forced loans - Hutchinson encyclopedia article about forced loans Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
1,751,078,086 visitors served.
forum mailing list For webmasters
?
New: Language forums
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

forced loans

    0.02 sec.

forced loans

In Britain, the right of the Crown to demand money from its subjects without seeking the approval of parliament, especially in times of war. These were technically loans to be repaid and guaranteed with a receipt under the Privy Seal, unlike a benevolence, which was ostensibly a free gift. The practice appears to have started under Henry VII who did repay the money, but from the time of Henry VIII subsequent parliaments were used to cancel the debt. The loans of 1522–23 were converted by statute into gifts, and the last loan made to Elizabeth I was never repaid by her successor, James I.

Opposition to the practice grew in the reign of the Stuarts, by which time it had become little better than legalized extortion. Charles I raised such a loan after parliament refused to finance his foreign policy 1626 and several prominent nobles who refused to pay were arrested. The Five Knights' Case which resulted upheld the king's power to imprison at will. The uproar over Charles' behaviour led to the Petition of Right 1628, which demanded the king halt arbitrary arrests and not raise taxes without parliamentary consent. Forced loans were declared illegal 1689.



How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content.
?Page tools
Printer friendly
Cite / link
Email
Feedback
?Sign in SSL protected
Email:
Password:
Register

? Mentioned in ? References in periodicals archive
 
The great rebellion of 1780-1782 further disrupted the Cuzco economy, making it more difficult for the nuns to maintain accustomed standards of living, and this was followed by the actions of the crown in the 1790s and early 1800s that extracted forced loans to cover growing war-related deficits.
Siena had to use a variety of means to meet the financial obligations - direct taxes; higher gabelle rates; highly inflated salt prices forcefully imposed on the citizenry; pawning of city lands; allowing of exiles and rebels to return in exchange for a payment; and forced loans from the Church and the Jews.
 
Hutchinson browser? ? Full browser
 
 
Hutchinson Encyclopedia
?

Disclaimer | Privacy policy | Feedback | Copyright © 2009 Farlex, Inc.
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Terms of Use.