James and Charles: Finance 1603-29

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Where did James get his money from?

ORDINARY REVENUE:

  • Crown lands and Monopolies.
  • Fuedal rights:
  • Purveyance (Right for King to decide cost of goods).
  • Wardship (Right forKing to guard land of a diseased land owner who's son wasn't old enough to inherit).
  • Royal prerogative, Marriage and justice.

CUSTOMS DUTIES:

  • New impositions.
  • Tunnage and poundage.

PARLIAMENTARY INCOME:

  • Subsidies.
  • Poll Tax.
  • Ship money.
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Problems when James became King.

PROBLEMS:

  • Told he had to rely on ordinary revenue.
  • Had an expensive lifestyle.
  • Had a family which he had to support.
  • Was too extravagant.
  • inherited £100,000 debt.
  • Made £816,000 debt.
  • Tax collection was outdated.
  • Elizabeth sold crown lands.
  • Inflation.
  • Rising population.
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Financial Problems by Parliament and Kings.

BRIEF PROBLEMS BY PARLIAMENT:

  • Parliament greed for power.
  • Great contract 1610
  • Parliament removing Tunnage and Poundage.
  • Parliament failure at Cadiz.
  • Being unrealistic and unsympathetic.

BRIEF PROBLEMS BY THE MONARCHS:

  • Cockayne project failure of 1614.
  • Too extravagant, e.g. gave £44,000 to Scottish friends.
  • Misusing subsidies e.g. £67,000/90,000 to friends.
  • Sold honours and titles.
  • 1621, £3300 Ante-supper.
  • Corrupt lord treasurers like Thomas Howard.
  • Failure at La Rochelle.
  • Charles going to War in 1624.
  • Courtiers greed.
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Attempts to reform.

BOOK OF BOUNTY 1608:

  • Record of properties and recommendations of what James could give people as a gift.
  • Done to control his extravagance.

BOOK OF RATES 1608:

  • Robert Cecil granted new impositions.
  • Increased rate of payment on others, brought new prices.
  • More tax on farming.
  • John Bates challenged this
  • Effected both Parliament and James Legal rights.
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The Great Contract 1610 an Cranfield reforms.

Great Contract of 1610:

  • Proposed by Robert Cecil
  • King prepared to give up feudal rights for annual income of £200,000 by Parliament.
  • Parliament offered lower and both sides withdrew.
  • This would make James Financially independent of Parliament.

Lord Treasurer Cranfeild 1618:

  • Examined Crowns finances.
  • Reduced Kings household expenses by 50%
  • Overall he failed and showed complexity of Crown finances.
  • Impeached by Parliament thanks to Buckingham
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What stopped reform?

Factors that prevented reform:

  • MPs were angry that James' problems were caused by his extravagance and courtiers greed.
  • Lifestye cost too much.
  • Use of impositions and monopolies caused friction with Parliament.
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