Sir Walter Raleigh: in Life & Legend (2015)
“His total debts came to 0500,000 and the annual deficit to 0160,000. In 1610, Robert Cecil had proposed a permanent settlement of the problem in the shape of a Great Contract. This entailed the surrender by the King of certain unpopular sources of revenue in return for a guaranteed annual income of £200,000. Between the objections of some parliamentarians that the figure was too high, and the King's reluctance to surrender any sources of income, the Great Contract failed and Parliament was diss...olved. Three years later, with the situation again desperate, James yielded to the persuasions of a group in his Privy Council that the only cure lay in Parliament. It opened on 3 April 1614. James met it with a bad grace, declaring loftily that he would not bargain with them like a merchant. The central issue lay in the taxes known as impositions: these were customs duties levied on imports and authorized only by the King, not by Parliament. In 1606 the King's right to do this had been challenged by a merchant, John Bate, who refused to pay a duty on currants that he was bringing in from the Levant.MoreLess
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