The Stuarts 1603 - 1618: James and Finance

THE GREAT CONTRACT

1610

Why James Needed Money

• Money was drying up
  • 'live off his own'
    • Live of ordinary revenue (rent from crown lands, monopolies, selling titles, customs farmers, impositions, feudal dues - wardship and purveyance, subsidies)
      • subsidies had to be granted by Parliament and only in times on emergency
      • Rent from lands not in line with inflation (so money worth less)
  • 'conspicuous consumption'
    • courtiers wanted to show off wealth
      • Buckingham spent £3,000 on clothes by 1627
    • James giving £60-80,000/year on gifts and pensions
• No one wanted to tell him he was spending too much
  • courtiers liked the gifts
• Lord Treasurer from 1608 (Robert Cecil, Earl of Sailsbury) wanted to reform the crown spendings
  • So no debt and more efficient spending
  • Proposed Great Contract to Commons to grant £600,000 and give extra £200,000/year
    • In return, King…