James and his wife, Anne of Denmark, immediately began spending like they had just won the lottery. As C.N. Trueman notes in James I and Royal Revenue, the King excused his spending by saying he was “like a poor man wandering about forty years in a wilderness and barren soil, and now arrived at the land of promise.”
The Crown obtained money from a variety of revenue streams. There was “ordinary revenue” from the crown lands, court fees and monopolies. There were numerous taxes levied on British subjects—from custom duties on all movable goods to taxes on landowners, merchants, and tenant farmers. The Crown was also allowed to buy all food and goods at reduced prices under the much- hated system of purveyance.
But it was not enough. “By mid-September 1603,” writes Tinniswood, “when the king and queen were on progress through Wiltshire, Berkshire, and Oxfordshire, spending on the household looked as though it was reaching a rate of £100,000 a year, twice the amount that Elizabeth had spent. ‘Think what the country feels,’ wrote secretary of state Robert Cecil.”
The country—making its voice heard through the increasingly vocal House of Commons—reacted angrily as James levied new taxes to fund new peerages for his Scottish favorites, servants for his large family, a new luxurious wardrobe, and endless banquets. Queen Anne’s beloved court masques (entertainments) were particularly expensive. The highly problematic Masque of Blackness cost an estimated 8.5 million pounds ($11,750,400) in today’s money. According to Tinniswood, “by the time it was staged there were widespread grumblings of discontent at the lavish expenditure involved.”
When James didn’t get money he requested from Parliament, the unpopular King placed custom duties and taxes on middle-class merchants without their consent. He also took advantage of the popularity of his teenage heir, Henry, the future Prince of Wales.
“In 1609, the cash-strapped James I resurrected an all-but-forgotten feudal levy, ‘anciently due by the common law of England,’ which could be exacted for Henry’s knighting when he reached the age of sixteen,” Tinniswood writes. “The proceeds from this tax went towards paying James’s debts.”
Parliament Tries to Rein in Royal Spending