Part One


Institute of Historical Research



William A. Shaw (editor)

Year published



7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25


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'Introduction: Part One', Calendar of Treasury Books, Volume 3: 1669-1672 (1908), pp. VII-XXV. URL: Date accessed: 27 November 2014.


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In the two preceding volumes of this Calendar the story of the financial troubles of Charles II. has been carried down to the end of the year 1668. It has been thought advisable to extend the present volume so as to include the period up to Lord Clifford's Treasurership, thereby covering the episode of the stop of the Exchequer. The real nature of that episode, the first acknowledged bankruptcy in English History, was perfectly well understood by the contemporary official and financial world of England. Nor did contemporary writers misunderstand it. Burnet's account, for instance, though written thirty years after the event, is in its form unimpeachable. Misrepresentation arose first at the hand of Whig politicians, followed therein by Whig historians, but it has been reserved for modern writers to improve such misrepresentation by the most absurd and unhistorical innuendos. In its grossest form the modern version of the myth states that the bankers had been in the habit of depositing in the Exchequer cash balances or reserves for safe keeping and that Charles II. simply seized upon these deposits. And even where such misstatement is avoided the inference is invariably drawn that Charles profited instantly by the amount of the bankers' assignments which were stopped.

The two preceding introductions will have failed of their purpose if they have not foreshadowed at once the inevitability of the impending national bankruptcy and the exact technical nature or procedure of the transaction itself.

As to the first of the points, the inevitability of the act of bankruptcy, it is a mere matter of figures. The accounts of Charles's income have been already brought down to the end of the year 1668. In the following tables they are carried on to the date of the stop of the Exchequer.

Hereditary Revenue of the King.

1668, Mich., to 1669. Easter.1669. Easter to Mich.,1669. Mich., to 1670. Easter.1670. Easter, to Mich.1670. Mich., to 1671, Easter.1671, Easter, to Mich.1671, Mich., to 31 Dec., 1671
Receivers General of Crown Lands11,84482,596510,017124,87347,9661104,237182,60000
Customs and subsidies88,452121184,95225126,81724136 2336106 3710656,40187226,1481410½
Sheriffs of counties and cities696651,0830668175860101541341,001151,121100
Coal farm (4s. and 1s. per chaldron)5196371963736126519631,01963196350000
Lands seized and extended20744114131186201001503332
Fines of leases80167842235253511931767320035060
Loan money (general loans and loans on the Customs, Excise and Hearths)13,55848108,68368136,568100157,4501098,69407248,422121159,27726
Rent of lands14538200251042100185197631311
Bailiffs of Liberties137345714107400321171011211281611394
Farm of Post Office9250045126
Redemption of lands10000
Post Fines150005000
Compositions in the Exchequer180951197811914400841157
Enstalled debts10000100001000010000100007,67116
Forfeited goods (seizures)2,4941652,3981982,47022,420813,387011½2,12702
Farm of logwood19057500025000250002500025000
Fines for alienations1,850006000075100310001,00000
Loans on fines for alienations1,50000
Imprest money repaid1,5191511½5,975001,304006000011000
Tenths of the Clergy3,108447,5191110½1,954167,5570111,3787115,836131,9521011½
Prizage and Butlerage740032268
First Fruits1,200007,90531,200003,4973
Custody of idiots1000500500500
Duty on French ships6000060000600003000030000
Queen Consort's dowry1,2261004,500005,4000025000
Society of Musicians200200200
Issues of Jurors45160
Money received of the French King (for Dunkirk)4,02500
Clerk of the faculties225001000012500
Society of tobacco pipe makers168168168
Tin Farm1,000001,00000
Farmer of King's Bench fees801420000676182
Farm of the Alum Works3,84500500002,234001,00000
Loans on the Alum Works225136
Farmers of masts and timber3,25000700001,400002,80000700002,22500
Rent of Customs for fish150
Loans on salt farm1,00000
Salt Farm55000350001,100005000050000
Clerk of the bills13681368
Plate out of the Jewel House1,000001,00000
Money received for the use of His Majesty4,625704,50000
Rent of Bombay20001000
Assarts and purprestures621813,3515
Tin received at Ostend1,000001,2388
Baronet fees1,095001,09500
Farm of fines for licence of concord3500040500
Farm of unwrought wood70000
Four and a half per cent, in Barbados, &c.673683,228108
Duchy of Cornwall4,66000
Loans to the King178,00000
Wine Licences3,125002,3831683,70926
Total £267,416135504,3861610½471,36967524,735211½731,9071605,349147571,77912

Parliamentary Revenue of the King.

