By the time James I ascended the throne of England royal finances had been undermined by inflation. In 1610 Lord Treasurer Robert Cecil proposed that Parliament should vote the king a regular annual income. In return, the crown would abandon its deeply resented right to make wards of under‐age heirs of landowners and sell control of their estates to the highest bidder. The contract was duly formalized, but during the parliamentary recess members were made aware that their constituents were implacably opposed to it. Since James had become convinced that it would leave him no better off, the contract was abandoned, amid general recriminations.
Subjects: British History.