James and his Financial Problems and Disputes Flashcards
What were the 2 major problems James faced when inheriting the throne?
- Insufficient income
- High expenditure
When did James take the throne?
1603
How had Elizabeth dealt with low income?
Short term measures e.g. selling of crown lands
What capital lost its value?
Subsides from parliament
What rose in the 16th century?
Inflation
How much debt had Elizabeth left James in?
£400,000
How much had the subsidy fell to in 1628?
£130,000 to £55,000
What did James spend his money excessively on?
Gifts, Family, Processions, Himself
What tradition did he continue from Elizabeth?
Accession Day Tilts - jousts to mark accession of the monarch
How did James try and increase income?
- Increasing custom duties by issuing Book of Rates
- Selling titles
- Fining Catholics
- Raising a benevolence
- Wardships
What is ‘benevolence’?
Free gift from taxpayers to the king
What was the most effective way of raising income?
Customs duties - accounted for almost 1/2
What were impositions?
Extra customs duties imposed on particular goods e.g. currants
Who disputed the right to collect them?
John Bate
What happened in the Bate’s Case?
Bate lost as the monarch had the right to regulate trade for the security of the realm
How much did impositions bring in per year?
£70,000
When was the Great Contract?
1610
Who made the Great Contract and what was it?
Lord Treasurer, the Earl of Salisbury
- James would surrender some revenue and in return, parliament would pay his debts
What did his debts amount to in 1610 and how much income would he get a year?
£600,000 and £200,000
How did the HoC react to James’ compromise?
Prepared to meet £200k but not pay off royal debts or compensate Court of Ward officials
What was James’ compromise in the Great contract?
Would take £500,000 if the money came quickly
What did the GC cause?
Further discontent between the king and MP’s
When was the Cockayne Project?
1614
What was the Cockayne Project?
James to make a profit by exporting finished cloth as opposed to unfinished cloth to Netherlands