1668, Mich., to 1669, Easter.1669, Easter, to Mich.1669, Mich., to 1670, Easter.1670, Easter, to Mich.1670, Mich., to 1671, Easter.1671, Easter, to Mich.1671, Mich., to 31st Dec., 1671.
Arrears of assessments10341121001008361391110
Voluntary present0301050010158
Eighteen Months' assessment304154905321,39005123166
Subsidies (1663)101100419859900172116105188
Royal Aid5,979153,913084491741,614111,797081,785181044160
Additional Aid14,26915,7293111,4891102,12211311082021763858
One Month's assessment for the Duke of York574101166110097186
Coinage duty2,25162,738583,13474,21324,73715110,57412,4211810½
Eleven Months' assessment568,913134266,481262,8741113,579134,513355,4000933610½
Loans on first Wine Act287,0000013,00000
First Wine Act33,85691111,932171159,8411634,00000
Retrospect of first Wine Act6,998001,646002,00000
Loans on fee farms70,001105,5391612,3874020,667127
Sale of fee farms1,1359515,43481068,174957,6761
Farmers of brandy2,00000
Loans on second Wine Act19,753662,68419
Second Wine Act58,7000033,00000
Subsidy (1670–1)59,0328376,57219175,34516
Law duties7,412710
Total £914,001110½293,437110½180,0701610115,19514219,59113205,52615159,351149

Total Income: Hereditary and Parliamentary.

1668, Mich., to 1669, Easter1,181,41715
1669, Easter to Mich.797,823189
1669, Mich., to 1670, Easter651,44035
1670, Easter to Mich.639,930175
1670, Mich., to 1671, Easter951,498152
1671, Easter to Mich.810,87610
1671, Mich. to Dec. 31731,1301511

Net Produce of the Hereditary Revenue of the Crown after Deduction of Loans and Parliamentary Taxes.

1668, Mich., to 1669, Mich.649,5211811½Loans122,2411141,329,719151
Parliamentary taxes1,207,47839
1669, Mich., to 1670, Mich.700,858196Loans294,0190590,51214
Parliamentary taxes295,26611
Queen's dowry1,22600
1670, Mich., to 1671, Mich.807,6403Loans525,116128954,735111
Parliamentary taxes425,11893
Queen's dowry4,50000
1671, Mich., to Dec. 31.412,251188Loans159,27726318,878173
Parliamentary taxes159,351149
Queen's dowry25000

Total Revenue of England from the Restoration to the Stop of the Exchequer.

1660, June—1666, Dec.9,848,8445
1668, Jan.—Mich916,55110
1668 Mich.—1669, Mich1,979,24114
1669, Mich.—1670, Mich1,291,371010
1670, Mich.—1671, Mich.1,762,3755
1671, Mich.—31 Dec.731,1301511

Or' a yearly average for 11½ years of 1,570,089l. 8s. 9d. for both hereditary and extraordinary revenue.

In the above brief account of total revenue I have allowed the items of loan money to rank as revenue. For the purpose of a balance sheet this does not matter, because (up to the stop of the Exchequer) the loans were faithfully repaid, so that these items appear on both sides of the account, debit and credit. But for the purpose of the average of yearly revenue they should certainly not be so included, for a loan is not income. The items of loan money given in table A supra pp. viii. and ix. total over a million and a half for the 3¼ years covered by the account, representing an average loan account of half a million a year. For the whole 11½ years from the Restoration to the Stop of the Exchequer these loans total over 2½ millions, and would thus reduce the average income by 230,000l. a year and would thus bring down Charles's total revenue to about 1,340,000l. per an. In other words all the additional extraordinary parliamentary grants of every kind (the bulk of which was granted for war purposes) only just succeeded in covering up the deficit on the ordinary revenue, which should have been 1,200,000l. per an. without war taxes or extraordinary aids of any kind.

