Stuarts

How much debt did Elizabeth leave at the end of her reign?

Between £350,000 and £420,000.

Why was Elizabeth’s debt not a serious problem for James?

Because most of it was already being covered or forgiven.

How much money did Parliament grant in 1601 to help with debt?

£300,000.

How much debt was written off by landowners who expected no repayment?

£100,000.

Which foreign powers owed money to the English Crown?

France and the Dutch.

Why were James’s expenses naturally greater than Elizabeth’s?

He was a family man and had to maintain a wife and children.

How had Elizabeth failed to adjust taxation?

She did not update tax assessments in line with inflation.

Why did the Crown receive less money than Parliament intended from taxation?

Because of an inefficient system of collection.

What financial policy had Elizabeth used to raise money?

She sold over £800,000 worth of crown estates and cut expenditure.

How had Elizabeth failed to increase Crown income from customs?

She did not raise duties in the Book of Rates and made no attempt to exploit crown lands effectively.

Why were James’s expenses naturally higher than Elizabeth’s?

He was a family man and had to maintain a wife and children.

How had Elizabeth failed to adjust taxation?

She did not update tax assessments in line with inflation.

Why did the Crown receive less money than Parliament intended from taxes?

Because of an inefficient system of collection.

How did Elizabeth raise money through crown lands?

She sold over £800,000 worth of estates and cut expenditure.

How did Elizabeth fail to increase income from customs and crown lands?

She did not raise duties in the Book of Rates and did not exploit crown lands effectively.

Why was James worse off financially than Elizabeth?

Irregular grants were collected only when Parliament agreed and were meant for times of war; James was expected to live on Crown income.

How did the value of Parliamentary subsidies change from 1558 to 1621?

They declined from £137,000 in 1558 to £72,000 in 1621.

How did inflation affect James’s finances?

It reduced the real value of money, making income less valuable.

Why was the system of Parliamentary subsidies flawed?

Commissioners, often neighbours, deliberately undervalued property to reduce payments.

Give an example of deliberate undervaluing by commissioners.

Duke of Buckingham’s £400,000 estate was only valued at £400.

How did James’s emotional insecurity contribute to his financial troubles?

He often bought people’s affections, such as James Hay, Earl of Carlisle.

What was the Ante Super and how much did it cost?

A meal prepared then thrown away, costing £3,000.

How much is James Hay estimated to have received in gifts?

£400,000.

How much did James spend annually compared to Elizabeth?

James spent £80,000 a year, Elizabeth spent £30,000.

How much did James spend on jewels over 9 years?

£185,000.

What impact did James’s court have on expenditure?

He added 200 extra courtiers, and his family maintained separate households.

Give examples of James’s extravagant spending on family occasions.

Son’s elaborate funeral and daughter’s wedding costing £116,000.

What change happened to the collection of customs duties in 1604?

Direct collection was abandoned and duties were leased to a syndicate of merchants.

How did the syndicate system work?

Merchants paid an annual rent and were allowed to collect and keep the customs revenue.

What was a positive of leasing customs to merchants?

The king received a regular, predictable income.

How did leasing customs encourage diligence and reduce corruption?

The syndicate was motivated to collect duties properly to maximize their profits.

What was a negative of the syndicate system?

If trade boomed, the syndicate benefited at the expense of the government.

Who was involved in the 1606 Bates case?

John Bates, who refused to pay the imposition duty on currants.

What was Bates’s argument against paying the duty?

He claimed the duty was not sanctioned by Parliament.

How did the judges rule in the Bates case?

They ruled in the king’s favour, stating the monarch had the right to regulate trade for the security of the realm.

What was the impact of the Bates case on impositions?

By 1608, over 1,000 luxury items could be charged impositions.

How much did impositions raise for the Crown after the Bates case?

£70,000 per year.

What was Robert Cecil’s main aim as First Lord Treasurer?

To organise royal spending.

How did Cecil target debt from recusants?

He collected fines from Catholics who refused to attend church and successfully collected £9,000 in a single day.

How did Cecil improve the management of crown lands?

He managed them more effectively, increasing the income for the Crown.

What was the Book of Bounty (1608)?

A system requiring anyone interested in grants from the king to go through Cecil first, controlling James I’s spending.

How much income did Cecil raise per year using these methods?

£100,000 per year.

What was the Great Contract of 1610?

A plan proposed by Robert Cecil to solve James I’s financial troubles.

What did the Great Contract propose Parliament should do?

Pay off royal debts of £600,000 and give James £200,000 per year automatically without needing to meet.

What concessions did Cecil offer on behalf of the Crown?

End wardships, end purveyance, and give up some legal privileges enjoyed by the Crown.

Who primarily benefited from the Great Contract?

The rich and southerners.

Why might some MPs, especially from the north, have opposed the Great Contract?

Because it mainly helped the wealthy and southern regions, neglecting their interests.

What concession did Salisbury offer in early negotiations to convince Parliament?

The abolition of the Court of Wards rather than broader reforms.

How did Salisbury argue that royal extravagance was not the cause of the financial crisis?

He highlighted the costs of Elizabeth’s funeral and the security for visiting ambassadors.

What argument did Salisbury use regarding national security?

