Was Henry VII a miser? Flashcards
How many times did Henry check his finances?
Many until 27th August 1492, then just once, then initialed each page by 1503.
Why be a miser?
.Achieve solvency.
.Secure and restore strength to the Crown.
.Reward loyalty and service.
.Bribe opponents.
.Fund armies.
.Consolidate dynasty.
.Image of glory and power.
Define ordinary revenue.
Money collected regularly, permission from parliament not needed.
Define extraordinary revenue.
Money collected for emergencies only. Parliament approval needed however it also came from other sources e.g. loans.
What were the sources of royal income?
. Crown Lands.
.Feudal dues and royal perogative.
.Customs revenue.
.Pensions from others.
.Profits of justice.
.Extraordinary revenue.
What did Empson and Dudley do?
Extracted money via Council of Learned Law.
What did Morton do?
Theory of Morton’s Fork - live in luxury, you can spare money and those frugally have accumulated savings for the Crown.
What was the Exchequer system?
.Used for 1 year and before 1483.
.Collect money from tax, royal property and customs.
.Own officials.
.Subjects knew their place and accurate.
.Slow and not recorded on paper.
.£11,700 received - loans for coronation, marriage and banquet in 1487.
What was the Chamber system (1492 onwards)?
.Royal household collect money.
.Used by Edward IV and Richard III.
.Collect money from tax, royal property and customs.
.King directs it.
.Treasurer of the Chamber - Lovel and Heron (1492 switch).
.Used receivers and officials for the most profit - direct control of King, faster than exchequer.
What were the sources of Ordinary Revenue?
.Crown Lands - Land from inheritance/confiscation. 1495 - got Richards. £3000 a year. - 5x larger at end of reign than 1450s.
.Feudal obligations - wardship, livery, relief, escheats and marriage dues. 1487 - £350 a year and 1507 - £6000 a year.
.Bonds and recognisances - Written/formal agreements that money was owed and needed to be paid to the King. 1491 - £10,000 paid by friends of the Marquis due to behaviour.
.Customs duties - Prerogative duties, tonnage and poundage (granted for life?) - £70,000 under Edward, £40,000 under Henry VII.
.Profits of Justice - Fees for royal writs and letters and fines levied by courts. Varied and not collected by cash.
What were the sources of extraordinary revenue?
.Parliamentary grants - Help King if threat to national interest, fifteenth and tenth. £30,000 - 1487 for Battle of Stoke etc.
.Loans - Repaid. £203,000.
.Benevolences - Forced loan - not repaid. £48,500 in 1491 for Battle with France.
.Clerical taxes - Above board, simony, vacant bishoprics. £25000 for war with French, £6000 a year for dead bishops.
.Feudal obligations - Due levied on special occasions. £30,000 for knighting Prince Arthur.
.The French pension - 1492 Treaty of Etaples, bribe to remove British Armies from France. £159,000 in £5000 parts per year.
Define monificence.
Lending out more money than you have to make you look richer.