Total Expenditure of England from the Restoration to the Stop of the Exchequer.

For the reasons stated in the introduction to Vol. II of this Calendar pp. xiii seq. it is impossible to give the authentic figures. But a deduction can be made on the following principle:—

During the four years 1661–5 the total expenditure (including no war expenditure whatever or any other extraordinary expenditure) was 5,245,306l. 7s. 7d., representing a yearly average of 1,311,326l. 11s. 10d. as the average yearly peace expenditure of the country.

Prior to the Stop of the Exchequer no drastic economies were made in the ordinary peace establishments.

Taking this average, therefore, the total expenditure was probably:—

11½ years' peace expenditure14,424,592102
Parliamentary estimate of the cost of the first Dutch war (demonstrably an under estimate)5,813,8411011½
Total expenditure£20,238,4341
Total revenue18,056,02810

Without insisting upon every figure of this statement I take it as a perfectly just and sound deduction that at the time of the stop of the Exchequer the National Debt amounted to between 2 and 2¼ millions sterling. This debt consisted partly in running debts on the various departmental services and partly in loan or other liabilities, the nature of which will be described immediately.

To return to the period covered by the present instalment of Calendar. The actual expenditure for the whole period cannot be given for the reasons already stated. Only three half-yearly declarations of issues have survived and these are not cast up. I have, however, cast up the items and totalled them as follows, and as the best substitute for an exact statement of expenditure for the missing Exchequer half years I have appended to this table of three half-yearly declarations the chief statements of departmental expenditure from the Declared Accounts. In their totality they are absolutely reliable and final, and will be found to confirm the general estimate of expenditure and debt given above.


1669. Mich., to 1670. Easter.1671, Easter, to Mich.1672, Easter, to Mich.
Privy Purse8,5651948,401122,6901910
Cofferer of the Household16,0000079,4281444,815118
Treasurer of the Chamber5,3221699,6420012,71213
Master of the Horse750007,00000
Navy and Victualling171,8341259,10926413,7500
Great Wardrobe2,500004,882805,10610
Master of the Robes500003,000004,00000
Jewel Office23,3521410½8,70966
Queen Mother100,000010,05450
Secret and special service4,850007,1000021,66680
Gentlemen Pensioners1,200005,2321604,00000
Annual allowances12,68014613,8636
Fees and annuities (the ordinary Civil Service)26,94210122,692711½19,58643
Liveries of the Exchequer1,90819612310½
Army and Garrisons112,82605139,486149142,48412
Rewards and bounties1,1221825,377121026,89510
Extraordinaries of divers natures23,7027913,8341310165,648811 (fn. 1)
Loan money repaid175,41040234,36619778,12738
Interest for loans39,58511761,795727,23858
Reward for procuring loans2,9995114,47925154186
Money transferred1,25539
Total warrants803,54313
Total Fees21,6937
[Sic] (fn. 2) £825,2370


1668 Mich., to 1669, Mich.Farm rent400,00000Ready money paid into the Exchequer185,618610
Paid or lent upon tallies, &c.182,17119
Defalcations and rewards26,7351910
1669, Mich., to 1670, Mich.Farm rent400,00000Paid into the Exchequer311,1233
Paid on tallies, &c.59,849168
Defalcations. rewards. &c.28,3459
1670, Mich., to 1671, Mich.Farm rent400,00000Paid into the Exchequer335,4636
Rent of export of lampernes5368Paid on tallies5,58368
Fees, salaries, &c31,808197
1671, Mich., to 1672, Mich.Receipts of Customs, London392,757010½Payments out of Customs into the Exchequer or on tallies, &c.462,65712
Receipts of Customs, outports170,62819Ditto out of wines144,41615
New imposition on wines, London port109,55578Fees, &c.34,18812
New imposition on wines, outports39,4031410
1672, Mich., to 1673, Mich.Receipts of Customs, London347,5181Payments out of Customs into the Exchequer or on tallies, &c.430,014128
Receipts of Customs, outports160,28748Ditto out of wines157,2688
Overpayments3,8039Salaries. incidents, allowances, rebates. &c., &c.134,85512
Receipts of wines, London126,061184
Receipts of wines, outports39,56012


