Chapter 3 Flashcards
What were the 2 concerns of the Political Nation about prerogative income?
- It came from them, particularly subsidies.
- It ran the risk of absolutism.
Why was the Crown’s income falling when James became king?
Elizabeth I had failed to reform the Crown’s finances.
Why was there a reluctance to reform the Crown’s finances by monarchs like Elizabeth I?
It was more politically safe to plan for the short-term; undertaking drastic long-term reforms would have meant dealing with the intransigent Political Nation.
When was the Treaty of London?
1604
What did the Treaty of London do?
Made peace with Spain.
What was the financial impact of the Treaty of London?
It greatly reduced the Crown’s expenditure.
How did James view England compared to Scotland?
England was the land of plenty compared to Scotland.
When did Parliament grant James I three subsidies to help with his debts?
1606
What did James I do with the three subsidies Parliament gave him in 1606?
Gave £44,000 to Scottish courtiers.
What was the ante-supper?
Two meals were prepared; the first was thrown away as it was just for show.
How much did an ante-supper in 1621 cost?
£3,300
Why was James I’s excessive spending not all bad?
The political system relied on patronage which much of the money was spent on.
When did James receive a loan from the City of London?
1610
How much did the City of London loan James I in 1610?
£100,000
When was James I’s first Parliament?
1604-1611
When was James I’s second Parliament?
1614
When was James I’s third Parliament?
1621-1622
When was James I’s fourth Parliament?
1624
When was the Cockayne Project?
1614
What was the Cockayne Project?
James I granted the merchant William Cockayne a monopoly on the production and sale of finished cloth to the Netherlands in the hope to raise money for the Crown, but the scheme fell through when the Dutch refused to purchase any cloth from England.
What was the royal debt by 1617?
£726,000
What was the royal debt by 1620?
£900,000
What could the Crown do with monopolies?
They had the prerogative to sell them off.
When was the Thirty Years War?
1618-1648
Who was the Thirty Years War fought between?
Protestants and Catholics?
Why were monopolies a contentious issue?
The Crown sold them increasingly for their own financial gain without considering the wider economic implications.
How many monopolies had James I granted by 1621?
More than 100.
When investigating the sale of monopolies, who did MPs particularly focus on?
Giles Mompesson, a relative of the Duke of Buckingham, who had abused his monopoly on the licensing of inns.