James I’s Financial Problems Flashcards
How much did James I spend on maintaining his household, giving away pensions and handing out lavish gifts.
£520,000
Of the £520,000 James spent per annum, what did this go towards ?
Household maintenance, lavish gifts for courtiers and favourites and giving out pensions.
How much debt did Elizabeth leave behind in 1601 ?
£420,000
How much of the Debt was paid by parliament ?
£300,000
How did parliament pay off some of the debt left by Elizabeth ?
The majority of the debt was paid off by subsidies.
What were the terms of the Great contract ?
James would receive £200,000 per annum, in return James would lose some feudal rights which all monarchs were meant to benefit such purveyance and wardships.
What was the peak of James I’s debt ?
£800,000.
How much was James spending on pensions per annum for his favourites and Scottish courtiers ?
Around £30,000
Which earl received excessive amounts of James gifts during his early reign ?
Earl of Carlisle aka James Hay
How much did James Hay ( Earl of Carlisle ) receive in gifts during James’s reign ?
400,000
Who introduced the Ante-supper to James the first ?
James Hay, Earl of Carlisle
In comparison how much was giving away each year ?
Elizabeth gave around £300,000 a way year whereas James gave away over double that of around £80,000 away.
What was an unsuccessful part of the book of bounty ?
Despite the book stating that the crown was profited from giving away major items such as lands and customs. James found a way around that and gave away cash instead.
How cash did James I give away in despite the book of bounty ?
£36,000
What two things were occurring in England at the time which make James’s actions look extremely careless ?
Inflation
Increasing unemployment
Which minister issued the book of bounty ? When ? What was its purpose ?
Robert Cecil in 1608, designed to reduce royal expenditure.
What were the main causes of Englands poor financial suituation ?
James’s extravagance and generosity towards his courtiers.
Failure of the Great contract - linked to James failures in politics.
Legacy of Elizabeth
Corruption at court
What notions did James have about England at the beginning of his reign ?
That England was going to be the land of ‘milk and Honey’ - he believed its wealth to be greater than it actually was.
How much were the ante suppers worth ?
Around £3000 - £3600
What did one courtier describe James’s court as being ?
A ‘leaky cistern’
How much were the crown lands sold by Elizabeth worth ?
Around £800,000
What did a poor tax system mean for crown revenue ?
It meant people could be dishonest about their earnings meaning crown revenue from tax was not what it should have been.
What was an excuse to the increased household expenditure from Elizabeth to James ?
Elizabeth had lived alone, in comparison James had a family to look after and clothe.
What nations did James believe allowed him to spend as he liked ?
The monarch was meant to be ‘boundless’
The divine right of kings
Why was James partially to blame for failure of the great contract ?
He refused to put aside his belief in the divine right of kings as work alongside parliament.