Excise of London, Middlesex and Surrey.
1671, June 24, to 1674, June 24.Farm rent for the three years420,00000Interest15,21075
Paid by Treasury warrant41,827136
Paid into the Exchequer282,467135
Advance money35,00000
Salaries, allowances, &c.36,55442
Farm of the five counties: Kent, Essex, Norfolk, Suffolk and Bucks (held by the London Farmers).
1668, June 24, to 1671, June 24.Farm rent for the three years164,34000Paid into the Exchequer164,34000
Rent of brandy, &c.7,250007,25000
Additional Excise (London, Middlesex and Survey).
1671, June 24, to 1674, June 24.Rent for the three years162,00000Paid by tallies and warrants30,21840
Paid into the Exchequer131,781160
Country Farm.
1668, June 24, to 1669, June 24.Farm rent of the separate counties179,02500Paid into the Exchequer143,89034
Minus portions thereof unpaid at the end of this year37,75588Allowances to Farmers, &c.2,50210
Other receipts41489
1669, June 24, to 1670, June 24.Farm rent of separate counties143,22000Paid into the Exchequer120,70000
Minus portions thereof unpaid at the end of the year42,412163Paid on tallies or orders12,929110
Interest to Farmers1,492100
Other receipts12810
1670, June 24, to 1671, June 24.Farm rent of separate counties107,41500Paid into the Receipt137,66509
Minus portions thereof unpaid at the end of the year25,53518Paid on tallies, &c.1,28768
Interest to Farmers930100
Other receipts2694
1671, June 24, to 1672, June 24.Farm rent of separate Counties [including New Additional Excise]352,12500Paid into the Exchequer286,712128
Minus portions thereof unpaid at the end of this year74,32115Interest, salaries, &c.7,44671
Other receipts52184
1672, June 24, to 1673, June 24. (fn. 3) Farm rent of separate counties281,70000Paid into the Exchequer271,96652
Minus portions thereof unpaid at the end of this year72,5645Paid the Duke of York18,00000
Interest, salaries, &c.6,54021


1668, Nov. 1, to 1669, Dec. 31.Money out of the Exchequer205,40500Charge of maintaining the Navy269,7591810¾
All other receipts17,015118Allowances41134
1670, Jan.—Dec.Money out of the Exchequer183,89515Charge of maintaining the Navy238,2640
All other receipts.514131Incidents, allowances, &c.44,25614
1671, Jan. 1, to Oct. 14. (fn. 4) Money out of the Exchequer.436,910152Charge of maintaining the Navy.367,567137
All other receipts31,131010
1671, Oct. 14, to 1673, July 12.Money out of the Exchequer1,032,43210Charge of maintaining the Navy748,3626
Other Receipts10,4934Sick and wounded14,125166
French moneys181,63200Sundries13,72892
Other receipts9,561126Moneys handed to succeeding Treasurer64,47113
Paper orders in the Customs, &c.269,510116Paper orders handed to succeeding Treasurer452,9801
Ditto on the wine duties.454,4698Worthless paper orders31,50415
Worthless paper orders3,50000
Depending on imprest accompts661,1085
Allowed to accomptant2,747511


1669, Jan.–Dec.Moneys out of the Exchequer40,975134Victualling (ordinary, sea victualling Tangier and West Indies.)43,55515
Remains of victuals70013
(fn. 5) 1670, Jan.–Dec.Money out of the Exchequer91,043810½Victualling41,8253
1672, Jan.–Dec.Money and paper received of the Treasurer of the Navy242,23548Victualling284,54288
Other paper orders37,60000Allowances9120
Remains of provisions2,534181
1673, Jan.–Dec. (fn. 6) Receipts of money and paper from the Treasurer of the Navy296,77368Victualling203,517111

Prizes in Second Dutch War.

