 14

Who was Giles Mompesson?

Answer 14

A relative of the Duke of Buckingham who abused his monopoly for the licensing of inns and had to flee abroad.

Question 15

What happened in 1623 and 1624?

Answer 15

Bad harvests

Question 16

What happened at the 1624 Parliament?

Answer 16

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)

Question 17

What did Charles’ foreign policy need expenditure for? (4 points)

Answer 17

• 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

Question 18

How much money did Charles need for his foreign policy?

Answer 18

£1 million.

Question 19

Why was Charles not granted the money?

Answer 19

He failed to explain his position or ask for a specific amount, so was only granted two subsidies totalling £140,000.

Question 20

What happened with Charles and tonnage and poundage?

Answer 20

A monarch is usually granted the right to collect tonnage and poundage, but Charles was only given this for one year.

Question 21

Why was Charles only granted tonnage/poundage for 1 year?

Answer 21

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.

Question 22

What was the impact of the limited tonnage/poundage grant?

Answer 22

Charles viewed the limited grant as an attack on his prerogative and this furthered strain between Crown/Parliament.

Question 23

When was the Treaty of London and what was it’s impact on finance?

Answer 23

The Treaty of London made peace between England and Spain and significantly reduced Crown expenditure.

Question 24

What happened to the Crowns debt by 1608?

Answer 24

It had increased to £600,000 due to James’ lavish spending at court.

Question 25

What two promises did James make you his Secretary of State Robert Cecil?

Answer 25

In November 1608 he promised to stop giving gifts of land. In 1609 he promised not to grant any gifts/pensions without Cecil’s agreement. He failed to keep both.

Question 26

What was the ‘Book of Bounty’?

Answer 26

Cecil surveyed Crown lands in 1608, and aimed to make money by revising the leasing policy.

Question 27

Did the ‘Book of Bounty’ solve the Crowns financial crisis?

Answer 27

No- due to James’ continuous granting of Crown lands.

Question 28

What did a 1606 judgement rule?

Answer 28

That James had an absolute prerogative on impositions.

Question 29

What are impositions?

Answer 29

An additional custom imposed on all trade that was paid to the monarch.

Question 30

What was the Book of Rates?

Answer 30

A revision of custom duties, released in July 1608, which meant impositions became worth £70,000 a year to the Crown.

Question 31

What was the Great Contract?

Answer 31

An agreement arranged by Cecil that hoped to get MPs to grant a subsidy of £600,000 and an annual subsidy of £200,000 in exchange for James giving up some feudal rights.

Question 32

What feudal rights were the Great Contract going to give up?

Answer 32

Wardship- the Monarch’s right to take any minors inherited lands until they came of age.

Question 33

What happened with the Great Contract?

Answer 33

Negotiations fell apart by 1610 as both Crown and Parliament distrusted each other and in Feb 1611 James dissolved Parliament.

Question 34

What happened to the title system?

Answer 34

James created the title of baronet in 1611, which brought in a revenue of £90,885 by 1614. But this devalued the title. Similar thing happened to the earldom title.

Question 35

How long did Charles collect tonnage and poundage for?

Answer 35

Past the one year grant Parliament gave him.

Question 36

What was the Forced Loan of 1626?

Answer 36

Charles called for a loan equivalent to five subsidies. 76 people were imprisoned for refusal to pay, and only about 70% of the expected amount was collected.