Ten years ago the incoming Conservative Government found the national finances in good order. .... What do we find to-day? Expenditure and indebtedness have been piled up, the income-tax stands at a shilling, war taxes are continued in peace time, the national credit is impaired, and a heavy depreciation has taken place in securities of every description. You only have to look around to see the result. Industry is burdened, enterprise is restricted, workmen are thrown out of employment, and the poorer classes are straitened still further in their circumstances.

For ten years they [the Conservative Party] have been supported by an immense majority in the House of Commons. ... The period over which we are looking back presents itself to me, I confess, as a well-nigh unbroken expanse of mismanagement; of legislation conducted for the benefit of privileged classes and powerful interests; of wars and adventures abroad hastily embarked upon and recklessly pursued. The legacy which they have bequeathed to their successors...is in the main a legacy of embarrassment, an accumulation of public mischief appalling in its extent and ramifications.

Expenditure calls for taxes, and taxes are the plaything of the tariff reformer. Militarism, extravagance, protection are weeds which grow in the same field, and if you want to clear the field for honest cultivation you must root them all out. For my own part, I do not believe that we should have been confronted by the spectre of protection if it had not been for the South African war. ... Depend upon it that in fighting for our open ports and for the cheap food and material upon which the welfare of the people and the prosperity of our commerce depend we are fighting against those powers, privileges, injustices, and monopolies which are unalterably opposed to the triumph of democratic principles.

[W]ith an increasing military expenditure, how can we do the work of reform that remains to be done at home and at the same time bring relief to the taxpayers? Do not let us mind if in their folly they call us “Little Englanders.” (Cheers.) I at least am patriot enough not to desire to see the weakening of my country by such a waste of money as we have had for the last ten years. What has it brought us, this waste of money for ten years? Shall I recite some links in the dismal and ugly chain? Dear money. Lower credit. Less enterprise in business and manufactures. A reduced home demand. Therefore, reduced output to meet it. Therefore, reductions in wages, increase of pauperism, non-employment. (Cheers.) The fact is, Sir, you cannot pile up debt and taxation as they have been piled up without feeling the strain in every fibre of society. We are going to have a good deal said for the next few weeks about free trade. Let me add another thing. Did you ever hear a fiscal reformer pleading for economy, or crying out for lighter taxes and fewer of them? No, Sir, if peace and retrenchment were the order of the day, Othello's occupation would be gone. (Cheers.)

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We want two things. We want relief from the pressure of excessive taxation, and at the same time we want money to meet our own domestic needs at home, which have been too long starved and neglected owing to the demands on the taxpayer for military purposes abroad.

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I hold that the growth of armaments is a great danger to the peace of the world. A policy of huge armaments keeps alive and stimulates and feeds the belief that force is the best, if not the only, solution of international differences. It is a policy that tends to inflame old sores and to create new sores. And I submit to you that as the principles of peaceful arbitration gains ground it becomes one of the highest tasks of a statesman to adjust those armaments to the newer and happier condition of things. (Cheers.) What nobler role could this great country assume than at the fitting moment to place itself at the head of a league of peace, through whose instrumentality this great work could be effected? (Cheers.)

I may be a Liberal and I may be a party man and I may be a Parliament man, but I am something before it all—I am a Scot, a Scot of Scots, not an Anglofied Scot, not even that other variety and combination to which we often owe much—a Scotofied Anglo. I am a Scotland Scot, and I trust I know something of my countrymen and understand their feelings, their prejudices, their weaknesses, which I share. That I believe is a great bond, if you will allow me to say so, between you and me.

Why are we free-traders? ... We are satisfied that it is right because it gives the freest play to individual energy and initiative and character and the largest liberty both to producer and consumer. We say that trade is injured when it is not allowed to follow its natural course, and when it is either hampered or diverted by artificial obstacles. ... We believe in free trade because we believe in the capacity of our countrymen. That at least is why I oppose protection root and branch, veiled and unveiled, one-sided or reciprocal. I oppose it in any form. Besides we have experience of fifty years, during which our prosperity has become the envy of the world.

We are keenly in sympathy with the representatives of Labour. We have too few of them in the House of Commons. ...The Liberal party, high and low, have discovered, if they ever forgot it, that the real road to success...lies in adhering to the old principles of the party.

[W]hat is the constitutional bearing of these stipulations? ...It is perfectly monstrous...It means that we abandon our fiscal independence, together with our free-trade ways; that we subside into the tenth part of a Vehmgericht which is to direct us what sugar is to be countervailed, at what rate per cent. we are to countervail it, how much is to be put on for the bounty, and how much for the tariff being in excess of the convention tariff; and this being the established order of things, the British Chancellor of the Exchequer in his robes obeys the orders that he receives from this foreign convention, in which the Britisher is only one out of ten, and the House of Commons humbly submits to the whole transaction. ("Shame.") Sir, of all the insane schemes ever offered to a free country as a boon this is surely the maddest. (Cheers.)

All that he said about the clean state and efficiency was an affront to Liberalism & was pure claptrap – Efficiency as a watchword! Who is against it? This is all a mere réchauffé of Mr. Sydney Webb who is evidently the chief instructor of the whole faction.

What is that policy? That now that we had got the men we had been fighting against down, we should punish them as severely as possible, devastate their country, burn their homes, break up their very instruments of agriculture.. It is that we should sweep – as the Spaniards did in Cuba; and how we denounced the Spaniards! – the women and children into camps...in some of which the death-rate has risen so high as 430 in the thousand. I do not say for a moment, because I do not think for a moment, that this is the deliberate and intentional policy of His Majesty's Government...at all events, it is the thing which is being done at this moment in the name and by the authority of this most humane and Christian nation. Yesterday I asked the leader of the House of Commons when the information would be afforded, of which we are so sadly in want. My request was refused. Mr. Balfour treated us with a short disquisition on the nature of war. A phrase often used is that "war is war", but when one comes to ask about it one is told that no war is going on, that it is not war. When is a war not a war? When it is carried on by methods of barbarism in South Africa.

That policy is directed to two main objects—first, that we should clearly make known to the peoples of the belligerent States, not in vague but in definite terms, that our purpose is not conquest but conciliation, not humiliation but friendship and freedom; and in the second place, that these terms should include the re-settlement in their homes of the burghers, who by capture or the operations of war have been dispossessed, and the establishment, as soon as order is restored, of free self-governing institutions... If we are to maintain the political supremacy of the British power in South Africa—and this surely is the end and purpose of all we are doing—it can only be by conciliation and friendship; it will never be by domination and ascendancy, because the British power cannot there or elsewhere rest securely unless it rests upon the willing consent of a sympathetic and contented people.

I confess that the thing which concerns me most is to find that Chamberlainism pays with our Country men. They worship a forcible man and a clever man, and if his methods are vulgar, dishonourable, unfair, they only smile and approve. The lowering of the standard of public life is a far worse evil, because more permanent, than toryism, jingoism, or any other heresy; panem et circenses: money spent in the country, flags to wave, bluster to shout for—that is the object: let right and honour and freedom go and be hanged! The commencement de siècle morals, apparently!