1671, Dec. 25, to 1673, Mar. 25.Receipts of Prizes48,69808Salaries, incidents, allowances to officers and sailors, &c.22,72306
French prize, being French money10,90000Paid into the Exchequer32,80000
1673, Mar. 25—1675, July 10.Receipts from prizes148,147310¾Paid into the Exchequer76,00000
Salaries, incidents, charges and allowances to captains and sailors68,1101


1670, Nov. 25, to 1672, Mar. 31.Imprests assigned from previous accomptant58,7744Emptions and provisions of ordnance, extraordinary salaries, &c.85,7064
Money out of the Exchequer53,1921Depending as imprests on other accomptants123,99566
Sale of decayed provisions and other receipts (mainly French moneys)87,34000
Receipts from Militia money1,284130
1672, May 31, to 1673, June 30.Money out of the Exchequer149,28974Emptions of Ordnance. &c.109,10212
Wages, &c.15,71698
Depending as imprests on other accomptants95,64878

Army and Garrisons.

1669, Sept. 25, to 1670, Sept. 24.Money out of the Exchequer (for Army)107,42536Army104,950184
Do. (for Garrisons)70,144174Medicaments and allowances5,871186
1670, Sept. 24, to 1671, Sept. 23.Money out of the Exchequer (for Army and Garrisons)188,4641111Army119,18764
Medicaments and allowances9,514710
1671, Sept. 23, to 1672, Sept. 21.Money out of the Exchequer (for Army and Garrisons)247,74640Army118,260192
Pay of fresh raised regiments and companies and of soldiers serving on the fleet.43,576510
Salaries, &c.5,010134
1672, Sept. 21, to 1673, Sept. 20.Money out of the Exchequer425,139196Army151,180105
Fresh raised forces117,356106
Levy money10,62000
Pay of soldiers serving on the fleet24,99498
Extras, &c.12,31955


1671, Dec. 31, to 1674, Dec. 31.Remains and imprests depending113,6554Allowance of interest35,6280
Money out of the Exchequer169,931119Pay, victualling, &c., of the garrison and supers133,6661211½
Other receipts4,573124Imprests depending on other accomptants (representing mainly the cost of constructing the mole)123,979510

Cofferer of the Household.

1669, Oct. 1, to 1670, Sept. 30.Money out of the Exchequer163,039192Expenses of the Household and stables85,94410
Sales341116Duke of York10,40000
Other expenses14,502210
1st Oct., 1670, to 30th Sept.,1671.Money out of the Exchequer104,836145Expenses of the Household and stables86,7478
All other receipts9256Duke of York10,40000
Other expenses (progresses, &c.)51,518411¼
1671, Sept. 30, to 1672, Sept. 30.Money out of the Exchequer52,8461311Expenses of the Household and stables84,888133
Other receipts10812Duke of York10,40000
Other expenses13,100810
1672, Sept. 30. to 1673, Sept. 30.Money out of the Exchequer58,987157Expenses of the Household and stables91,0257
Duke of York10,40000
Other expenses38,19117

Treasurer of the Chamber.

1669, Mich., to 1670, Mich.Money out of the Exchequer12,6374Alms, footmen, falconers, huntsmen, grooms and messengers of the Chamber, Revels, &c., &c.20,3289
1670, Mich., to 1671, Mich.Money out of the Exchequer13,7617Items as above31,1076
1671, Mich., to 1672, MichMoney out of the Exchequer64,54210Items as above53,6276
Ditto. for interest1,83149Unrealisable paper10,2004
Paper orders (assigned)21,330145Unassigned paper17,35647
Ditto. (not assigned)17,35647Paper assigned but unpaid at the Exchequer6,499149
1672, Mich. to 1673. Mich.Money out of the Exchequer35,6686Items as above36,7631311¼

Keeper of the Great Wardrobe.

(fn. 7) 1671, Mich., to 1672, Mich.Money out of the Exchequer18,37895Liveries. wages, tradesmen and expenses of wardrobe12,98116
1672, Mich., to 1673, Mich.Money out of the Exchequer15,00000Items as above19,7498

Master of the Robes.

