Henry VII - financial policy and dealing with nobility Flashcards
Why did Henry keep the nobility a small group
Easier to control
Regarded as the ultimate prize
Creating peers costs money
Evidence Henry reduced size of the nobility?
Edward IV created 9 earls. Henry created 3 (e.g. Thomas Stanley - Earl of Derby)
How did Henry cut expenditure associated with peerage?
Usually expected that a peerage comes with land. Of all the titles he gave, only 3 came with land.
How much did the nobility shrink?
1485 - 62 peers.
1509 - 42 peers.
What was the Order of the Garter?
Gift of the crown - no financial obligations (e.g. William, Stanley, Rhys ap Thomas)
What happened to ex-Yorkist land?
They were attained through the Act of Resumption 1486.
Why did Henry control who married who?
Avoid the emergence of dangerous power blocs. When Katherine Woodville married without Henry’s permission, she was fined £1000
Example of overmighty family, and how they were dealt with?
The Stanley family - they were kept closely in check.
1506: Bishop Stanley fined £250,000 for retaining.
What was a way other than peerage that Henry rewarded his nobles?
Becoming a Councillor.
Edmund Dudley, a trusted advisor of his, never became a peer, but was given a key place on his Privy Council and central to the Council Learned.
Example of reconciliation?
THOMAS HOWARD
Yorkist who fought in the Battle of Bosworth so was attained and imprisoned.
1489: didn’t escape Prison with Simnel, so Henry was pleased with him and he was released.
He was given back his title of Earl of Surrey, and made Lieutenant of the North after quashing Yorkshire Rebellion.
What were financial penalties?
If Henry couldn’t prove that a Lord’s action was treasonous, he would often punish them with a financial penalty.
Marquis of Dorset’s friends under bond of £10000 to secure his obedience, 1492
What was retaining, and what were the punishments?
As of 1504, men could only employ retainers for the King’s service, with a permit.
1507: Lord Bergavenny fined £70,000.
What were Henry’s financial aims
1) increasing revenue
2) decreasing expenditure
3) restoring financial strength
Why was money important
- raise an army
- impress foreign nations
- pass on to next generation
- reward loyal service
- bribe opponents
What was the form of financial administration early in Henry’s reign.
The exchequer. However, this led to Henry’s income from crown lands falling considerably.
Richard III: £25,000/annum
1486: £12,000
What did Henry do as a result of the crown lands falling into disrepair?
Introduced the chamber system.
By the 1490s, his income from the Chamber was over £100,000/annum
What did the Chamber deal with?
Crown lands
Profits of justice
feudal dues
french pension
What did the Exchequer deal with?
custom duties
sheriffs accounts
What was the role of the Treasurer of the Household?
Chief financial officer
Initially Sir Thomas Lovell, then Sir John Heron.
How did profits from Crown lands change
1485: £29,000/annum
1509: £42,000/annum
v
v
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How did Henry increase profits of justice?
Most criminal acts, even treason, punished by fines.
Sir William Stanley - £9000 and £1000/annum following for Treason, 1495
Forms of ordinary revenue
- Crown lands
- Custom duties
- Feudal dues
- Profits of justice
