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Summary of James I's finances (Crisis of the Monarchy)
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Summary notes of James I's Finances for Crisis of the Monarchy AQA A-Level.
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Finances of James IKing expected to ‘live of his own,’ meet daily costs through Ordinary Revenue.
Ordinary Revenue:
Primarily rent from crown lands- rented to nobility and gentry.
Tonnage and Poundage- Import taxes on wine and charges on other imported
and exported merchandise.
Proceeds of Justice (E.g., fines)
Feudal Dues (Prerogative taxation)
o Wardship- Taking land and profits of an estate from a minor until the
minor was of age.
o Purveyance- Monarch had items bought for him for prices lower than
market value.
o Forced Loans- Non-parliamentary taxes that monarchs demanded from
richer subjects, times of national emergency and not paid back.
o Ship Money- Non-parliamentary tax, those taxed to furnish a specific
amount of warships or pay the ships monetary equivalent.
o Impositions- Prerogative powers, additional import taxes on over 1400
products to regulate trade
o Monopolies- Granted by the king to a person giving them the sole right
to manufacture an item/service.
James spent this on patronage, living of his own, favorites and the cost of daily
living. EXTREMELY EXTRAVAGANT.
Extraordinary Revenue:
One of collections of land taxes for state events or emergencies. Gentry and
nobility paid into a subsidy based on value of their estates. Often withheld by
Parliament until monarch listened to and dealt with grievances. Could lead to
financial independence which would lead to absolutism- Parliament feared. War and
raising an army were getting increasingly more expensive- if withheld from James's
prerogative tax would have to increase.
16th Century inflation was a large cause of financial problems. Also called the
Price Revolution.
Elizabeth’s financial legacy was another large factor. She left a £400k debt, cut
expenditure to try and reduce debt (increased pressure for James to reward
subjects), sold crown lands to try and get a quick burst of money and relied on
unpopular monopolies. FEUDAL DUES WERE NOT INCREASED WITH INFLATION.
James’s Financial System:
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