The New Monarchy Plan
There was nothing new about the New Monarchy, 1492-1516. Assess the validity of this view.
Introduction: A debate as to whether Ferdinand and Isabella followed the medieval principles of monarchy – peripatetic, dispensing justice, warrior kings OR whether they introduced a new style of monarchy.
New Monarchy Argument: Securing an Erastian Relationship: rebuild their relationship with the papacy > Pope’s agreement, in 1486, that the Crown would exercise a ´Patronato´ over all ecclesiastical benefices in the kingdom of Granada. An important precedent was thus established which was then applied to Castilian conquests in South America where papal bulls in 1501 and 1508 allowed the Crown to appoint and sack clergy, raise taxes and veto papal decrees. Benefitted from the Pope’s alms-giving > granting of the ´tercia reales´ in perpetuity which appropriated one third of the tithe to the Crown. > The Erastian Relationship was significant in the establishment of the Inquisition (although having occurred before in France 1140) which was an extension of royal authority as they were given the power to make appointments etc)
Reliance on loans and juros: F&I’s reliance on loans and juros suggested it was a new monarchy as other medieval monarchs hadn’t resorted to this, although financial difficulty was commonplace is medieval monarchies
Juros was a significant factor that compromised the government’s finances. As Ferdinand and Isabella needed to raise finance to subsidise the expenditure of capturing Granada and spiralling crown debt. Juros were government bonds on which a fixed rate of 10% interest was paid. However, costs rose to 112m maravedis to pay the interest in 1504. As the crowns debt worsened, higher rates of interest were paid to encourage more purchasing of Juros. This eventually led to using a substantial part of the government income to cover debt.
The Crown increasingly resorted to juros. By 1516 interest payments were running at 131 million maravedis per annum.
Introduction: A debate as to whether Ferdinand and Isabella followed the medieval principles of monarchy – peripatetic, dispensing justice, warrior kings OR whether they introduced a new style of monarchy.
New Monarchy Argument: Securing an Erastian Relationship: rebuild their relationship with the papacy > Pope’s agreement, in 1486, that the Crown would exercise a ´Patronato´ over all ecclesiastical benefices in the kingdom of Granada. An important precedent was thus established which was then applied to Castilian conquests in South America where papal bulls in 1501 and 1508 allowed the Crown to appoint and sack clergy, raise taxes and veto papal decrees. Benefitted from the Pope’s alms-giving > granting of the ´tercia reales´ in perpetuity which appropriated one third of the tithe to the Crown. > The Erastian Relationship was significant in the establishment of the Inquisition (although having occurred before in France 1140) which was an extension of royal authority as they were given the power to make appointments etc)
Reliance on loans and juros: F&I’s reliance on loans and juros suggested it was a new monarchy as other medieval monarchs hadn’t resorted to this, although financial difficulty was commonplace is medieval monarchies
Juros was a significant factor that compromised the government’s finances. As Ferdinand and Isabella needed to raise finance to subsidise the expenditure of capturing Granada and spiralling crown debt. Juros were government bonds on which a fixed rate of 10% interest was paid. However, costs rose to 112m maravedis to pay the interest in 1504. As the crowns debt worsened, higher rates of interest were paid to encourage more purchasing of Juros. This eventually led to using a substantial part of the government income to cover debt.
The Crown increasingly resorted to juros. By 1516 interest payments were running at 131 million maravedis per annum.