There is no possibility of arguing that the present composition of the House of Lords can be justified either by logic or by reference to any preconceived constitutional theory. It is the result of a long, even a tortuous, process of historical evolution. Its authority rests upon the acceptance of the result, handed down to our time, of that historical process. It is the authority of acceptance, the authority of what Burke called "prescription". The House of Lords shares that characteristic with many of our most cherished and important institutions. Trial by jury, for example, is not to be justified in logic; it does not rest upon statute; it came to us by a strange historical evolution out of the sworn witnesses of a neighbourhood. Neither logic nor statute nor theory is a basis of that other hereditary institution by which it comes about that a young woman holds sway over countless millions. The authority of this House itself does not, in the last resort, rest upon any logic in the principles upon which we are formed or elected: it rests upon the acceptance by the nation of an institution the history of which cannot be divorced or torn out of the context of the history of the nation itself.

Perhaps the most insidious danger today is the notion, which many accept unreflectingly and others propagate sedulously, that a stable value of money is incompatible with economic progress or with a high level of employment. Theory and experience alike refute such a notion. I have already reminded you that throughout sixty years of Britain's golden age of expansion in every sphere, the value of money remained virtually constant. So far from it being true that inflation and a high level of employment hang together, the fact is that, for a nation in Britain's situation, dependent on world trade and commercial dealings with other countries for its livelihood, continued inflation is the greatest threat to full employment. It would be a tragedy if the Government or the nation allowed themselves to be diverted by these false fears from the single-minded pursuit of plain and elementary duty: the duty to secure and preserve the integrity and stability of the medium of exchange, on which depend all the economic dealings of man with man.

I believe a second factor which has weighed heavily in this matter is the attitude, or supposed attitude, of the United States. I confess that I am not greatly moved by this. Whatever may be the attitude of the American Government and public to the United Kingdom as such, my view of American policy over the last decade has been that it has been steadily and relentlessly directed towards the weakening and the destruction of the links which bind the British Empire together. [Cyril Osborne: "No!"] We can watch the events as they unfold and place our own interpretation on them. My interpretation is that the United States has for this country, considered separately, a very considerable economic and strategic use but that she sees little or no strategic use or economic value in the British Empire or the British Commonwealth as it has existed and as it still exists. Against the background I ask the House to consider the evidence of advancing American imperialism in this area from which they are helping to eliminate us.

We describe a Monarch by designating the territory of which he is Monarch. To say that he is Monarch of a certain territory and his other realms and territories is as good as to say that he is king of his kingdom. We have perpetrated a solecism in the title we are proposing to attach to our Sovereign and we have done so out of what might almost be called an abject desire to eliminate the expression "British." The same desire has been felt—though not by any means throughout the British Commonwealth—to eliminate this word before the term "Commonwealth." ... Why is it, then, that we are so anxious, in the description of our own Monarch, in a title for use in this country, to eliminate any reference to the seat, the focus and the origin of this vast aggregation of territories? Why is it that this "teeming womb of royal Kings," as Shakespeare called it, wishes now to be anonymous?

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The continuance of India within the British Empire is essential to the Empire's existence and is consequently a paramount interest both of the United Kingdom and of the Dominions...for strategic purposes there is no half-way house between an India fully within the Empire and an India totally outside it...Should it once be admitted or proved that Indians cannot govern themselves except by leaving the Empire – in other words, that the necessary goal of political development for the most important section of His Majesty's non-European subjects is independence and not Dominion status – then the logically inevitable outcome will be the eventual and probably the rapid loss to the Empire of all its other non-European parts. It would extinguish the hope of a lasting union between "white" and "coloured" which the conception of a common subjectship to the King-Emperor affords and to which the development of the Empire hitherto has given the prospect of leading...In discussion of the wealth of India it is usual to forget the principal item, which is four hundred millions of human beings, for the most part belonging to races neither unintelligent nor slothful...[British policy should be to] create the preconditions of democracy and self-government by as soon as possible making India socially and economically a modern state.

You have never expressed any decided political opinions, and indeed I do not know if or how far you assent to the proposition that almost unlimited sacrifices of individual life and happiness are worth while to preserve the unique structure of power of which the keystone (the only conceivable and indispensable keystone) is the English Crown. I for my part find it the nearest thing in the world to an absolute (as opposed to a relative) value: it is like the outer circle that bound my universe, so that I cannot conceive anything beyond it.

The thought struck me for the first time today that our duty to our country may not terminate with the peace – apart, I mean, from the duty of begetting children to bear arms for the King in the next generation. To be more explicit, I see growing on the horizon the greater peril than Germany or Japan ever were; and if the present hostilities do not actually merge into a war with our terrible enemy, America, it will remain for those of us who have the necessary knowledge and insight to do what we can where we can to help Britain be victorious again in her next crisis.

I do here in the most solemn and bitter manner curse the Prime Minister of England for having cumulated all his other betrayals of the national interest and honour, by his last terrible exhibition of dishonour, weakness and gullibility. The depths of infamy which our accurst "love of peace" can lower us are unfathomable.

The world has recently been treated for nearly a decade to the unusual spectacle of a great empire deliberately taking every possible step to secure its own destruction, because its citizens were so obsessed by prejudice, or incapable of thinking for themselves, as never to perform the few logical steps necessary for proving that they would shortly be involved in a guerre à outrance, which could be neither averted nor escaped.

[In Italy, when every sentence is liable to be scanned for traces of anti-Fascist sentiment] it is obviously safer to begin by choosing a more congenial subject than a free Athens or a free Rome. In Germany the effect of National-Socialism has been the opposite. Racial doctrines and political antipathy to the whole Roman Empire and its cognate ideas have had the result of discouraging study of the Italic peoples and of Rome, the mistress of the world. On the other hand, a peculiar kinship has been detected between the ancient Greeks and modern Germans. Not only the Greek civilization in general, but Thucydides in particular, has proved exceptionally congenial. The intensely political outlook of Thucydides may be made serviceable to a doctrine which asserts the absolute dominion of the State over every phase of individual existence; and, as the more striking figures of Caesar and Augustus had already been captured as prototypes by Mussolini, Hitler might well be made to look very like Pericles—or Pericles, rather, to look like Hitler.