Early finance
James I
- To mention
The 1604 Treaty of London radically reduced the Crown expenditure as peace was
established with Spain - therefore not requiring money on James foreign policy or military.
However, by 1608, James' debt had risen by £600,000.
- Robert Cecil’s Book of Rates 1608
Following the court judgement of the 1606 ‘Bates Case’, court of exchequer declared that
the crown had a right of ‘absolute’ prerogative to issue import duties, or impostions (a tax or
duty.) Cecil used this knowledge by advising James that he had a right to levy impostions as
a source of revenue and as a means of regulating trade. As a result, in July 1608, Cecil
issued the first ‘major’ revision of custom duties since the 1550s with the Book of Rates. He
extended impstions on a range of imports and brough the rates up in reflection of inflation.
The book granted the throne an extra £70,000 a year (equivalent to a parliamentary
subsidy.) However, the book was controversial as it threatened parliamentary right over
taxation and raised the question that the Crown may no longer need Parliament
- James Parliament of 1621, and the Thirty Years War 1616-1648.
In this Parliament, James was granted only two subsidies (about £140,000.) This was due to
an economic depression (they also wanted their grievances to be heard before any money
was granted - however, they feared that James would repeat his actions in 1611 by
dissolving parliament without meeting MPs' grievances. Focus was also placed on James'
use of monopolies (selling titles to business men.) By this parliament in 1621, 100
monopolies had been sold, as well as abused (e.g. Mompesson who licensed inns.) In the
parliament session, James used Bacon as a ‘scapegoat’ (by allowing his impeachment) - in
exchange for the protection of Buckingham. In 1621, James’ debt was estimated to be close
to £1 million.
- James parliament of 1624.
From 1623 to 1624, England had witnessed bad harvests. The subsidy act (the act granted a
subsidy of £300,000 to the crown for warfare. The crown (represented by Charles and
Buckingham, was granted the sum on conditions that it went towards forieign policy), a
statute of monopolies (this act limited the Crown’s right to grant monopolies) and the
impeachment of Cranfield, who in 1622, had limited James’ annually spending to £100,000
and disallowed James to pay off his favourites debts, but broke when he paid Buckingham’s
£44,000 debt (who had been charged with corruption.)
Charles I
- The Forced Loan of 1626
In 1625, Charles collected a £140,000 subsidy, but ignored Parliament and continued to
collect tonnage and poundage after a yearly parliamentary grant expired. As a result,
Charles used benevolence ( a method in which a monarch demands money from subjects
due to times of emergency - however still voluntary.) With only a few payments, Charles
demanded a new prerogative income that was easier to enforce, the 1626 forced loan. Due
to war with France and Spain, Charles used the forced loan as a way to receive five
parliamentary subsidies. The system meant collecting individuals into groups and then
pressuring them to pay the forced loan, due to the open nature of the act, those who refused
could be directly accused of opposing the King. Charles referred to the loan as “a test of
political loyalty.” In 1627, Charles went on to arrest five of the forced loan's main resistors
(The Five Knights Case.) 76 individuals were imprisoned for their refusal or inability to pay
, the loan. Around £267,000 was raised, 70% of what Charles was expecting. Charles refused
to recall Parliament (until his needs were met) until 1628, when he was forced to request
funds. However the political tension in Charles radical prerogative, made Parliament
reluctant to negotiate, who, failed to come to an agreement over war funding, which as a
result, led to the dissolution of parliament in 1629
- Ship money 1634 - 1639
Ship money was a prerogative income levied in times of emergency to fund the navy. In
October 1634, ship money was levied to coastal towns, and in summer 1635, levied into
inland counties, collecting annually until 1639. Ship money raised about £200,000 annually
(equivalent to three parliamentary subsidies.) .
Early personalities
James I
- Favourites: Carr (1607 until 1614) and Buckingham (1614 until death.)’
Robert Carr became a favourite after a jousting incident in 1607, where Carr fell off of his
horse and broke his leg. James was noted as falling in love at first sight and being insistent
on nursing Carr. In 1610, Carr had helped influence James to dissolve Parliament - due to
their attack on the King’s Scottish favourites. After Robert Cecil’s death in 1612, Carr
became James' secretary. In 1614, Buckingham became James’ favourite after being
introduced by Buckingham’s father who was a sheriff. The following year, he was made a
gentleman of the bedchamber and in 1619 Lord High Admiral. James was very blunt towards
his love for Buckingham telling the Privy Council that “Christ had John, and I have George.”
James paid off around £40,000 of Buckingham’s debt and lended loans to him in 1622, after
Cranfield told James he was not allowed to give grants without the treasures approval.
- James Court
James’ court was described as “loud” and “drunk” with a heavy presence of Scots (who were
paid £40,000 and English officials £10,000) and intellectuals like Shakespeare who
performed 24 plays in the festive season of 1609 to 1610. James was noted as being
physical and open, he was bluntly affectionate (something he admitted in accordance with
Buckingham.) James spent about £3,500 on antesupers in a time where his people were
witnessing food shortages. In comparison to Elizabeth, James spent double on his court and
courtiers. James Court was noted as being informal and more of a celebration or party event
rather than a political event.
- Divine Right of Kings
In 1599, James wrote a novel about the art and theory of Kingship, which was meant to
establish the practicalities. James saw himself as a peacemaker in his foreign policies which
often showed a desperation to avoid war. Although always working to defend his prerogative,
he was always willing to negotiate with the Political Nation.
Charles I
- Favourites: Buckingham and the Arminians.
James recurrently protected Buckingham whom he saw as a brotherly figure and looked up
to due to his confidence. In 1626, he even dissolved parliament to prevent Buckingham from
being impeached following his failed expedition in Cadiz. It was not until after Buckingham’s
death, did Henrietta become pregnant for the first time - who Charles became closer to
following.
- Charles Court:
