In the meanwhile James had applied to the City (April, 1610) for a loan of £100,000. 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 £150,000 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 £100,000 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, but he had extended the civic jurisdiction, and had created all aldermen who had "passed the chair" Justices of Oyer and Terminer within the city and its liberties. He had, moreover, allowed them to tax non-freemen and strangers and to cause them to contribute in like manner as themselves to all talliages, aids and grants to the king.(173) Two years later—soon after his son Henry had been created Prince of Wales and the city had done him honour by an aquatic display on the river between Richmond and London(174) he confirmed (16 June, 1610) the privileges granted to them in 1383 by Richard II with the sanction of parliament.(175) (M71) Before the close of 1611 his pecuniary difficulties increased to such an extent that he was driven to scatter broadcast "privy seals" or promissory notes for the purpose of raising money. These were not unfrequently placed in the hands of persons as they came out of church on Sunday evenings, a proceeding that caused no little scandal.(176) (M72)