James and his Financial Problems and Disputes Flashcards

1
Q

What were the 2 major problems James faced when inheriting the throne?

A
  • Insufficient income
  • High expenditure
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2
Q

When did James take the throne?

A

1603

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3
Q

How had Elizabeth dealt with low income?

A

Short term measures e.g. selling of crown lands

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4
Q

What capital lost its value?

A

Subsides from parliament

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5
Q

What rose in the 16th century?

A

Inflation

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6
Q

How much debt had Elizabeth left James in?

A

£400,000

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7
Q

How much had the subsidy fell to in 1628?

A

£130,000 to £55,000

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8
Q

What did James spend his money excessively on?

A

Gifts, Family, Processions, Himself

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9
Q

What tradition did he continue from Elizabeth?

A

Accession Day Tilts - jousts to mark accession of the monarch

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10
Q

How did James try and increase income?

A
  • Increasing custom duties by issuing Book of Rates
  • Selling titles
  • Fining Catholics
  • Raising a benevolence
  • Wardships
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11
Q

What is ‘benevolence’?

A

Free gift from taxpayers to the king

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12
Q

What was the most effective way of raising income?

A

Customs duties - accounted for almost 1/2

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13
Q

What were impositions?

A

Extra customs duties imposed on particular goods e.g. currants

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14
Q

Who disputed the right to collect them?

A

John Bate

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15
Q

What happened in the Bate’s Case?

A

Bate lost as the monarch had the right to regulate trade for the security of the realm

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16
Q

How much did impositions bring in per year?

17
Q

When was the Great Contract?

18
Q

Who made the Great Contract and what was it?

A

Lord Treasurer, the Earl of Salisbury
- James would surrender some revenue and in return, parliament would pay his debts

19
Q

What did his debts amount to in 1610 and how much income would he get a year?

A

£600,000 and £200,000

20
Q

How did the HoC react to James’ compromise?

A

Prepared to meet £200k but not pay off royal debts or compensate Court of Ward officials

21
Q

What was James’ compromise in the Great contract?

A

Would take £500,000 if the money came quickly

22
Q

What did the GC cause?

A

Further discontent between the king and MP’s

23
Q

When was the Cockayne Project?

24
Q

What was the Cockayne Project?

A

James to make a profit by exporting finished cloth as opposed to unfinished cloth to Netherlands

25
Who were the Merchant Adventurers?
Group of merchants who were the only ones allowed to sell cloth
26
Why did a dispute arise between James and the MA's?
He handed the rights to sell cloth to Cockayne and his group
27
Why were the merchants hostile to James?
The project failed and the MA's regained full control, but had to pay for the right
28
When did Lionel Cranfield become Lord Treasurer?
1621
29
How much profit did Cranfield make each year for James?
£7000
30
Why did a dispute arise with Cranfield?
James had strong feelings for the Duke of Buckingham, who wanted to invest in war with Spain
31
What happened to Cranfield?
He was impeached and disgraced