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Henry VII Economy - Coggle Diagram

- - - - ◦ Example: The attainer of Sir William Stanley brought the Crown £9,000 in cash plus £1,000 per annum.
  - - - ◦ Bonds: Written obligations that promised specific action, often with a monetary penalty if they failed. ◦ Recognisances: Formal acknowledgements of existing debts or obligations. ◦ Impact: They were an effective means of restoring law and order, which Henry wanted. It is calculated that 62 noble families were at one time under financial obligation. The extensive use of bonds and recognisances earned Henry a reputation for cynicism and greed.
    - - ◦ Requested funds for defense or military campaigns (e.g., in 1487 for the Battle of Stoke, 1489 to fight the French). ◦ Accused by historians of "cheating his subjects" by raising money for wars that never took place, such as in 1496.
    - - ◦ These requests were virtually "impossible to decline" and often took the form of 'agreements'. ◦ Henry is known to have asked for sums around £10,000; there is no evidence of repayment, suggesting those who owed money were likely supporting a rival claim.
    - - ◦ He also made money from simony (selling church appointments), earning over £6,000 a year late in his reign.