III. Loans to the Lancastrian Kings: the Problem of Inducement

Abstract

The problem that I am going to discuss this afternoon is one which must surely have exercised the minds of all those who have given a moment's thought to the financing of the Hundred Years' War. What conclusions have been reached it would be hard to say. For apart from two or three illuminating though hardly conclusive pages by Mr A. B. Steel, to whom my indebtedness should soon be obvious, nothing seems to have been printed on this subject in recent times. Yet unless we have some idea why men lent large sums of ready money to the English kings of the later Middle Ages, we must approach the political history of the period at a considerable disadvantage. To an increasing extent as the fourteenth century advanced and preponderantly throughout the course of its successor these lenders were natives and drawn from all sections of the propertied classes. The king's treatment of his creditors was therefore bound to affect his relations with his most powerful subjects. It would be surprising if his success or failure in meeting his obligations did not markedly influence their attitude towards his rule.