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War, English Delusion, and the effect on the Economy (3)

It is important to remember that medieval governments could not issue paper money. Ultimately, everything had to be paid for in hard cash, although it was commonplace for creditors to be made to wait, in some cases for a very long time.

The English royal government was not outstandingly rich. Its sources of income were (1) the royal estates. No king (or queen) ever made a good job of the running the estates. Partly because they were far too busy with other stuff. Moreover, in the middle ages there was no real tradition of “improvement” to estates. The usual assumption was that if a property was worth £5 in 1200 (or whenever) it was (or should be) still worth that now. (2) customs duties, especially tunnage and poundage. These duties were usually granted to the sovereign at the beginning of the reign, and if Parliament felt generous, for the term of the sovereign’s life. (3) feudal incidents, for example the money arising from wardship and marriage of heirs, the very occasional feudal aids, money that came from a bishop’s temporalities during a vacancy. This flow of income had many random aspects and some of the feudal dues were routinely evaded. (4) income from justice and other traditional payments. These would include forfeitures for treason and other serious crimes.

Taken together, these various cashflows just about covered royal expenditure in a time of peace. It should be borne in mind that they did not just pay for the king’s household and court, but for diplomacy, defence, justice and all the assorted departments of medieval government. They were quite inadequate for the prosecution of any but the most brief, small and profitable of wars.

If you wanted more, the options were to borrow – and borrowings had eventually to be paid back from revenue – or to secure a Parliamentary grant of additional taxation. These were normally based on a rather theoretical assessment of the cash value of a person’s goods, and usually came in a grant of a tenth (for towns) and a fifteenth (for everyone else.) Kings sometimes asked for two or three subsidies at once, but on the other hand Parliament not infrequently offered a half subsidy. The clergy made a similar payment via grants made by their Convocations. The clergy were just as awkward as Parliament when it suited them. Parliament would often ask for redress of grievances as a quid pro quo for any grant, and the king usually had to at least make a show of making concessions. If he was in a weak position politically, the concessions might be substantial.

(This post reblogged from The Yorkist Age.)

 

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One thought on “War, English Delusion, and the effect on the Economy (3)

  1. Pingback: War, English Delusion, and the effect on the Economy (4) | murreyandblue

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