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48 Cards in this Set
- Front
- Back
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The period 1540-1641 can be defined as a....
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century of inflation (S.J. Houston).
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Crown expenditure was rising in the early seventeenth century, largely due to...
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inflation, caused by rising food prices between 1502 and 1622.
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In wartime, the Crown had no alternative but to...
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devise new means of raising money when forced loans were not approved by Parliament.
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Inflation is defined as...
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a general increase in prices and fall in the value of money.
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Although Elizabeth had not been a big spender... |
Crown finances still needed major reform, especially as a result of the long military campaign against Spain.
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When James took the throne of England, he saw England as...
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a land of plenty compared to previously limited income as King of Scotland.
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Despite being in debt, James was determined to enjoy his new wealth so he...
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spent extravagantly and was generous to his courtiers.
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James' lavish overspending, particularly when entertaining...
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gave the court at bad name.
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In 1606 Parliament awarded James three subsides to help with his debts... |
but he immediately gave £44,000 of the money to his Scottish friends (making Parliament reluctant to consider further financial reform). |
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An ante-supper was the making of two huge feasts- one thrown away, the other eaten. One ante-supper in 1621...
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cost around £3300. |
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Being desperate for money meant that James...
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was willing to listen to anyone with a scheme for raising extra-parliamentary funds, therefore increasing access to the King. |
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After James dissolved Parliament in 1611, he began to...
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sell honours and titles for funds.
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The over sale of titles and honours devalued the amounts they could be sold for and...
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alienated him from the Political Nation.
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By 1620 the royal debt stood at...
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£900,000.
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James dissolved Parliament in 1611 because the...
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Crown and Parliament could not agree on 'The Great Contract'.
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In 1621 Parliament voted James two subsidies that only totalled £140,000 because...
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there was an economic depression and they wanted their grievances addressed (and they feared that if he had sufficient funds he would dissolve Parliament again). |
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In order to raise money James relied on the selling of... |
monopolies (the exclusive right to sell a product or service). |
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Cranfield and Coke had Bacon impeached... |
which meant the Commons removed a crown minister (last used in 1450), showing Parliament's discontent.
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James allowed the impeachment of Bacon...
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in order to protect Buckingham (he had lots of relatives who benefitted from monopolies). |
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The 1624 Parliament was also dominated by financial issues, but Parliament ensured that ... |
both the Subsidy Act (£300,000 given for warfare, but under Parliamentary supervision) and the Monopolies Act (limiting the sale of Crown monopolies) were passed.
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By the time of his death, there had been no major reform of crown finances so James had become... |
reliant on his prerogative income such as impositions (import duties) and monopolies.
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Unlike James, Charles intended to...
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participate in the Thirty Years War fully.
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For the Thirty Years War Charles intended...
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a war expenditure of £1,000,000.
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Parliament refused to grant the right to collect tonnage and poundage for life...
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but instead only granted this right for one year.
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The refusal to grant lifelong tonnage and poundage was actually directed at...
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Buckingham (Lord High Admiral) as tonnage and poundage often contributed to naval protection.
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Charles saw the refusal to grant tonnage and poundage as...
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an attack on his prerogative- he felt Parliament was too influenced by men like Edward Coke.
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The Parliaments of 1626 and 1628 were no more cooperative than the 1625 Parliament...
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meaning Charles had to rely more heavily on his prerogative methods, which further alienated the Political Nation.
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By 1629 Charles was £2,000,000 in debt...
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and had alienated large sections of the Political Nation.
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Foreign policy and war were...
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the greatest sources of expenditure for monarchs. |
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Even before the Stuarts came to power...
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England had long been engaged in a military struggle with Spain. |
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In 1604 James agreed the Treaty of London which...
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ended the war with Spain (and therefore greatly reduced Crown expenditure). |
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As a result of James' lavish spending (he increased Crown debt to £600,000 by 1608)... |
James turned to Robert Cecil for a solution (he appointed Cecil as Lord Treasurer). |
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Although James promised Cecil he would not give any more gifts of land or grant pensions... |
he did not keep his promise. |
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Cecil attempted to strengthen royal finances by ordering a survey; 'Book of Bounty' which revised leasing prices but... |
was hampered by James continuing to grant Crown lands to favoured courtiers.
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Impositions were...
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a tax or duty that imposed by the king's feudal rights, and therefore did not need Parliamentary approval. |
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In 1608 Cecil published the new...
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'Book of Rates' which revalued the impositions levied on 1400 items.
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The Book of Rates adjusted values of customs duties based on inflation which meant that...
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impositions became worth £70,000 (equivalent of a subsidy), but threatened parliamentary rights over taxation. |
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In 1610 Cecil began negotiating with Parliament the... |
'Great Contract'. |
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At the beginning of the 1610 Parliament, Cecil told Parliament... |
that crown debt was £280,000, with current annual expenditure at £511,000. |
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In the 'Great Contract' Cecil initially wanted a £600,000 subsidy to cover debt and £200,000 annual subsidies in return for...
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giving up some of his feudal rights- Parliament rejected it.
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Continuing to negotiate the'Great Contract' Cecil 'only' asked for a £200,000 annual subsidy but Parliament... |
wanted there to be a discussion over the use of impositions. |
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Because James and Parliament could not agree over the 'Great Contract' and its terms (James would wanted compensating for no further impositions and refused to give up existing impositions)... |
negotiations collapsed in November 1610 and James dissolved Parliament in February 1611.
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For the 'Great Contract' James was willing to give up...
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his feudal right to claim income from wardship. |
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To increase the numbers of titles he could sell, James introduced...
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the new title of 'Baronet' in 1611, which could be bought for £1095. |
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Initially (1614) the sales of baronets brought in a revenue of £90,885...
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but were soon being bought for only £220 (1622). |
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James allowed earldoms to be sold for £10,000...
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increasing their numbers from 27 (1615) to 65 (1628). |
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After 1618 Lionel Canfield (Earl of Middlesex) took charge of Crown finances and although he...
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cut expenditure (wardrobe, household etc.), his savings were not a solution to the financial weaknesses of the Crown. |
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Although major financial reform was needed, many argue it simply wasn't possible...
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