1668, Mich., to 1669, Mich.Money out of the Exchequer5,00000Robes for the King and apparel for servants by command, &c.5,404162
1669, Mich., to 1670, Mich.Money out of the Exchequer5,00000Items as above4,518711
1670, Mich., to 1671, Mich.Money out of the Exchequer4,50000Items as above6,72330
Money out of First Fruits50000
1671, Mich. to 1672, Mich.Money out of the Exchequer5,00000Items as above5,861611
1672, Mich., to 1673, Mich.Money out of the Exchequer5,00000Items as above5,61714


1669, June 1, to 1670, May 30.Provisions out of the stores13218Works at the Tower66514
St. James's28418
Hampton Court1,03517
Denmark House35133
St. James's Park wall159710½
Salaries, allowances, &c.1,806611
1670, June 1, to 1671, May 31.Money out of the Exchequer12,846153Works at the Tower2951011
Provisions out of the stores, &c.56217Whitehall6,349310¼
Old Palace of Westminster48711
St. James s3364
Denmark House527910¾
Hampton Court1,540511¾
Audley End3662
Salaries, &c.1,69612
1671, June 1, to 1672, Mar. 31.Money out of the Exchequer17,7902Works at the Tower8721
Provisions out of the stores, &c.4811611½Whitehall5,496910
St. James's6714
Denmark House1,38016
Hampton Court2,86111
Audley End17112
Salaries, &c1,335190
1672, April 1, to 1673, Mar. 31.Money out of the Exchequer9,94630Works at the Tower4644
Provisions out of the stores1211411Whitehall3,2078
St. James's1864
Denmark House62615
Hampton Court216165
Salaries, &c.1,622190
Extraordinaries—(Goring House, St. James's Park Wall, Gerard House, lions' house in the Tower)1,403157

Mint: Master and Worker.

1666, Dec. 20, to 1670, Dec. 20.Coinage Act money [out of the Exchequer]27,30000Charges of Coining, &c.20,0107
Imprest to the Warden of the Mint7,9082
1670, Dec. 21, to 1672, Dec. 20.Receipts as above24,20000Charges of Coining, &c.15,43510
Imprest to the Warden of the Mint7,9082
1672, Dec. 20, to 1674, Dec. 20.Receipts as above24,30000Charges of Coining, &c.13,294511¼
Imprest to the Warden of the Mint3,97677

Law Duties.

1671, May 1, to 1672, May 1.Receipts of said duties23,909152Paid into the Exchequer21,473811½
Salaries and allowances2,123113
1672, April 24, to 1673, Oct. 23 (when said duties were let to farm).Receipts.10,777116Paid into the Exchequer8,10000
Salaries and allowances1,22778
1672, Oct. 22, to 1675, Oct. 21.Three years' farm rent at 21,000l. per an.63,00000Paid on warrants77000
Receipts of alehouses' recognizances3,79176Paid into the Exchequer52,30368
Interest on advance4,50154
Charges of collecting5,916155
Farmers' reward and house rent3,30000

Wine Licences.

1670, June 24, to 1671, Mar. 25.Rent of wine licences9,244122Paid into the Exchequer8,008168
Compositions for offences55136Salaries, &c.1,211133
1671, Mar. 25, to 1672, Mar. 25.Rent of wine licences12,387100Paid into the Exchequer9,90026
Other receipts452130Salaries, &c.1,93737
1672, Mar. 25, to 1673, Mar. 25.Rent of wine licences12,461109Paid into the Exchequer10,074124
Other receipts700145Salaries, &c.2,4421911


1 This item includes 144,081l. 15s. 10d. as the value of fee farms assigned to Lord St. John and his partners in repayment of their advance on the farm of the Customs.
2 These totals as given in the declaration do not agree with the above details.
3 In each year the Excise Commissioners received some of the arrears of preceding years. This explains the discrepancy between the charge and the discharge side of their accounts. They do not state these arrear receipts as so much direct receipt. It can only be deduced from the head of Remains and would be too complicated to set out in the above brief statements.
4 This account is apparently incomplete and unreliable.
5 This account is imperfect and unreliable and there is no account for the succeeding year, 1671.
6 This account is imperfect and unreliable.
7 The Earl of Sandwich's accounts from 1667 to 1671 for the Wardrobe were never declared in consequence of his death.