Date: August 4th, 2026 5:48 PM Author: Swashbuckling crawly kitchen
To raise revenue without reconvening Parliament, Charles resurrected an all-but-forgotten law called the "Distraint of Knighthood", in abeyance for over a century, which required any man who earned £40 or more from land each year to present himself at the king's coronation to be knighted. Relying on this old statute, Charles fined those who had failed to attend his coronation in 1626.[92][e]
Date: August 4th, 2026 5:50 PM Author: Swashbuckling crawly kitchen
Charles also derived money by granting monopolies, despite a statute forbidding such action, which, though inefficient, raised an estimated £100,000 a year in the late 1630s.[98][f] One such monopoly was for soap, pejoratively called "popish soap" because some of its backers were Catholics.[100]
Date: August 4th, 2026 7:14 PM Author: Swashbuckling crawly kitchen
Against the background of this unrest, Charles faced bankruptcy in mid-1640. The City of London, preoccupied with its own grievances, refused to make any loans to him, as did foreign powers. In this extremity, in July Charles seized silver bullion worth £130,000 held in trust at the mint in the Tower of London, promising its later return at 8% interest to its owners.[104] In August, after the East India Company refused to grant a loan,[105] Lord Cottington seized the company's stock of pepper and spices and sold it for £60,000 (far below its market value), promising to refund the money with interest later.[106]