Stop of the Exchequer (1672)

E219510

The Stop of the Exchequer (1672) was a financial crisis in England when King Charles II suspended payments on the Crown’s debts, triggering widespread economic disruption and loss of confidence in the monarchy’s credit.

All labels observed (3)

How this entity was disambiguated

Statements (47)

Predicate Object
instanceOf event in English history
financial crisis
public debt default
alsoKnownAs Stop of the Exchequer (1672)
surface form: Stop of the Exchequer

Stop of the Exchequer (1672)
surface form: suspension of Exchequer payments (1672)
appliesTo interest payments on Crown debt
principal repayments on short-term royal loans
cause chronic fiscal deficits of the Stuart monarchy
heavy military expenditure for the Third Anglo-Dutch War
insufficient parliamentary taxation to cover royal spending
overreliance on short-term loans from London goldsmith-bankers
suspension of payments on Crown debts
country Kingdom of England
declaredBy Charles II of England
effect bankruptcies among London goldsmith-bankers
contraction of credit in London
increased parliamentary scrutiny of royal finances
litigation between Crown and creditors
long-term damage to royal creditworthiness
loss of confidence in the monarchy’s credit
shift of financial power toward Parliament and City of London
suspension of Crown debt payments
widespread economic disruption in England
extendedDuration several years of partial non-payment
followedBy parliamentary financial reforms in late 17th-century England
hasSubject public finance of the Stuart monarchy
historicalPeriod Stuart period
surface form: Restoration era
initialDuration 12 months
legalForm royal proclamation
location England
participant Anthony Ashley-Cooper, 1st Earl of Shaftesbury
surface form: Anthony Ashley Cooper, 1st Earl of Shaftesbury

Charles II of England
English merchants
London goldsmith-bankers
Parliament of England
Baron Clifford of Chudleigh
surface form: Thomas Clifford, 1st Baron Clifford of Chudleigh

creditors of the English Crown
pointInTime 1672
January 1672
precededBy fiscal strains of the Second Anglo-Dutch War
relatedTo Third Anglo-Dutch War
Treaty of Dover (1670)
development of the English national debt
emergence of the Bank of England
significance key episode in the history of sovereign default
turning point in the evolution of English state finance
underTheReignOf Charles II of England

How these facts were elicited

Referenced by (4)

Full triples — surface form annotated when it differs from this entity's canonical label.

Sir Thomas Clifford associatedWithEvent Stop of the Exchequer (1672)
Cabal ministry significantEvent Stop of the Exchequer (1672)
this entity surface form: Stop of the Exchequer
Stop of the Exchequer (1672) alsoKnownAs Stop of the Exchequer (1672)
this entity surface form: Stop of the Exchequer
Stop of the Exchequer (1672) alsoKnownAs Stop of the Exchequer (1672)
this entity surface form: suspension of Exchequer payments (1672)