James I and finance Flashcards
What was James’ personality like?
He had a love of learning and was interested in philosophy and theology, he was very tolerant and authored a number of books. He wanted love and affection, but had a loveless marriage and poor relationship with his son Charles, he was generous to a fault and coarse in his manners. He loved hunting and spent more then half of his reign absent partaking in the hunt.
Describe the ordinary revenue of crown lands
The most important source at the beginning of the reign, they were a convenient form of patronage and diminished in importance through the reign as successive lord treasurers sold them as the quickest and easiest was to raise money.
What happened in customs revenue?
In 1604, the direct collection of tonnage and poundage was abandoned and farmed out to a syndicate of customs farmers who kept it in return for annual rent. This provided the king with an additional, stable source of income and created a group close to the king. It upset parliament as James had, in effect, created a new indirect tax, undermining their position.
What was Bate’s case?
In 1606, merchant john bates was put on trial for refusing to pay the duty on currants on the grounds that the duty had not been approved by parliament, the court ruled in the king’s favor and it opened up the possibility of increasing the scope of customs. In 1608, impositions were levied on 1400 more goods.
What were feudal tenures?
They originated from when landowners owed a duty of military service to the king, who was entitled to take over their property if they died with a woman or underaged boy as heir.
What was wardship?
The system where an estate was managed until its owner came of age or was married, it was a useful tool for rewarding courtiers and could ruin families.
What was purveyance?
The right of the court to buy goods at fixed rates well below the market value, it came from a time when the court moved around the counrty. It was worth £40,000 and parliament wanted to end it.
Give some statistics about James’ extravagance
Elizabeth had spent £300,000 per year, under james this rose to £522,000 in 1614. He gave gifts of over £400,000 to james haye, he practiced ante suppers and threw a banquet for the French ambassador in which the food alone cost £2200.
What was the book of bounty?
This was put in place by Robert Cecil in 1608, it banned the crown from giving away major items such as land, impositions and customs. James got around it by giving cash gifts instead- over 36,000 in the first few months of 1610. There was little Cecil could do to oppose him as he did not want to fall out of favor with the king.
Give some statistics about military expenditure
1603-08 saw 600,000 spent on the army in Ireland, there was also the need to maintain an english garrison in the Netherlands.
Give two examples of official self interest.
In 1609, Salisbury gained 1400 from a wardship that made the crown 370. In 1610, he negotiated the renewal of silk duties on their original terms, despite the trade having expanded, instead of making a 434 profit, he was making 7000.
Explain what happened with assessments
People underestimated their worth to pay less tax, Cranfield was estimated to be worth 90,000 but only paid 150, Buckingham estimated his wealth and 400, but was worth closer to 40,000.
What issue arose over the second parliament granting a 400,000 subsidy?
It misled james into believing that parliament would always pay his debts. It had actually only passed by one vote and was only given because they were pleased that james hadn’t been blown up!
Between 1606 and 1621, how much did james receive from parliament?
One grant of under 100,000.
In what state had Elizabeth left england financially?
90,000 surplus is the treasury, 400,000 debt which would largely be covered by money owed by France and the dutch.
