The Virginia colony—the first of the free colonies of England—soon became firmly established, and the City of London can claim to have had no small share in the work of its establishment. To the enterprising spirit shown by the citizens in their efforts to forward the interests of the colony no better testimony is wanted than a thanksgiving sermon[163] preached (18 April, 1622) in the church of St. Mary-le-Bow by Patrick Copland, chaplain to the Virginia Company, in commemoration of the safe arrival of a fleet of nine ships at the close of the previous year. The City of London, the preacher said, had on two occasions sent over 100 persons to Virginia, and the present lord mayor and his brethren the aldermen intended to pursue the same course as previous mayors. "Your cittie," he continued, "aboundeth in people (and long may it doe so); the plantation in Virginia is capable enough to receive them. O, take course to ease your cittie, and to provide well for your people, by[pg 056] sending them over thither, that both they of that colony there and they of your owne cittie here may live to bless your prudent and provident government over them.... Right Worshipfull, I beseech you ponder (as I know you doe) the forlorne estate of many of the best members of your citty, and helpe them, O helpe them out of their misery; what you bestow uppon them in their transportation to Virginia they will repay it at present with their prayers, and when they are able with their purses."[164]
A few months after this sermon had been delivered tidings reached England of a calamity more disastrous than any that had yet befallen the colony. A treacherous attack had been made upon the white men by the Indians, which was only just saved by timely notice from becoming a general massacre. As it was, nearly 350 of the settlers were killed. The Common Council lost no time in testifying its sympathy with the colony in the great loss it had sustained, and voted (19 July) a third sum of £500 towards the transportation of 100 fresh colonists.[165]
The king's financial condition, 1610.
Ever since his accession to the throne of England the financial condition of James had been going from bad to worse. Besides resorting to antiquated feudal exactions,[166] he took to levying impositions on articles of commerce. But even these failed to make up the deficiency created in his exchequer by his wanton[pg 057] extravagance, and in 1610 he was obliged to apply to parliament. An attempt to make a composition with the king for feudal dues and to restrict his claim to levy impositions failed, and parliament was hastily dissolved.[167]
A City Loan of £100,000, April, 1610.
In the meanwhile James had applied to the City (April, 1610) for a loan of £100,000. He professed to prefer borrowing the money from the citizens to raising it by privy seals from his subjects generally, and he promised interest at the rate of ten per cent. and security on the customs. The aldermen consented to raise the money "out of aboundance of love ... but not of aboundance of riches or meanes." They and the Recorder divided themselves into nine several companies or divisions, each bound to furnish one-ninth of the whole loan. The king gave his own bond in £150,000 besides bonds of the farmer of the customs as security, and the aldermen set to work to raise the money in as "secret and discreet manner" as they could.[168] The loan did not go far towards discharging the king's liabilities, or those of the late queen, whose debts James had undertaken to repay. Before the end of the year (1610) certain wealthy merchants of the city were summoned to Whitehall to discuss the state of affairs. The king again wanted money, but inasmuch as he confessed himself unable to do more than pay the interest on former loans, leaving the principal to be discharged at some future time, they refused to make any further advances, consenting only not to press for the repayment of outstanding[pg 058] debts.[169] Pursuant to this agreement the citizens, in April, 1611, when the repayment of the loan of £100,000 became due, granted the king another year's respite.[170] A similar concession was made in 1612;[171] and in 1613 the loan was paid off.[172]
Concessions made to the city by James, 1608-1610.
The king had a right to look for consideration from the city, for in 1608 he had not only confirmed the liberties and franchises of the citizens by charter, but he had extended the civic jurisdiction, and had created all aldermen who had "passed the chair" Justices of Oyer and Terminer within the city and its liberties. He had, moreover, allowed them to tax non-freemen and strangers and to cause them to contribute in like manner as themselves to all talliages, aids and grants to the king.[173] Two years later—soon after his son Henry had been created Prince of Wales and the city had done him honour by an aquatic display on the river between Richmond and London[174] he confirmed (16 June, 1610) the privileges granted to them in 1383 by Richard II with the sanction of parliament.[175]
The king's "privy seals," 1611.
Before the close of 1611 his pecuniary difficulties increased to such an extent that he was driven to[pg 059] scatter broadcast "privy seals" or promissory notes for the purpose of raising money. These were not unfrequently placed in the hands of persons as they came out of church on Sunday evenings, a proceeding that caused no little scandal.[176]