JAMES FINANCE
- Created by: NadiaRahman123
- Created on: 21-04-15 18:33
FINANCIAL PROBLEMS
Patronage was a crucial element in the contemporary political system; James needed to distribute material goods to gain loyalities
Extravagance: 1603-12: He spent £185k on jewels and by 1614 had spent £522 (conspicuous consumption)
War with Spain had endedin 1604 but military costs rose due to financing the army in Ireland (£600k)
The system in which the crown recieved money was corrupt as officals siphoned money
People due to pay parliamentary subsides undervalued themselves = supply suffered from self interest
MPs ignored the rise in inflation + the fall in the value of the subsidy and blamed financial difficutlies on extravagance
At peace times the crown should not recieve additional help from P subsidies (live off on ones own)
James was driven to rely on City Loans for ordinary expenditure
As gov. costs increased, due to inflation + extravagance, pressure for administrative reform increased - partly due to increasing cost of warfare, driving the crown to resort to extraordinary financial measures (ei. forced loans)
ORDINARY REVENUE
1) CROWNS LAND
Form of patronage whch gradually became insignificant
Elizabeth had sold £800k worth = difficult to maximise profits due to long leases and low rents
Lord Treasurers would sell CL to raise money in financial crisis
2) CUSTOMS REVENUE
Tonnage + Poundage usualy given to king by parliament for life
1604- farmed to a syndicate of merchants which gave crown annual income + source of patronage + advisory group for loans. The new efficency of customs collection created a new indirect tax, which threatened parliament's control over taxation
1621- bringing in x3 more than crown lands
3) PURVERYANCE + WARDSHIP
The right for the court to buy provisions at a low fixed price; corrupt officals bought excess to sell
Estates of a minor would be managed until the heir came of age/ paid for rights
ATTEMPTS TO INCREASE CROWN REVENUE
1) The abuse of purveyance raised a petition to James and the Lords suggested it should be exchanged for £50k, although the common's suggested £200k- it was not worth the exchaneg for James, who did issue a proclaimation again the abuse of purveyance
2) Selling of honor devalued them and allowed rank to fall into popular disrepute and destroyed a form of patronage
CECIL
First systematic attempt to curb expenditure and increase royal revenue
BATES CASE 1606: John Bates refused to pay a customs duty not sanctioned by parliament and the judges found in the king's favour.
1608- BOOK OF BOUNTY: Prohbited the crown from giving away major land items and was desgined to lower the expectation of courtiers but James gave cash instead
1608- BOOK OF RATES: Levied impositions on 1400 items.. The Commos raised a petition against this in 1610, due to it causing commerical damage
had to resort to selling crown lands and established deficit borrowing
the highest source of crown loans between 1603-1621 was city loans. in 1608- a loan was being negociated largely because of the loan of 1604 (£69k) was being repaid
GREAT CONTRACT1610 - CECIL
Cecil proposed to get rid of wardship and purveryance in return for £600k to clear the crown's debt and £200k annually
The commons also wanted a separate bill which leaglised impositions made before the Bates Case and probihitted new ones being made without parliamentary sanction
PROBLEMS:
- crown could only recieve a net gain of £85k
- the commons wanted to abolish other sources of revenue
- commons not sure if king would continue collecting them
the contract failed due to mistrust
the debt reduced from £600k by selling £400k worth of crown lands
after the death of cecil, the treasury was replaced for 2 years by a commitee and Suffolk was made LT in 1614- there was a wide spread selling of offices and increased corruption. He was dismissed + convicted of embezzlement
the debt stood at £900k in 1618
COCKAYNE SCHEME
This was an ill considered cloth trade
William Cockayne wanted to get into the Monopoly of the Merchant Adventures and convinced James to prohibit the exporting of unfinished cloth, saying it would increase employment and customs revenue
He didn't have enough resources/links to do this properly and by 1616 exporting decreased by 1/3
The king sold back the rights to the monopoly to The Merchant Adventurers for £10k
PARLIAMENT 1621-24
In 1621 there was concern for the Palatinate and possibility for war = James had to call parliament for a quick supply but they onyl granted him £140k. They then turned to domestic greivances (monopolies) as by 1621 there was over 100
Cranfeild + Coke used this as an opportunity to attack Bacon, who has issued some patents and was responsible for their misuse. He was accused oftaking bribes and imprisioned
When James proposed an adjournment they were scared of dissolution especially during the probelms with Fredrick.
Parliament was invited to discuss FP and suggested Charles should marry a protestant, to which James reacted agressively, saying it was an infringement of his rights; they said they had the right to free speech. Parliament entered a Protestation into their journel defending them and james ordered for it to be teared out - they were dissolved
in 1624 they were invited to discuss FP again (out of their jurisdiction) and approved war but not the sum needed (gave £300k)
CRANFEILD
Promoted by Buckingham until 1624 when he supported the Hapburgs and was impeached
Reduced household expenditure from £77k to £18k
Reduced weaponary from £34k to £14k
Achieved these through attacking waste, accurate budgeting and accounting + eliminating corrupt officals
Major economies couldn't be achieved without attacking the vested interests of officals, which created opposition
BOOK OF BOUNTY 1619 & 21: Demanded immediate stop to payment of pensions and new grants should be screened by him
existing sources of revenue could be exploited effectively but he failed to reduce pensions
he refused to sell crown lands thinking it reduced the authority of the crown
1622 & 1623: 2 forced loans ordered
BUCKINGHAM + HOWARDS
He dominated offices and caused terrible harmony between the king and commons
He increased control over the direction of policy and patronage and was largely extravagant
After 1625 he carelessly encouraged Christianity
1626- Impeached
Reform was a political weapon against the Howards who gained control after 1610- this was a period which marked a temporary collapse of effective reform measures (ex. overbury scandal)
James had to borrow from courtiers and the Howards blocked concessions on greivances in the 1614 Addled Parliment- which didn't pass any legislations or subsidies
Due to bad role credit, the city didn't give any loans - in 1614 they gave a gift of £10k rather than a grant of £100k
WAR
War needs were a important cataylst for political change; it necessitated the establishment of a strong and efficent central executive system
James believed he could play the role of mediator on the continent and didn't align himself with Catholics or Protestants- he hoped the marriage of his daughter with Fredrick woudl balance a Catholic marriage for Charles
Spanish Match = key stone of FP. James knew Spain shouldn't be kept isolated and kept diplomatic channels open in order to influence crisis'
After Fredrick accepted Bohemia he continued with this policy, depsite the preassure from advisors like Abott.
He didn't abandon diplomatic channels with Spain and did allow himself to consider the prospect of going to war with them
a permanent solution to financial problems had to be one approved by parliament; James pacificus policy didn't rule out the need for war if diplomacy failed.
MAIN PROBLEM
The Stuart kings lacked a professional bureaucracy
Under Elizabeth- offical's were poorly paid, causing bribery and corruption to become normal
Local gov. was run by rulers of county communities and weren't responsive to monarch's wishes
They didn't have a professional army to enforce order
Royal revenue was unable to meet increasing demand for it
There was a great deal of power against reform due to vested interests
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