Great Contract
Encyclopedia
The Great Contract was a plan submitted to James I
and Parliament
in 1610 by Robert Cecil
. It was an attempt to increase Crown income and ultimately rid it of debt.
Cecil suggested that, in return for an annual grant of £200,000, the Crown should give up its feudal rights of Wardship
and Purveyance
, as well as New Impositions
. The plan was eventually rejected by both James and Parliament. Whether it would have helped the financial situation at the time remains speculation.
James I of England
James VI and I was King of Scots as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the English and Scottish crowns on 24 March 1603...
and Parliament
Parliament of England
The Parliament of England was the legislature of the Kingdom of England. In 1066, William of Normandy introduced a feudal system, by which he sought the advice of a council of tenants-in-chief and ecclesiastics before making laws...
in 1610 by Robert Cecil
Robert Cecil, 1st Earl of Salisbury
Robert Cecil, 1st Earl of Salisbury, KG, PC was an English administrator and politician.-Life:He was the son of William Cecil, 1st Baron Burghley and Mildred Cooke...
. It was an attempt to increase Crown income and ultimately rid it of debt.
Cecil suggested that, in return for an annual grant of £200,000, the Crown should give up its feudal rights of Wardship
Ward (law)
In law, a ward is someone placed under the protection of a legal guardian. A court may take responsibility for the legal protection of an individual, usually either a child or incapacitated person, in which case the ward is known as a ward of the court, or a ward of the state, in the United States,...
and Purveyance
Purveyance
Purveyance is the right of the Crown to requisition goods and services for royal use, and was developed in England over the course of the late eleventh through the fourteenth centuries. In theory, the king's prerogative allowed him to collect goods needed for both household and military use, but...
, as well as New Impositions
New Impositions
The Crown traditionally exercised the right to impose import duties for the regulation of trade and the protection of domestic industry. New impositions of this kind were imposed by Elizabeth I on currants and tobacco and extended by King James I to most imports after a favourable ruling in...
. The plan was eventually rejected by both James and Parliament. Whether it would have helped the financial situation at the time remains speculation.