alternatehistory.com
1337: Finances!
1337: THAT'LL COST YOU
"...By the 14th century, the difficulties of paying for wars had become a frequently destabilizing problem for most states... The most dramatic example would prove to be England and France during the so-called 'Long War' that would dominate the adult reign of John I of France... By 1337, John was facing potential humiliation as a proposed invasion of England stalled due to lack of funds. John's problems were worsened by efforts to restore French coinage to its former value begun only a few years earlier which made the simplest solution, coin devaluation, impracticable[1]. In need of a quick solution, John attempted to use the 'tenth' a levy on Church moneys nominally for crusading to pay for the war. Unfortunately, this required the assent of the Pope, which he refused to give. Indeed, reportedly, John was told by the pontiff that he had little faith in France's victory in either Scotland or an English invasion[2]...
"Prince Edward likewise looked into using the tenth for his own purposes, and was likewise rebuffed--however, he simply went on with it despite the Papacy's refusal, assisted by distance and a loyal clergy. John was furious and by most accounts, had to be talked down from simply following Edward's example by the Duke of Anjou[3]. While Anjou succeeded in keeping the simmering conflict between the Papacy and the French crown from boiling over (for now at least), this still left the problem of producing the funds...
"Meanwhile, England's prospects were hardly rosy--the income from the tenth mostly went into paying debts incurred from the ongoing invasion of Scotland, leaving the matters of defense and counterattack up in the air. As the Prince used contacts with Italian bankers to set the stage for what would be one of the most monumental defaults in history[4] and pawned those of his jewels he could[5], he looked into another means of acquiring money. So it was that in 1337, the Prince froze shipments of wool into Flanders, all part of a money-making scheme that would quickly produce effects far beyond what its originator had imagined[6]..."
"Finances in the Late Medieval Era" William A. Worrington (1967)
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[1] Coin devaluation had been practiced so often in the preceding years, both IOTL and ITTL, as to make an attempt to return the previous value of the currency not only popular, but necessary.
[2] Philip VI was similarly rebuffed IOTL.
[3] Philip seems to have wanted to keep good relations with the Papacy IOTL, despite the difficulties; his ITTL self agrees, and so uses a good portion of his remaining influence to talk John down from the ledge.
[4] Obviously, a tale for another time but simply put Edward faces the same problem he faced IOTL for funding in the long run
[5] IOTL these would include the Crown Jewels.
[6] And once again, more on this in the future, including the general gist of Prince Edward's BRILLIANT PLAN to finance the entire war off of wool sales...
"...By the 14th century, the difficulties of paying for wars had become a frequently destabilizing problem for most states... The most dramatic example would prove to be England and France during the so-called 'Long War' that would dominate the adult reign of John I of France... By 1337, John was facing potential humiliation as a proposed invasion of England stalled due to lack of funds. John's problems were worsened by efforts to restore French coinage to its former value begun only a few years earlier which made the simplest solution, coin devaluation, impracticable[1]. In need of a quick solution, John attempted to use the 'tenth' a levy on Church moneys nominally for crusading to pay for the war. Unfortunately, this required the assent of the Pope, which he refused to give. Indeed, reportedly, John was told by the pontiff that he had little faith in France's victory in either Scotland or an English invasion[2]...
"Prince Edward likewise looked into using the tenth for his own purposes, and was likewise rebuffed--however, he simply went on with it despite the Papacy's refusal, assisted by distance and a loyal clergy. John was furious and by most accounts, had to be talked down from simply following Edward's example by the Duke of Anjou[3]. While Anjou succeeded in keeping the simmering conflict between the Papacy and the French crown from boiling over (for now at least), this still left the problem of producing the funds...
"Meanwhile, England's prospects were hardly rosy--the income from the tenth mostly went into paying debts incurred from the ongoing invasion of Scotland, leaving the matters of defense and counterattack up in the air. As the Prince used contacts with Italian bankers to set the stage for what would be one of the most monumental defaults in history[4] and pawned those of his jewels he could[5], he looked into another means of acquiring money. So it was that in 1337, the Prince froze shipments of wool into Flanders, all part of a money-making scheme that would quickly produce effects far beyond what its originator had imagined[6]..."
"Finances in the Late Medieval Era" William A. Worrington (1967)
------------------------------------------------------
[1] Coin devaluation had been practiced so often in the preceding years, both IOTL and ITTL, as to make an attempt to return the previous value of the currency not only popular, but necessary.
[2] Philip VI was similarly rebuffed IOTL.
[3] Philip seems to have wanted to keep good relations with the Papacy IOTL, despite the difficulties; his ITTL self agrees, and so uses a good portion of his remaining influence to talk John down from the ledge.
[4] Obviously, a tale for another time but simply put Edward faces the same problem he faced IOTL for funding in the long run
[5] IOTL these would include the Crown Jewels.
[6] And once again, more on this in the future, including the general gist of Prince Edward's BRILLIANT PLAN to finance the entire war off of wool sales...
- Space Oddity
- Word Count: 510