War in Europe

Abstract

In 1617 the king went on progress to Scotland (see pp. 141-2). As usual the ordinary account was in deficit, and to pay for his visit James requested from the City of London a loan of £100,000 for one year at 10 per cent interest. The lenders were so reluctant that City officials could not collect the full amount, and on the king’s return the royal debt stood at £726,000. James failed to repay the capital of the loan and after another year he ceased to pay the promised interest. Not surprisingly, for the rest of his reign he was unable to raise money from the City. It was imperative to begin a programme of retrenchment and the king wrote sharply to his Privy Council, placing the responsibility for balancing his accounts entirely on them.¹