James I and Finance

Flashcards by charlotte151996, updated more than 1 year ago
Created by charlotte151996 about 8 years ago


History (James I) Flashcards on James I and Finance, created by charlotte151996 on 16/04/2013.

Resource summary

Question Answer
1608 Restriction on James' spending - 1608 Cecil made James agree to a 'Book of Bounty'. - This put a cap on what James could give in gifts such as land or customs. - 1609 Cecil forced James to stop selling crown land in an 'entail' on certain land. - Taxation was wholly ineffective which meant J did not collect what he should.
1610 The Great Contract Idea by Robert Cecil, Earl of Sailsbury The Great Contract proposed that - in exchange for James giving up wardship, purveyance and other feudal income - Parliament should vote £200,000 per year.
Gunpowder plot November 5th 1605 - Catesby & Fawkes key protagonists - Plot to blow up Parliament, a MINORITY of Catholics - Parliament demanded harsh punishments, James appeased them.
Levels of crown debt - £422,000 in 1603 - £800,000 in 1606 - Partly explained by new King needing to impress, gifts to courtiers etc - Larger household, cost £80,000 per year more than Elizabeth's had (family etc). - Large amounts of extravagance involved
Purveyance Wardship Impositions Purveyance, Wardship & Impositions - P: Right for the crown to buy goods below market value - W: The crown had the right to take land if inherited by a male under 21. - I: Crown right to collect import tax above level agreed by Parliament. - Political more than financial problems.
1614 Cockayne scheme -Devised a plan to dye and dress English cloth before shipping it abroad. -Cockayne convinced James I to grant him a monopoly on cloth exports. -Intended to increase the profits of English merchants -Bypassing Dutch merchants. Scheme failed as the Dutch refused to purchase finished cloth. -As a result, the English cloth trade was depressed for decades.
1614 Earl of Suffolk as new treasurer While Suffolk was in control, debt went from £500,000 to £900,000 resulting in his dismissal in 1618.
1616 Exports through London 1/3 down from 1614 and customs revenue fell Merchant adventures resume control of cloth trade. This never reached high point of 1614 (before the Cockayne scheme).
1618 - 1648 Thirty years war - Fought largely as a religious war between Protestants and Catholics in the Holy Roman Empire.
1618 Book of sports The Declaration of Sports (also known as the Book of Sports) was a declaration of James I of England issued in 1618 listing the sports and recreations that were permitted on Sundays and other holy days.
1625 James I dies -Charles I takes throne. -Country badly left in debt.
1606 John Bate taken to court for refusing to pay duty on currents (Case of impositions) The judges agreed in Bates Case (1606) that these impositions were legal, and the crown extended them to many commodities. But legality did not mean that the impositions were acceptable to English public opinion.
1606-1621 Parliament gave James only one grant (under £100,000) Second session of Parliament gave James a grant of £400,000 This led James to believe Parliament would always pay his debts and was a shock when they went against him.
James formed attachment to Robert Carr (1607-1615) Allowed Carr to achieve status of chief favourite.
1603 James accedes to English throne Extravagance... 1603-1606 = £600,000 spent on army in Ireland. 1603-1612 = £185,000 spent on jewels. Expenditure on the household doubled by 1610. 'Contemporaries would have minded less about the scale of James' extravagance if it had not gone so largely on conspicuous consumption or into the pockets of hated Scottish foreigners.'
1604 Treaty of London Concluded the end of the Anglo-Spanish war. Both Philip III and James I inherited the war from there predecessors Queen Elizabeth (died in 1603) and Philip II (died 1598) and were keen to bring an end to the conflict. This resulted in a decrease in expenditure going towards the war.
1604 Direct collection of customs was abandoned. In return for an annual rate, customs farmers were able to collect and keep customs revenue. -Gave King a regular income -Source of patronage
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