Charles I's Personal Rule (1629-40) - Finance

Why was finance a failure for Charles?

Due to his failure to secure subsidies from Parliament.

How much debt was Charles in by 1629?

£2 million.

How were savings achieved by Charles’ first chief financial ministers?

• Securing peace with France (1629) and Spain (1630) through the Treaties of Susa and Madrid.

• Weston’s reforms of court finance in order to lower the costs of running Charles’ courts.

Both of these had negative political consequences.

What were some methods of fiscal feudalism used by Charles to increase revenue?

• Customs duties (including tonnage and poundage).

• Feudal dues (including wardship).

• Monopolies.

• Recusancy fines.

• Distraint of knighthood.

• Other fines (e.g. forest, land and enclosure fines).

How did Charles manage customs duties during his Personal Rule?

In the years 1631 to 1635 it brought Charles about £270,000 a year. In 1635 a new Book of Rates updated the amount paid on goods as a customs duty to be more in line with their market value, increasing revenue. By the end of the 1630s the amount coming in from customs duties had risen to £425,000 a year.

How did Charles manage feudal dues during his Personal Rule?

The Crown had the right to run any estate inherited by an heir under 21 years old. Income from wardship increased by a third to £75,000 a year.

How did Charles manage monopolies during his Personal Rule?

A loophole in the Monopoly Act allowed grants to corporations, the most notorious of which was the granting of the monopoly for soap to a group of Catholics (nicknamed the Popish Soap) which earn Charles £33,000.

How did Charles manage recusancy fines during his Personal Rule?

Income from these fines was increased from £5300 a year in the 1620s to £26,866 in 1634.

How did Charles manage distraint of knighthood during his Personal Rule?

Anyone holding a land with an income of £40 a year or more who had not received a knighthood at Charles’ coronation was fined. By 1635, Charles had raised nearly £175,000 in this way.

By exploiting his royal prerogative, how much did Charles raise his annual income in his Personal Rule?

From £600,000 to £900,000 a year, but he was still in serious financial trouble.

How else did Charles raise his income?

Through Ship Money.

What is ship money?

A prerogative form of income levied in times of emergency to fund the navy. In October 1634 ship money was levied on coastal towns and counties. In August 1635 it was extended to inland counties and levied annually until 1639. Ship money raised an average of nearly £200,000 a year - the equivalent of three parliamentary subsidies.

Why was 1637 seen as a turning point of Charles’ reign?

English opposition to Charles’ financial policies and religious policies all happened.

Who was John Hampden?

A prominent member of the gentry, refused to pay Ship money in 1635 as he felt that only Parliament could impose taxes. He also lived in Buckinghamshire, an inland county who did not necessarily need protection from invasion.

What was Hampden’s case (1637)?

Charles took Hampden before the Court of Exchequer due to his refusal to pay Ship money.

What was the outcome of Hampden’s case?

7 judges upheld Charles, 5 sided with Hampden. This narrow decision may have encouraged more widespread resistance to Ship money.

What did the Hampden case suggest about Charles?

That he did not need parliament due to his prerogative and can raise and spend money as he chooses.

Why did Charles recall Parliament in 1640?

He needed subsidies for his war in Scotland. He announced the illegality of ship money to convince parliament to provide him with subsidies. He gained 12 subsidies.

What was this recall of Parliament known as?

Short Parliament. It lasted from 13th April 1640 and was dissolved by Charles on 5th May 1640.

What financial consequence was a part of the Treaty of Ripon?

Charles agreed to pay the Scots £850 a day while they occupied English soil.

How did Charles find the money to pay the Scots?

He had to recall Parliament in August 1640, becoming Long Parliament.