t no
time in testifying its sympathy with the colony in the great loss it had
sustained, and voted (19 July) a third sum of L500 towards the
transportation of 100 fresh colonists.(165)

(M68)

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 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)

(M69)

In the meanwhile James had applied to the City (April, 1610) for a loan of
L100,000. 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 L150,000
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 debts.(169)
Pursuant to this agreement the citizens, in April, 1611, when the
repayment of the loan of L100,000 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)

(M70)

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,