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The End of the Gamble: The Termination of the Virginia Lotteries in March 1621*
Author(s) -
ROSE EMILY
Publication year - 2008
Publication title -
parliamentary history
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.14
H-Index - 11
eISSN - 1750-0206
pISSN - 0264-2824
DOI - 10.1111/j.1750-0206.2008.00035.x
Subject(s) - charter , parliament , context (archaeology) , politics , law , economics , economic history , political science , history , archaeology
The sudden cancellation of the Virginia lotteries during the first sitting of the parliament of 1621 was not part of a general parliamentary attack on monopolies but a calculated political act intended to pressure the Virginia Company of London to pay more taxes than required by its charter of 1612. The appropriate context for considering the cancellation is the financial difficulties of James I and the search for funds by Sir Lionel Cranfield. The cancellation coincided with a rejection of a new charter for the company, possibly incited by Count Gondomar, the Spanish ambassador in England. The cancellation of the lotteries was the most important turning point in the history of Jamestown and started the company on its downward spiral.