He claimed that the solvency of the Crown was essential for the country’s security, citing Elizabeth’s stinginess in later years.

Why was the House of Commons not convinced by Salisbury?

MPs had conservative views on taxation, there was no war, the king was too generous to Scotsmen, and extra taxes were only justified if national interest demanded it.

How did Salisbury try to convince Parliament to accept the Great Contract?

He offered the abolition of the Court of Wards, denied royal extravagance caused the crisis, and argued the Crown’s solvency was essential for national security.

Why was Parliament not convinced by Salisbury?

MPs had conservative views on taxation, there was no war to justify extra income, the king was too generous to Scotsmen, and extra taxes were only justified if the national interest demanded it.

What events did Salisbury use to emotionally appeal to MPs?

He highlighted Prince Henry becoming Prince of Wales, Elizabeth’s funeral, and instability in France after Henry IV’s assassination, emphasizing England’s secure monarchy.

Did Salisbury’s emotional tactics work?

No, MPs challenged the legality of impositions and questioned whether Bates’ Case provided sufficient precedent.

How did James negotiate over the Great Contract?

He agreed no future impositions would be levied without Parliament’s consent, reduced the number of items subject to impositions, and offered £500,000 instead of £600,000 due to urgent financial pressure.

Why did MPs resist the Great Contract negotiations?

They were reluctant to pay a regular annual tax and increasingly objected to impositions.

Why did James I dismiss Parliament in 1610?

MPs refused to negotiate, and James was angered by rumours that they planned to petition him to send all his Scottish friends back to Scotland.

What was the result of James’ anger at Parliament in 1610?

He dismissed Parliament.

Why did MPs fear the Great Contract?

They worried an independent royal income would mean the King might no longer call Parliaments.

What aspects of James’ court made MPs disapprove of the Great Contract?

His court was seen as extravagant and ‘immoral’, including spending and homosexual activity.

Why did MPs think the Great Contract was unnecessary?

There was no foreign threat that required extra income for defense.

Why did abolishing purveyance and ending wardships fail to convince MPs?

Abolishing purveyance mainly benefited the south-east, and ending wardships only helped greater landowners.

Which advisors opposed the Great Contract and why?

Sir Francis Bacon said it was unkingly to haggle with subjects; Sir Julius Caesar argued £200,000 wasn’t much more than current revenues and would lose value through inflation.

Did any officials oppose the contract?

Yes, courtiers from the Court of Wards opposed it.

What financial solution did Salisbury use to raise money?

He sold titles and created a new one, the Baronet.

How much was a Baronet originally sold for, and how much was raised between 1611–1614?

Sold for £1095; £90,885 was collected between 1611–1614.

How many Baronets did James agree should be created?

Only 200.

What happened to the value of Baronets by 1622?

The cost dropped to £220, making them less valuable and common.

What was the long-term problem with selling Baronets?

Too many were given out, reducing their prestige and making the title less special.

Who became Lord Treasurer in 1614?

Thomas Howard.

What method did Thomas Howard use to raise money?

He asked wealthy individuals for gifts.

How much money was raised for the King through Howard’s method?

£65,000.

What was the short-term benefit of Howard’s fundraising?

The King gained money quickly.

What were the long-term problems of Howard’s approach?

It caused resentment among the elite and made the King appear weak.

What does Howard’s approach show about his ideas?

He had limited ideas for improving royal finances.

How did James I try to make money through trade?

By granting monopolies, giving someone the sole right to import goods.

What happened to monopolies in 1621?

James had to revoke 20 of them due to unpopularity.

Who became Lord Treasurer and Lord Chancellor in 1621?

Lionel Cranfield.

What were Cranfield’s main goals?

To increase crown revenue and cut expenditure.

How did Cranfield raise more money for the crown?

From the Court of Wards, farmers, and impositions.

How did Cranfield reduce royal spending?

Stopped spending on the Navy, Royal Wardrobe, and households, saving £100,000.

What issue did Cranfield face with James’ spending habits?

James ignored his advice and gave George Villiers (Duke of Buckingham) £10,000 for a new baby and £20,000 for a house.

How did foreign policy affect Cranfield’s reforms?

Increased foreign spending ruined the progress Cranfield had made.

What led to Cranfield’s downfall?

He opposed Buckingham, who had him accused of corruption and imprisoned in the Tower of London.

What was the Cockayne Scheme of 1614?

William Cockayne claimed he could make the King £40,000 by dyeing cloth in England instead of exporting it.

Did the Cockayne Scheme succeed?

No, it failed because Cockayne could not create a successful dyeing industry.

How did the Dutch react to the Cockayne Scheme?

They refused to take the cloth due to trade disruption, causing warehouses to fill with unsold cloth.

What happened to English weavers as a result of the scheme?

They became unemployed, leading to riots in the West Country.

When was the Cockayne Scheme ended and why?

In 1617, James was forced to end it and return to the Merchant Adventurers due to its failure.

What does the Cockayne Scheme show about James’ financial judgement?

It showed that James had poor financial judgement.

How did James try to raise money after the failure of the scheme?

He sold land, including Flushing and Brill, for less than the outstanding debt to fund his son’s household.