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stuarts > james finance > Flashcards

james finance Flashcards

1
Q

why was there inflation in James’ rule and what is the stat

A

a bad harvest meant food prices rose 300%

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2
Q

why is elizabeth incomparable to james’ finance

A

she only had one household to maintain whereas james had 3 - himself and sons and wife
she left james in a war with spain with a debt of 400,000
she did not reform England’s finances at all

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3
Q

crown debts due to cecil’s work

A

1610 - 300,000 due to Cecil
1613 - 500,000 after Cecil’s death and years of drift

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4
Q

extravagence stats x2

A
  1. hosted the ante-supper, 2 feasts =3300
  2. in 1603-12, 185,000 spent on jewels
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5
Q

corruption and favourites x5

A
  1. 1606, when Parl granted him 3 subsidies, James gave 44,000 to 3 scottish friends
  2. 1611, 67,498 to scottish friends
  3. Book of bounty in 1608 restrained James’ spending but in 4 months of 1610, he gave away 36,000
  4. Salisbury got 1400 from a wardship property whereas James got 370 from it
  5. Buckingham was assessed at 400 when his estates were realistically at 20,000
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6
Q

power struggle evidence x5

A
  1. James undermined Salisbury and the Book of Bounty in 1610 when he gave away £36,000.
  2. All of his donations to scottish friends alienated his english subjects = less cooperation
  3. his constant financial struggle revealed weaknesses in the Crown
  4. Parliament did not want James to be financially independent as they did not want to be ruled absolutely.
  5. James’ schemes exhibited his disobedience towards modernisation as he used outdated feudal laws to manoeuvre around Parliament. this demonstrated his unwillingness to cooperate
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7
Q

1603-10 attempted reform

A

1604 - treaty of london,
1604 - the great farm
1606 - the bates case
1608 - the book of bounty & rates
1610 - the great contract
feb 1611 - the great contract ceases to be negotiated

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8
Q

treaty of london

A

1604, James makes peace with the spanish -> reduces costs of war

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9
Q

the great farm

A

sold the right to collect impositions to businessmen in return for £112,000. did increase to 200,000 in 1629 due to inflation -> but this was short term fix which was in desperation in an economic depression

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10
Q

the bates case

A

1606 john bates challenged the king over the customs tax on currants and refused to pay. the court found the king to be in the right. -> reinforced the king’s prerogative rights

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11
Q

the book of bounty

A

1608 - attempts to restrain James’ spending on extravagence. they agreed on a cap

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12
Q

the book of rates

A

1608 - this was a consequence to the bates case
extended the king’s impositions by 1400 objects
brought in £70,000 (equiv of 1 parliamentary subsidy)
-> parliament were threatened and merchants complained in 1610+14

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13
Q

the great contract

A

1610 - an exchange of the king’s feudal dues such as wardship, purveyance in return for 200,000 annually.
failed in feb 1611.

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14
Q

why did the great contract fail x3.5

A
  1. lack of trust between parties, the Pol Nat fear absolutism
  2. Salisbury’s death in 1612
  3. James constantly undermined Salisbury’s reforms when he continued to give out large sums in patronage
    -> widened hostilities and uncooperation
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15
Q

positives x2 and negatives x3 of the great contract

A

+james wouldve had a stable income
+james’ relations with Parliament wouldve improved
+he would make a net gain of £85,000 as this was more than his current income
-political nation wouldve had ultimate power over him
-his current expenditure was at £511,000 so this was impractical
-there was no talk of it increasing with inflation + James wouldnt have been allowed to expand his finances

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16
Q

attempted reform 1611-25

lala

A

1611 - sale of baronetcies
1614 - addled parliament called
1618 - cranfield appointed lord treasurer
1621 - parliament called and Cranfield launches investigations. also impeachments
1624 - parliament called as England potentially will join the 30 years war. also laws made

17
Q

sale of baronetcies

A

1611 - new hereditary title ‘baronet’ intriduced and sold for £1095 => 200 baronets and brought £90,885 by march 1614
by 1622, the title could be bought for £220 => saturation and depreciation
james sold earldoms for £10,000. in 1615 there were 27 earls and in 1628 there were 65

18
Q

parliament 1

A

1611 Parliamentary negotiations over the great contract failed and in Feb 1611 James dissolved it

19
Q

parliament 2

A

1614 Addled Parliament
sat for 8 weeks and had no real debate
ended mostly due to financial hostility as debt was at £800,000

20
Q

parliament 3

A

1621 Due to the potential of england joining the 30 years war, James had to call parliament to raise funds.
they were only able to grant him 2 subsidies of £140,000
MPs took the opportunity to debate grievances which led to impeachemnts
Impeachments of Monopolists - as in 1621 there were over 100 monopolies. Sir Francis Bacon was impeached for bribery.

21
Q

parliament 4

A

1624 James requesting subsidies to prepare for ‘a war with Spain’ as Charles and Buckingham returned unsuccessful from the Madrid Trip. grievances were aired again.
The Subsidy Act - granted £300,000 (not enough) to James but could only be used for specifics like aid to the navy and parliamentary officials had to supervise
The Statute of Monopolies - limited the Crown’s ability to grant monopolies to individuals = compromise as monopolies started England’s economic slump.

22
Q

what is purveyance

A

the crown’s right to buy goods below market value

23
Q

what is warship

A

the crown’s right to seize land of a minor or widow if there is no suitable owner until 21

24
Q

what are impositions

A

the crown’s right to collect import tax above the Parliamentary agreed level.

25
Q

wardship stats

A

ended in 1610 and brought £65,000

26
Q

salisbury positive impacts stats

A

in 1612 he reduced crown debts from 600,000 to 200,000 but had to sell 400,000 of crown lands

27
Q

peacetime comparison stats

A

eliz spent 300,000 annually in peacetime
james spent 522,000 annually

28
Q

impeachment last used and impact

A

last used in 1459 which demonstrates how desperate the political nation were to voice their own opinions that they had to revive it just to impeach Bacon

29
Q

Thomas Howard stats

A

became treasurer in 1614 - crown debt from 500,000 to 900,000
cockayne scheme
very corrupt and was dismissed in 1618

30
Q

cockayne scheme

A

1614 - only exporting finished cloths to keep the jobs in england = FAILED
1614-16 London exports 1/3 less

31
Q

debt in 1603

A

1603 - 400,000 but resolved from Parliament =0

32
Q

debt in 1606

A

1606 - 700,000

33
Q

debt in 1610

A

1610 - 300,000 due to Cecil

34
Q

debt in 1613

A

1613 - 500,000 after Cecil’s death and years of drift

35
Q

debt in 1618

A

1618 - 900,000 - thomas howard

36
Q

debt in 1625

A

over 1 million

stuarts (7 decks)

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